ATLANTA, Georgia, Jan. 11 -- LOMA (formerly Life Office Management Association) issued the following news release:
Life insurance industry executives predict modest growth in 2018, according to a recent survey by LOMA's Resource magazine.
The prolonged low-interest-rate environment, coupled with the high costs of replacing aging technology platforms and complying with new regulations, will continue to challenge profits. Survey participants also suggested new technology will continue to impact business strategy and results.
Sixteen senior executives from life insurers and consulting firms took part in the magazine's 2018 Forecast for the Life Insurance Industry, giving their views on sales expectations, technology, customer service, human capital and other issues.
"I think the game changer is carriers' ability to make instant underwriting decisions at fully underwritten prices," said Tom Scales, research director, Celent and a Forecast participant. "A number of insurers are leveraging automated underwriting systems, in-house technology and mortality scoring systems to slash their cycle time to days, if not hours. This truly could bring life insurance more mainstream in financial services."
Other insights from the 2018 Forecast include:
* Industry executives now are eyeing the potential of artificial intelligence (AI), robotic process automation (RPA), blockchain, smart delivery and more.
* In today's world, the life industry needs to deliver an Amazon Prime-level of service and trust along with full transparency, convenience, real time decisions and solutions tailored to unique needs of customers.
* To attract and develop the kind of employees they need to be successful, insurers must demonstrate that they are innovative, interesting and in tune with the times.
The 2018 Forecast for Life Insurance is featured in the January issue of Resource. Read the entire article at http://ift.tt/2mhIkkA.
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