A survey of top life insurance executives performed by industry group LOMA indicates technology is one of the key factors in the success or decline of a company as it competes against its peers in the sector.
LOMA CEO Robert Kerzner says the survey results validate a viewpoint he has held for some time.
"I have said for years that technology will be the game-changer and will provide a competitive advantage for those firms that employ technology to improve the sales experience for the customer and the producer. In this environment, use of technology will be what drives overall growth," he says.
The slow speed of the economic recovery will be a drain on the life insurance industry's ability to grow, the survey respondents assert, and many also point to human capital and investment decisions as critical factors in their ability to survive and thrive in the marketplace.
A resurgent life insurance industry could prove beneficial for consumers as well, since competition frequently serves to drive prices down, experts say.