Just as most industries change with the times, so does the life insurance industry. When executives in the industry were asked what it would look like 10 years from now, the most common factor was technology.
In a LOMA, Life Office Management Association, survey released earlier this week, the results showed that service capabilities would continue to advance and the internet will be a prominent resource in that advancement. For example, the use of mobile communication devises will become the norm, utilizing push technology : push alerts and push services. Another trend is using telepresence and teleconference, allowing enhanced communication between field agents and offices.
Along with these advancing technological trends, the use of current mass marketing techniques will continue to evolve as companies find new and creative ways of delivering products. These include, electronic distribution, mass marketing, and work site marketing. According to LOMA, success in the affluent market will depend upon the availability of sophisticated products coupled with customized, high-touch producer support.
Executive also highlighted that while most life insurance products will stay the same, features and benefits will evolve as companies focus on hybrid products.
“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
