Life Insurers Waking Up to Importance of Customer Experience to Tech-Savvy Populations
The ability to roll out new products, pricing, and product changes rapidly in response to market conditions is vital to growing revenue: Novarica
Boston, MA (Apr. 14, 2020) – With Generation Z beginning to enter the workforce, life insurers know that it is critical to maintain relevance with the emerging demographic of younger, tech-savvy individuals in customer and producer communities. In a new Business and Technology Trends Report on Individual Life Insurance, research and advisory firm Novarica provides an overview of individual life business and technology issues, data about the marketplace, and more than 15 examples of recent technology investments made by individual life insurers.
“Preparing to address the needs and aspirations of people that came of age in the 21st century will be critical for life insurers,” said Deb Culliton, Vice President of Research and Consulting, and lead author of Novarica’s new report. “Transformation initiatives demand leaders and change agents who understand the customer, various distribution channels, and the end-to-end policy life cycle and who can find ways to marry new and existing technology to achieve success.”
Among the key findings of the report are:
- 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 customer experience with straight-through processing (e-apps, e-delivery, e-signature), but they still have work to do, especially in post-issue service. Efforts to improve customer service are driving interest in document management/CCM solutions. Post-issue service capabilities lag comparable functionality in other lines of business.
- Successful insurers are expanding 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.
Click here for the table of contents or to access the report.
Report Summary
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 insurers’ business and technology issues, data about the marketplace, and more than 15 examples of recent technology investments by individual life insurers.
Topics:
- Recent market and financial trends
- Active insurer landscape
- Technology issues, priorities, and examples by functional area
- Top technology priorities for 2020 and beyond
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: customer experience (CX), Gen Z, Life Insurance, technology investment, trends
Read the original article at Insurance-Canada.ca