Life and annuity industry executives are putting more emphasis these days on doing things better.
Management consultants at Robert E. Nolan Company, Simsbury, Conn., have published data supporting that conclusion in a summary of results from a survey of about 60 life and annuity industry executives.
Nolan found that survey participants have reacted to the Great Recession by becoming more interested in penetrating existing markets than in expanding into new markets, and by showing more interest in execution than in innovation.
The percentage of participants who agreed that their companies are “strategically reducing expense ratios over the next 3 years” has increased to 72%, up from 51% in 2006, and the percentage who agreed that “process improvement is an integral method we use to achieve results” has increased to 87%, from 54%.
Only 34% agreed with the statement that “use of reinsurance will be increased to mitigate risk.”
- Allison Bell