Technology “Critical” to Life Insurance Industry Growth in 2011, Executives Say in LOMA Article
ATLANTA, GA, January 18, 2011 -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
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.
Contact: Ron Clark, LOMA, 770-984-3718