Business and Technology Trends, 2023: Individual Life

Carriers are improving agent and user experiences, but they still have work to do.

March 30, 2023 – The ability to roll out new products, pricing, and product changes rapidly in response to market conditions and regulatory changes is vital to grow revenue, and carriers are implementing greenfield systems to optimize time to value. Carriers are waking up to the importance of customer experience from the perspectives of the policyholder and the producer; they are also focusing on the talent within their organization to ensure diverse industry knowledge, emerging technology, and agility.

This report provides an overview of business and technology issues for individual life carriers as well as marketplace data and examples of recent technology investments by individual life carriers. As part of a series on key business and technology trends in specific line-of-business segments in the U.S. insurance industry, this report draws from the expertise of Aite-Novarica Group’s advisors, 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.

This report mentions AAA Life, The Allstate Corporation, Allstate Life Insurance Company, American Family Life, American National, Amica Life, Assurity, Bestow, Blackstone, Boston Mutual Group, Brighthouse Financial, Brookfield Asset Management Inc., Cincinnati Life, Commercial Travelers Life Insurance, Dayforward, Equitable, Fabric, FOXO, FOXO Life, Funeral Directors Life Insurance Company, Gerber Life, Globe Life, Guardian Life, the Hartford, Haven Life, Human API, iPipeline, ivari, Legal & General America, Life By Spot, M Financial Group, MassMutual, Modern Life, Munich Re Life, National Guardian Life, National Life Group, New York Life, Northwestern Mutual, Ohio National, Pacific Life, PolicyMe, Primerica, Principal Financial Group, Prudential Financial, RGA, Sagicor Financial Company, Sammons Financial Group, The Savings Bank Mutual Life Insurance Company of Massachusetts, Securian Financial, Security National Financial, SiriusPoint, State Farm, Swiss Re, Symetra Life Insurance Company, Talcott Resolution, Verisk, Voya, and Western & Southern Financial Group.

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