In a survey conducted by the well established professional life insurance services trainer LOMA, it has been found that the life insurance sector will grow at a very fast pace in the coming years.
This growth will be powered by better training of professionals and increasing use of technology by the various insurance carriers in North America and other major economies of Europe, Asia and Africa. Nearly all the top insurance industry executives participated in this survey which has enabled LOMA to give a very accurate idea of what is in store for life insurance industry in the coming years.
The main focus of this survey was to find and predict the course of life insurance industry over the next decade. Most of the industry executives responded that the future was very bright because of the increased focus of insurance companies on providing comprehensive financial solutions to the end clients who need life insurance as well as a good investment channel at once. It is also necessary that the organizations continuously improve their operational expenditure and efficiency by adopting modern technology. The vision of life insurance companies in the coming years should be to serve their customers with a realization that their ever changing demands are to be treated as drivers of change, innovation and evolution.
Most of the life insurance industry top brass is convinced that the advancement on service capabilities is an ongoing thing. They feel that internet will be soon taking over all other options as the primary delivery mechanism for insurance services. This will be because of increasing penetration of high speed internet, mobile internet connectivity improvements with deeper penetration of third and fourth generation mobile networks and because of growing popular confidence and availability of electronic payments and funds transfer systems. As more and more people jump on the push technology bandwagon and insurance companies start relying on telecommuting, telepresence as well as teleconferencing, the coordination between desk force and field force will improve significantly.
Robert Kerzner, President and Chief Executive Officer of LIMRA, LOMA and LL Global says "Over the next ten years, advancements in service and technology will continue to transform our industry." Most of the top executives are also of the opinion that the core product of life insurance companies will continue to be as is. These products are considered stable and very robust. The scope of revenue emerges from a higher volume of add on products and services. It was also found that with increasing regulatory concerns and ever changing economic scenario, the insurance companies will now focus on identifying and harnessing creative ways to sell their products. This will include workplace sales, group sales as well as sales through internet and other electronic media.
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