ATLANTA, Jan. 9, 2014 /PRNewswire/ -- Insurance executives surveyed by LOMA for its 2014 Life Insurance Industry Forecast are cautiously optimistic about the coming year, expecting only modest growth due to continued concerns about interest rates, the U.S. economy and uncertain equity markets.
"There will be a modest increase in sales and profits for our industry as the industry tailors products to fill specific market gaps and continues to focus on low-cost niche market opportunities and/or alternative distribution channels," said Doug French, Managing Principal, Insurance, EY.
Seventeen senior executives from life insurers and consulting firms took part in the forecast, giving their views on sales expectations, technology, customer service, structural change and other issues. Most executives agreed:
- Technology will be more important than ever — particularly analytics, social media and mobile. The use of big data can help insurers better understand policyholders and build better relationships with them, several executives said.
- Quality service will be a key factor in retaining customers. Over the past decade, customer expectations have changed dramatically and are being set by companies in other industries, executives said.
- Major merger/acquisition activity is unlikely in 2014, but companies will enter new product lines to meet consumer demand and spur growth.
The 2014 Life Insurance Forecast is published in the January issue of LOMA's Resource magazine. The complete article may be read on the Resource page of the LOMA web site, http://www.loma.org/
Established in 1924, with 1,200 plus member companies in over 80 countries, LOMA is committed to a business partnership with its world-wide members in the insurance and financial services industry to improve their management and operations through quality employee development, research, information sharing, and related products and services. To find out more about LOMA and the learning opportunities it offers, visit LOMA's Web site at www.loma.org/