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The life insurance industry has experienced an extended period of declining premium prices and stagnant revenues, and the global financial crisis continues to put increased pressure on growth and profitability. These challenges are expected to intensify in the coming years due to slow GDP growth, low long-term interest rates, intensifying competition from intermediaries, and an increase in regulation. In this economic environment, insurers’ software platforms and technology infrastructures are critical areas of focus for reducing costs and improving service effectiveness.
The right software choice is more important than ever. Processing has become increasingly complex, time sensitive and data dependent. Consequently, new and emerging technologies that enable greater information sharing and collaboration have shattered the barriers which were intrinsic to traditional processing, making it more critical than ever for customers, vendors and professionals to work in concert to process insurance in a seamless and efficient manner.
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Read Technology Trends in the Life Insurance Industry - Part Two
Based on Accenture’s research and experience, the following are among the most important life insurance industry trends that can be addressed with software strategies and solutions in a way that advances a company’s pace toward growth and profitability.
Support for multi-channel access - Insurers today seek to reach their customers across a variety of interactive digital channels that give the customer access to information across devices and platforms, anytime and anywhere. This multi-channel approach is increasingly an imperative for insurers, as customers grow accustomed to the digital experience. Insurers need software that can define a single common product that is separate from any access channel but that can support all access channels.
Dealing with customer data effectively and supporting advanced analytics - The insights that predictive analytics can yield are important to addressing changing customer behavior. The value of robust data is unlocked when companies develop the capabilities to analyze what they gather and integrate this insight into their business processes. An insurer’s underlying software must provide a single common file—the software component that maintains all customer records.
Improving profitability through better customer segmentation - In the future, growth in the insurance industry will be built on a deeper understanding of customers and their needs. Insurers are looking to achieve a logical categorization of their customer base. By segmenting their customers, insurers will be able to reach predictive conclusions about their behavior. Improving capabilities in this area requires a multi-pronged approach that involves strategy as well as software and technology.
September 6, 2012
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