Boston, MA, March 8, 2010 – A new report from Aite Group, LLC presents the top 10 trends in the health and life insurance industries for 2010. Broken down by the top five trends in each category, the report sheds light on key areas of focus within rapidly changing market environments.
Nudged by the federal government's healthcare/IT stimulus bill, the healthcare industry, which has traditionally been late to adopt technological change, has turned its 2010 focus toward modernizing the industry's technological capabilities.
"This year, stakeholders such as healthcare technology vendors, health plans and providers, and federal and state governments, will drive ongoing efforts to create better healthcare data exchanges in order to improve quality of care, as well as devise and manage a safer environment in which to share personal health information in the form of electronic medical records (EMR)," says Kunal Pandya, senior analyst with Aite Group and co-author of this report. "The industry will also strive to keep up with ongoing and upcoming legislative changes."
Meanwhile, 2010 finds the life insurance industry at a crossroads. Having survived the economic crisis, the balance of industry power is swinging back from risk management to product development and distribution. The renewed focus on divining what products will sell is driving the industry's sales force toward products such as variable annuities and hybrid long-term care/universal life and long-term care/annuities offerings.
"One thing is certain: Life carriers increasingly prize nimbleness and speed to market, which enable them to observe trends and quickly get products in the hands of producers and clients," says Clark Troy, senior analyst with Aite Group and co-author of this report. "This year, the industry will see an emphasis on process discipline and new distribution channels empowered by technology to get products out to the middle market, which the industry presently views as underinsured."
This 23-page Impact Note contains nine figures. Clients of Aite Group's Health Insurance and Life Insurance services can download the report.