LOMA logo

LOMA Life Industry Forecast: Positive Year for 2019

ATLANTA, Jan. 8, 2019 — Life insurance industry executives predict 2019 will be a positive year, with moderate growth in policy sales, rising interest rates and continued low unemployment, according to a recent survey by LOMA’s Resource magazine.

Industry challenges include adopting new technologies such as AI and blockchain; speeding up the life insurance purchase process; improving the customer experience; and dealing with increasing incidents of fraud.

Thirteen senior executives from life insurers and consulting firms took part in the magazine’s 2019 Forecast for the Life Insurance Industry, giving their views on sales expectations, technology, customer service, human capital and other issues.

“We see the biggest game changer to be continued roll-out of instant underwriting,” said Tom Scales, research director, Celent, and a forecast participant. “Carriers are using a blend of public data and predictive analytics to make a decision without medical records or fluids. It is truly a game changer. The number of companies rolling it out is exploding.”

Other insights from the 2019 Forecast include:

  • Insurers expect artificial intelligence (AI), robotic process automation (RPA), and blockchain will begin to impact the industry.
  • In today’s world, the life industry needs to deliver an intuitive, simple customer experience similar to that offered by leaders in other industries.
  • Fraud attempts in our industry have escalated in recent years, and the industry needs to implement additional safeguards.

The 2019 Forecast for Life Insurance is featured in the January issue of Resource. Read the entire article at www.loma.org/Resource.

- end -

PR Contacts

Catherine Theroux, 860-285-7787, ctheroux@limra.com

Ron Clark, 770-984-3718, clark@loma.org

About LOMA

Established in 1924, with nearly 900 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 website at www.loma.org.