NU Online News Service, June 14, 10:33 a.m. – LOMA, Atlanta, has released a study suggesting that life insurers and other financial services companies could be making better use of technology.
Stephen Forbes, the author of the study, concedes that financial services companies are doing more to exploit technology than they used to.
But Forbes, LOMA’s senior vice president of research, says financial services companies are still fighting organizational resistance to the need for new business practices; regulatory and legal barriers; inadequate computer standards and network infrastructure; and uneven performance by outside information-technology suppliers.
Forbes identifies XML — a set of a rules for developing systems that can help computers translate information from one database format to another — as one of the hottest technologies in the financial services industry, and wireless data services as one of the coolest.