Technology Futures In Life Insurance
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A brief overview of near-future technology perspectives for life insurance companies.
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Technology Futures In Life Insurance
- 1. Technology Futures in Life Insurance BOARD PRESENTATION TO A LARGE UK LIFE INSURANCE FIRM
- 4. Strategic Vision: The Evolution of IT
- 8. Information
- 9. Channels Aggregators (i.e. banks) Policyholders Agents
Editor's Notes
- Socioeconomic Change - aging of populations reduction or elimination of state and corporate pension plans, will create vast new opportunities for life insurance in the United States and Europe. Meanwhile How do you capture the youth market? What is that market? Who are they? What do the want/need? How will they buy it? (De)regulation The consolidation of financial services set in motion by industry deregulation, such as the Gramm-Leach-Bliley Act How do you identify and minimize risk and operational cost? Technology Evolution Innovation through Internet, etc. has enabled new business operating model and fundamentally altered consumer behaviour (which continues to evolve). How do you ensure your firm isn’t left behind? Taken Together Regional and niche players will remain viable however economies of scale will concentrate premiums, assets and global market share among a smaller group of very large insurers. Who will your customers become?
- These are the areas will touch on and that this workshop is addressing. Note: There is a technology strategy, but all of the areas are technology enabled.
- Favourite slide Nevertheless, for many of the largest financial services companies, the days when business and IT would negotiate, or in some cases battle, over strategy and budget dollars came to an end. Among the leading insurers today, IT is becoming so fully integrated into the business decision-making process as to appear almost invisible. This is a good thing Some firms say they no longer have an “IT strategy”. Governance assumes and instantiates IT/business alignment. This dynamic led a large European life insurer led to an enterprise wide, “two-track process”— continual evaluation of all infrastructure (to ensure lower costs ) and processes (to ensure flexibility ). The insurer believes that by establishing ongoing enterprise wide IT evaluation, “we will be able to build unique and new capabilities five, 10, 15 years into the future.”
- Primacy of the Customer has arrived in the insurance industry. In the next 3-5 years, insurers will likely have established a uniform channel strategy in which consumers can choose between an agent, bank, Internet or wireless/PDA as their means of buying insurance. The attention will begin to shift to more advanced customer analytics that record, analyze and manage all aspects of the customer/insurer relationship, thus improving fraud detection and the ability of the insurer to “manage the market”. Use technology to get to the next plateau, but recognize its consequent constraints.
- No surprises here… Establishment of enterprise architecture supports the very notion of IT/business strategy alignment, it may be the most important long-term technology investment an organization can make. Currently, these organizations are focusing on transition, setting up common guidelines and integration with existing lines. Given these developments, it will be of paramount importance to enhance governance to safely realize these opportunities. What are your governance plans?
- It’s not really about data or information its about the unhappy red customer… New Favourite slide, it might become yours too…