Business and Technology Trends, 2023: Annuities

Annuities carriers face stressors, such as the economic environment, the regulatory environment, increased AI utilization, and increased business volume.

June 8, 2023 – Insurers’ ability to roll out new products, pricing, and product changes rapidly in response to market conditions is vital for growing revenue and market share. Economic uncertainty, compounded by a volatile and turbulent investing environment, is stressing both consumers and product manufacturers. Insurers are waking up to the importance of customer experience from the perspective of policyholders and producers.

This report, which is part of a series on key business and technology trends, provides an overview of annuity carrier business and technology issues, marketplace data, and examples of recent technology investments by annuity carriers. It draws from the expertise of Aite-Novarica Group’s staff, conversations with members of the Aite-Novarica Group Insurance Technology Research Council, and a review of secondary published sources.

Clients of Aite-Novarica Group’s Life, Annuities, & Benefits service can download this report and the corresponding charts.

This report mentions Allstate, Amica Life Insurance Company, Antarctica Capital, Athene, Berkshire Hathaway Life Insurance Company of Nebraska, BlackLine, Brighthouse Financial, Canvas, Delaware Life Insurance Company, Delaware Life Insurance Company of New York, DPL Financial Partners, DXC, Envestnet, EquiTrust, F&G, Financial Independence Group, FINEOS, Fortitude Re, The Guardian Life Insurance Company of America, The Hartford, Hildene Capital Management, Horace Mann, iCover, KSKJ Life, Legal & General, Liberty Mutual,, Lincoln Financial Group, Ludlow Re, Majesco, Massachusetts Mutual, MetLife, Midwest Holding Inc., Mutual Trust Life Insurance Company, Nassau Financial Group, Nassau Life Insurance Company, National Life Group, Nationwide, New York Life, NTT DATA, Pacific Life, Pan-American Life Insurance Group, Penn Mutual, Prudential Financial, Puritan Life, Reinsurance Group of America, Sagicor Life Insurance Company, Salesforce, Sapiens, Security Benefit, SILAC Insurance Company, Talcott Resolution Life Insurance Company, USAA, Voya, Western & Southern Financial Group, Woodmen of the World, and Zinnia.

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