Life Insurance companies that have survived the turmoil of recent years now face massive challenges.
Gartner analyst Kimberly Harris-Ferrante, said life insurers are under considerable pressure to reduce operational costs, retain customers and improve operations effectiveness.
"Using a combination of new technologies, process improvements and organisational transformation, insurers can reinvent themselves, shift business models and align with emerging customer demands."
Research form Gartner has identified ten technologies that will have the biggest impact on the life insurance industry:
- Web services and SOA tools
- Business intelligence and analytics
- BPM Solutions, Including Workflow and Rule Engines
- Sales and customer service CRM Solutions
- New business and sales automation
- Web 2.0 and social-networking technology
- Product development and configuration solutions
- Customer Information Management solutions
- Portal and internet technologies
- Mobile devices/technologies