Advances in technology and the ability to provide comprehensive financial solutions are going to drive the pace of change for the life insurance industry, according to a new survey from LOMA.
Top industry executives told LOMA they see advancements in service capabilities, along with the Internet becoming a more important service delivery mechanism. The use of mobile devices as a communication mechanism, and 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.
As for life insurance products, the basic stable 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. Development will center on hybrid (combination) products.
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