Navigation Links
Evolution of Life Insurance Industry to Accelerate, Says LOMA Survey
Date:3/9/2010

ATLANTA, March 9 /PRNewswire/ -- The long-term outlook for the life insurance industry is for a faster pace of change, particularly in the use of technology.  That was the conclusion of a survey of top industry executives by LOMA.

The executives were asked for their opinions on what the industry will look like 10 years from now. Executives highlighted advances in technology as well as companies' ability to provide comprehensive financial solutions to their customers as drivers of this change.

Service capabilities will continue to advance, and the industry will see the Internet become an even more important service delivery mechanism.  The use of mobile devices as a communication vehicle will become standard.  Push technology (push alerts and push service) will be also become standard.  Telepresence and teleconference will enhance collaboration and communication among home office employees and the field force.

The basic stable of life insurance products will stay the same, but features and benefits will continue to evolve as companies try to address performance guarantees, fee disclosure, de-risking and longevity. Product development will focus on hybrid (combination) products. In response to the financial crisis, industry executives believe consumers will continue to seek out guarantees and companies will compete aggressively to provide those guarantees.  With more than 3 million Boomers turning 60 in 2010 alone, the retirement income space will grow rapidly.

Companies will work to find creative and efficient ways to deliver basic products to the mass market, including electronic distribution, mass marketing and work site marketing.  Success in the affluent market will depend upon the availability of sophisticated products coupled with customized, high-touch producer support. Success in the retirement income market may require a shift in producer mindset, moving the focus from selling product to providing solutions.  The producer that excels here will partner with experts from various disciplines, such as trusts, tax and elder care.

"Over the next ten years, advancements in service and technology will continue to transform our industry," said Robert Kerzner, president and CEO of LIMRA, LOMA and LL Global.  "While technology is the enabler to reach more consumers through the Internet, the ability to integrate data across the organization will afford companies the ability to engage in predictive modeling, data mining and forecasting.  It will provide them a 360-degree view of their customers, which will better serve the customer and improve companies' productivity."

The findings are published in the March issue of LOMA's Resource magazine. The complete article may be read on the Resource section of the LOMA Web site, www.loma.org

About LOMA:

Established in 1924, with 1,200 plus member companies in over 80 countries, LOMA is committed to a business partnership with its world-wide members in the insurance and financial services industry to improve their management and operations through quality employee development, research, information sharing, and related products and services. To find out more about LOMA and the learning opportunities it offers, visit LOMA's Web site at www.loma.org

SOURCE LOMA

Back to top

RELATED LINKS
http://www.loma.org

'/>"/>

SOURCE LOMA
Copyright©2010 PR Newswire.
All rights reserved

Related medicine news :

1. Keeping Kids Healthy and Fit: The New York Kids Club Launches a Revolutionary New Fitness Program
2. Revolutionary HD Surgical Footage from North Shore-LIJ Surgeon to be Broadcast for the First Time on ABCs 20/20, National Geographic Channel
3. HealthMedia Revolution Explodes in Second Quarter
4. Precedent Launches Revolutionary Individual Health Insurance Plans in Texas
5. PIP - A Revolution in Stress Management
6. Medical Imaging Revolutionizes Modern Medicine
7. 10th Anniversary of Revolutionary Teaching Approach that Offers the Severely Disabled the Gift of Self-Expression - Through Painting
8. drugstore.com and Revolution Health Group Announce Breakthrough Deal
9. Six Olympic Legends Battling Chronic Diseases Lead Revolution in Advancing Pharmacy Care as Medco Launches the Tour of Champions
10. The Homeopathic Revolution
11. ILC Dover Launches Revolutionary ArmorFlex (R) Pharmaceutical Product Contact Film
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/24/2016)... ... May 24, 2016 , ... Women's Excellence ... Roberta Jordan is a Certified Nurse Midwife who was born and raised in ... went on to complete her masters degree from the University of Mexico. Roberta ...
(Date:5/24/2016)... California (PRWEB) , ... May ... ... a nationwide provider of communication enabled solutions and managed services today announced ... software for the enterprise contact center market. , Altura, one of Avaya’s ...
(Date:5/24/2016)... ... ... New Jersey: This year marks Children’s Specialized Hospital ’s 125th anniversary of helping ... hospital has themed the milestone “Hats Off” and kicked off the yearlong celebration at ... 21, at Johnson Park in Piscataway, New Jersey. , “Hats Off” is ...
(Date:5/24/2016)... ... May 24, 2016 , ... Loma Linda University Health (LLUH) has officially broken ... Children’s Hospital. Over 3,000 people looked on as the shovels hit the dirt at ... slidehsow. , During the program, Richard H. Hart, MD, DrPH, president, LLUH, recapped ...
(Date:5/24/2016)... ... May 24, 2016 , ... A newly released report ... on their access to trusted resources, both in face-to-face interactions and online. In “Heard, ... Color,” researchers concluded that the creative use of mobile digital devices can be an ...
Breaking Medicine News(10 mins):
(Date:5/23/2016)... , May 23, 2016 Clarifying ... Diagnostics and Monitoring, and Vision Care What ... areas are going to grow at the fastest rates? ... to 2026, assessing data, trends, opportunities and prospects. ... and graphs. Discover the most lucrative areas in the ...
(Date:5/23/2016)... 23, 2016 Gamida Cell, a ... of cancer and orphan genetic diseases, announced today it ... million from the Israel Innovation Authority (formerly the Office ... Economy and Industry. The mission of the Israel Innovation ... industries, including science and technology, while stimulating economic growth. ...
(Date:5/20/2016)... May 20, 2016 ReportsnReports.com ... to Medical Devices of its online business intelligence ... on the current state of the Titrator industry. ... industry like definitions, classifications, Specifications, applications and industry ... process like Raw Material Suppliers, Equipment Suppliers, Manufacturing ...
Breaking Medicine Technology: