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March 07 2014 | Mark Breading

Boston, Massachusetts, March 7, 2014 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, 2014 Insurance Ecosystem: L&A Insurer Business Applications and Technology Projects. The report, part of SMA’s annual Insurance Ecosystem series, covers the L&A (life and annuity) segments in North America and highlights key project priorities for insurers in North America. The top 10 business application projects and the top 10 technology and tools related projects are identified. For each project, the report shows the percentage of insurers planning to implement a new system in 2014 and the percentage that plans major enhancements.

 “Life and annuity insurers are clearly investing in technology for competitive advantage. The sheer range of business applications and technology projects demonstrates the potential of technology and the variety of approaches in the industry,” said Mark Breading, SMA Partner.

The findings, based on a 4Q13 survey and interviews of insurance executives, include the following:

•   Illustrations and portals are the primary focus areas in the front office, with approximately one-third of L&A insurers planning major projects for illustrations.

  • 46% of insurers have major initiatives underway for new business/underwriting systems.
  • 20% of insurers are planning to replace their policy system, or add a new policy system.

•   60% of insurers are planning major enhancements to their CRM systems in 2014.

According to Breading, “L&A insurers are making major investments to improve customer acquisition, with new tools and capabilities for producers, and increased automation in the new business/underwriting areas. At the same time, many are also upgrading or replacing core systems to provide the business with a modern platform and enable more ability to respond to business changes and opportunities.”

Insurers, IT solution providers, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310.