Life Insurance Carriers Struggle With Automating The Underwriting Process

Many US life insurance industry executives believe their respective companies are late adopters in regard to the automation of the life insurance underwriting process, according to a 2006 survey conducted by TowerGroup in partnership with industry publication Insurance Networking News.

The survey, which polled a representative sample of US life insurance industry executives representing the spectrum of life insurance products offered in the marketplace, revealed that growing revenues, improving profitability, and driving operational efficiency head the list of life insurance carriers' top strategic business initiatives. However, TowerGroup discovered that life insurers feel their ability to meet these goals is constrained by technological inefficiencies -- ones that could be ameliorated by IT investments targeted to support product management, operations, and distribution.

Life Insurance Carriers Struggle With Automating The Underwriting Process
Source: Insurance News Net