Many life insurers are struggling to figure out what to do now.
Analysts at Majesco, an insurance technology services company, have included a peek at those life insurers’ existential concerns in a new discussion of technology strategy for issuers of life insurance, annuities and group insurance products.
The Majesco analysts look at many issues, such as how consumers see life insurers’ websites.
In one section the analysts compare how life insurance company executives rated various strategic priorities, on a 10-point scale, with how property & casualty company executives rated the same priorities. The analysts summarize the results in a bar chart.
A comparison of the priority importance rating bars suggests that life executives are much more interested than P&C executives in making dramatic changes in what their companies sell, or or in how the companies operate.
Here’s how life and P&C executives rated five strategic goals, based on the estimated lengths of the bar chart bars:
1. Coping With Mergers and Acquisitions:
2. Controlling costs:
3. Adding new, non-insurance services:
4. Entering new market segments:
5. Developing new business models and, in effect, starting over from scratch:
A copy of the full Majesco report is available here.
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