We are only several days into the new year and life insurance executives everywhere are scurrying to figure out how to meet their 2016 goals (or catch up on any 2015 goals). As life insurance companies shift their focus to the customer—the policyholder/prospect and not the agent—improving underwriting has been front and center. Surprisingly, though, many insurers remain unaware of the full extent of solutions available to improve their underwriting processes.
As insurers commit their IT budgets to impacting the customer experience, they are focusing on underwriting solutions as the first place they can positively impact the customer’s journey and an opportunity to create a competitive advantage in the market. But the life insurance industry is facing five distinct challenges related to underwriting life insurance policies—labor, speed, efficiency, pricing, and mortality.
My recent report is based on qualitative interviews with seven senior-level IT executives at top life insurance companies and 24 qualitative interviews and demos with life-specific underwriting vendors. In addition, I did extensive desk research of over 50 insurance underwriting solution vendors globally. The report takes a direct assessment of the life insurance industry’s challenges relating to underwriting as well as the solutions available and used in the market today. It identifies the vendors within each challenge category and their ability, in comparison to others, to impact the specific challenge.
Get a step ahead of your 2016 goals and better understand what solutions are available, which challenges they address, and the key solution components necessary to make an impact. Take this opportunity to get the big picture view of the competitive landscape, and download my new report here.