The industry analyst said that a number of factors, including the adoption of mobile platforms, were placing a strain on carriers. The report, which specifically looked at business and technology trends in the group life and annuity sectors, found that over last four years a large proportion of carriers had launched new insurance systems and processes.
The report also claimed that agent and customer portals were also becoming priority areas for improvement. It claimed that the agent portals, which allow advisors to access insurer websites and view customer policies, required enhancements in several areas, such as reporting.
Novarica claimed that insurers had already started to improve customer portals with added educational materials and comparison tools.
“Agent and customer self-service capabilities are increasing in importance, as are education and planning tools (including tools for needs analysis),” said Novarica’s report authors Rob McIsaac, senior vice president of research, and Steven Kaye, associate vice president of research.
Novarica said that many carriers are reluctant to publicise the changes they plan to implement this year, for competitive reasons, but added that the changes already made shed a light on where the sector was heading.