BEGIN ARTICLE PREVIEW:
Click here to access the full report.
Unique technology challenges facing life insurersAs stated by Celent, “life insurers are facing a much longer-term challenge than their non-life peers because they have in-force policies on their books that might have been sold 75 years ago, and policies sold today that could be there for another 75, creating a 150-year problem.” Companies have spent years working to maintain their aging infrastructure but longer-term considerations about retiring their legacy systems and migrating their data to a modern platform have been turned, almost overnight, into issues that need to be addressed today. Customer expectations have been heightened by their online interactions in other industries, and in a time of physical distancing, the traditional face-to-face meetings to gather customer information, illustrate concepts, complete applications and obtain signatures are no longer possible. Integrated digital front-end tools and automated workflows are now required to optimize the entire sales process. “The tipping point for our clients was realizing that patching their outdated administration systems on an as-needed basis was not only a resource and cost intensive effort, but one that barely allowed them to maintain the status quo,” said Mark DePhillips, Senior Vice President, USA at Equisoft. “To truly compete …
END ARTICLE PREVIEW