My previous blog post highlights the challenges insurers are facing in the group life and annuities marketplace, such as the fact that most insurers have a special system dedicated to basic group processing that does not meet their current needs.
Insurers have all gotten the message: Maintaining the status quo isn’t an option. Change is necessary or they face being ‘irrelevant’ in the future. Where are insurance companies when it comes to transitioning to a new way of conducting business? A panel of industry experts (Karen Furtado of Strategy Meets Action, Rob McIsaac and Don Metz of Novarica, and moderator Nathan Golia of Insurance Networking News) shared their comments at StoneRiver’s 2016 Executive Council. Some carriers have made great progress, while others lag behind.
The Life insurance industry has been hit by regulatory and compliance changes that have impacted how insurers do business. In addition, Life insurers face the same set of customer demands as every other industry. Millennials’ preferences for how they conduct business are impacting the behavior of all generations.