Industry Directions: Our Annual Forecast (LOMA Resource)
Life insurance companies continue to recalibrate in the face of new regulations, evolving technologies and customer expectations, and more. Of great concern are new regulations, with the (currently delayed) Department of Labor’s fiduciary rule taking center stage. Another year of low interest rates is placing pressure on profitability. Finally, insurers have no idea how tax reform, on which Congress was working at press time, might affect life insurance and retirement products that currently are tax advantaged.
Trends in Life Insurance - How Can the Industry Stay Fit for the Future?
Life insurers are facing a new world in which the nature of uncertainty itself is changing. The future is collapsing into the present faster than past data can be used to extrapolate the future. However, we shouldn’t be fearful. InsurTech (insurance technology) is alive with possibilities, so it’s about how we choose to engage with it.
Looking Ahead: Our Industry in 10 Years (LOMA Resource)
What will the insurance sector be like in 2027? Resource turned to some seasoned executives for answers. Here’s what they had to say.
The Future of the Underwriting Profession
Video recording of the presentation given by Hank at the 15th Annual AHOU Conference in Orlando, FL.
Most Life Insurance Underwriters Expect More Pandemics
Nearly three-fourths (70 percent) of life insurance underwriters expect the number and severity of epidemics and pandemics to increase over the next 5 to 10 years, according to new research.
Is Automation Going to Put an End to the Underwriting Profession?
Recently, the jobs website CareerCast.com completed a study and published a list of the “10 Most Endangered Jobs of 2015." Right there at position #9 is the good ol’ insurance underwriter, with streamlined processes cited as the main culprit.
The Future of Underwriting
The “forecasting” issue of Broker World wouldn’t be complete without a look into the future of medical underwriting. Will a person come to our house, swab the inside of our cheek, and be done with the medical end of things? Will we step into a machine that records height, weight, lean body mass and then proceed to CT scan our entire body? And even if they could, would we let them? The sky may be the limit, but we as a government and privacy protective population may not let it get that far.
Looking Ahead: Our Industry in 10 Years
What will the insurance sector be like in 2026? Resource turned to some seasoned executives for answers. Here’s what they had to say.
What’s Next for the Life Insurance Industry?
If you are thinking that “what’s next” for the life insurance industry has something to do with the experience around buying and owning life insurance products, think again.
2016 EY US Life-Annuity Insurance Outlook
US life-annuity insurers will enter 2016 in relatively good financial condition, but facing exponential changes from rapid advances in technology, rising customer expectations and growing competition. These market shifts will require insurers to reinvent their strategies, services and processes, while coping with nagging financial, economic and regulatory uncertainty. Fortunately, after years of bolstering their balance sheets, life-annuity firms are in a strong position to invest in the innovations and technologies needed to fuel future growth.