Business and Technology Trends: Individual Life Insurance


April 2021- Individual life insurance is increasingly competitive, and technology plays an ever-larger role in an insurer’s ability to attract, retain, and profitably serve clients.

Individual life insurers seek to differentiate themselves in a competitive marketplace through investments in analytics, core systems, and marketing- and service-related technologies.

This report provides an overview of individual life insurer business and technology issues, data about the marketplace, and 20 examples of recent technology investments by individual life insurers.


  • Recent market and financial trends
  • Active insurer landscape
  • Technology issues, priorities, and examples by functional area
  • Top technology priorities for 2021 and beyond

Key Points and Findings

Product innovation and speed to market are key to growing market share. Improved product modeling and management capabilities are vital to revenue growth in a highly competitive market.

Insurers are improving digital customer experience, but they still have work to do, especially in post-issue service. Insurers are investing in straight-through processing (e-apps, e-delivery, e-signature), and COVID has boosted interest in digital initiatives.

Successful insurers are expanding the use of AI, business intelligence, and analytics solutions to recognize and analyze market trends, product adoption, and producer performance. Some insurers are also using AI for customer service or underwriting, with COVID clearing roadblocks to adopting medical underwriting alternatives.

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