The U.S. life insurance and annuities market is facing a number of challenges, including, but not limited to, declining margins, changing regulatory requirements, demanding consumers, inefficient operations, and intensifying competition. Life & Annuity (L&A) insurers need to rethink their traditional modes of conducting business and managing operations, apart from overhauling the legacy technology to ensure future readiness.

Future L&A insurance operations will integrate customer centricity, efficiency, speed, cost effectiveness, and leverage next-gen technologies. While the future might appear promising to insurers, they must adapt and evolve to remain viable and not suffer the same fate as that of over 20% of L&A insurers, who have exited the market in the past 10 years. To survive and thrive, insurers will have to either transform their operations by revamping their technology infrastructures or leverage third-party service providers to stay relevant in the digital future.

This viewpoint provides detailed understanding of

• Challenges that L&A insurers are facing
• Envisages the future of the L&A insurance operations at process and subprocess level
• Identifies the gaps between current and future states
• Challenges in addressing the gaps
• Role of BPaaS in addressing challenges and becoming future-ready
• Outlook

It also helps insurers in understanding the specific attributes of BPaaS that can help in addressing the challenges they might be facing or state of operations they might desire.

Membership(s)

Insurance BPO