The Future of Life Insurance & Annuities Operations

27 Sep 2018
by Skand Bhargava, Saurabh Verma

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.

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Insurance BPO

 

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