Many projects that could improve service for existing annuity holders, such as billing system projects and document management system projects, are low-priority projects.
The list of high-priority projects includes reinsurance management systems, which might help issuers cope with low interest rates and holders’ unexpectedly long lifespans; business intelligence systems, which might help issuers make sense of rapid market change; and agent portals.
Producers need more help from technology to cope with a projected increase in workloads, the analysts say.
“With a push to lower fees, producers need to grow their client base to make up for lost income, but an increased compliance workload makes serving that base challenging,” the analysts write.
— Check out 3 Strategies for Annuity Carriers Bracing for DOL Fiduciary Rule Impact on ThinkAdvisor.