Performed by LIMRA and RGA, this project consisted of a survey of North American life insurance and annuity companies and examined current insurer PD processes including the evolution of the current strategy; variation of the strategies by company characteristics (e.g., size, life vs. annuity) and region (e.g., United States vs. Canada vs. Other companies); and identified leading PD practices globally. The results of the research can provide the life insurance industry with a resource to help enhance resource management and current processes to better serve the needs of its stakeholders.
The impact of digital technologies on insurance products, customer expectations and distribution networks is driving rapidly accelerating change in the insurance industry. Determining your distribution strategy in an omnichannel world requires consideration of new alternatives along with traditional channels. Insurers need new insights into familiar challenges when deciding how sales teams will evolve, how processes will adapt and how key supporting technologies will be selected. The challenge is to cut through the noise and develop innovative strategies that integrate your proven traditional distribution approaches (e.g., personal interaction, phone) with new customer demands and new technology.
The challenge of generating lifetime income for underprepared retirees, combined with low interest rates that slowed life insurance sales in 2015, were among the top concerns of the financial world in the past year. So it’s no wonder that annuities often dominated the news about innovation in financial products.
Life and annuity insurance companies are seeking any and all means to improve business performance in a time of rapid change. Advancements in data and analytics promise to deliver significant improvements in the speed and reliability of decision-making and offer insurers a competitive advantage.
Ten years ago, seven carriers were active in the SPIA impaired risk market. Now, only one major participant remains. What happened?
As you read all the latest statistics in life insurance, annuities and long term care insurance from sources like LIMRA1, they all point to four key trends.
The Reinsurance Section, Product Development Section and the Committee on Life Insurance Research announce the release of a new report that investigates life and annuity living benefit riders and their implications from both a direct writer and a reinsurer perspective
Presentations from the Life & Annuity Symposium held May 4-5, 2015 in New York City are now posted at the SOA website.
Day 2 Presentations: https://www.soa.org/Professional-Development/Event-Calendar/2015/las/Age...
Day 3 Presentations: https://www.soa.org/Professional-Development/Event-Calendar/2015/las/Age...
One of the most promising markets in the life insurance and annuity industry is the retirement market. It is top of mind in the C-suite, within government, and among both pre- and current retirees. At the heart of this business opportunity is the question of retirement security. What products and services can insurers offer to help their customers achieve it?
In coming years, expect to see more simplified and consumer-friendly products, including annuities tailored to young workers looking to build a nest egg. Life insurers’ back-office operations will also be better integrated, availing advisors of more cross-selling opportunities across product lines.