Technology 'Critical' to Life Insurance Industry Growth in 2011, Executives Say in LOMA Article
ATLANTA, Jan. 18, 2011 /PRNewswire/ -- Technology will continue to be critical to enabling new strategies, improving efficiency, reducing expenses and improving service, according to senior life insurance executives interviewed by LOMA's Resource magazine.
Key decision makers from a cross-section of insurance industry organizations participated in the 2011 Life Insurance Industry Forecast. According to participants, the overall economy will improve in 2011, but it will be a slow recovery. As they recover from the economic downturn, companies are stepping back, taking a look at their portfolios and deciding where they will focus going forward. This sets the stage for industry consolidation as companies acquire and divest businesses.
"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," said Robert A. Kerzner, president and CEO of LIMRA, LOMA and LL Global. "In this environment, use of technology will be what drives overall growth."
Outside of economic growth, senior executives also cited investment decisions, human capital, product development and regulation as significant drivers of their firms' profitability and growth in 2011. The in-depth interviews provide an inside look at what is on the minds of five of the most influential leaders in the life insurance industry.
The 2011 Forecast is published in the January issue of LOMA's Resource magazine. The complete article is on-line at www.loma.org on the Resource page, under Featured Article.
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.