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3 Life Insurance Predictions for 2020 & Beyond

Blog: Appian Insight

Life insurers must adapt to evolving consumer expectations, distribution channels, and technologies in order to grow. Effective digital engagement – with customers, agents, and advisors – is key, and enables the real-time communication, convenience, and transparency that are becoming table stakes in the industry.

3 Things Life Insurers Should Focus on in 2020

In order to remain competitive in today’s rapidly evolving insurance landscape, there are 3 main things life insurers need to be focused on:

Each of these areas has a customer component and a technology component, and illustrates how each force can be disruptive to the life insurance business as a whole. Disruption from new technologies – and from customer demands – is a given, but a modern technology ecosystem, using a low-code automation platform, can enable life insurers to achieve holistic technology and business transformation in each of these areas.

Faster Life Underwriting Underscores the Need for Smarter Tech

A headline in the recent Forrester Wave for Automated Life Underwriting Systems, Q4 2019, specifically called out that “Faster Life Underwriting Underscores the Need for Smarter Tech” and that insurers needed to respond to the digital shift with solutions that would bring greater intelligence to underwriting with AI capabilities, prioritize underwriter actions by automating exception handling, and deliver business impact with an intelligent workbench.

Appian has been named a leader in the report, with the analyst firm noting, “Appian is a strong fit for life insurers seeking a single platform to manage a wide array of insurance and business processes.”  You can download a copy of the report here.

This is a dynamic time for the life insurance industry. Insurers should use this as an opportunity to develop an innovative roadmap to adopt new technologies and product strategies that will allow for business growth this year, and in the years to come.

Jake Sloan
Global Insurance Industry Leader, Appian

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