Media Contacts
Catherine Theroux
Director, Public Relations
Work Phone: (860) 285-7787
Mobile Phone: (703) 447-3257
Brooke Lacey
Senior Public Relations Specialist
Work Phone: (860) 298-3920
Mobile Phone: (413) 530-6184
6/15/2021
WINDSOR, Conn., June 15, 2021—New research by LIMRA and McKinsey & Co. finds 8 in 10 insurance executives believe their companies’ efforts to adopt digital solutions accelerated due to the COVID-19 pandemic. Most (9 in 10) agree that consumer expectations will demand these efforts continue post-pandemic.
“While most companies were working on transforming their business operations through digital solutions, the pandemic fast-tracked many of these efforts,” said Kartik Sakthivel, chief information officer, LL Global, LIMRA and LOMA. “Just before the pandemic began in the United States, LL Global established an executive task force to examine the biggest challenges our members faced with regard to implementing digital transformation enterprise-wide. The effort evolved as the pandemic compelled companies to reimagine how they conducted business in a virtual environment.”
The Emerging Technologies Executive Task Force identified three areas of focus that could help modernize life insurance companies and the industry as a whole:
In light of COVID-19, the study finds insurers had to adapt their information technology (IT) priorities to continue to serve their customers and empower their employees. As a result, improving operational efficiencies, enhancing customer experience and expanding data analytics became the imperative for most IT departments.
“Almost overnight, an industry based on face-to-face interactions and relationships had to shift to a virtual environment,” noted Sakthivel. “The industry needed to rethink and reimagine digitization across every function of insurance. A “horizontal” look at digitization was needed, as opposed to how it has traditionally been done in a “vertical” manner.”
As the world returns to some semblance of normal, the task force identified three areas that life insurers will need to address:
In 2020, LL Global established its Emerging Technologies Executive Task Force and engaged 71 North American life insurers and industry experts to gauge how the different emerging and available technologies might provide the greatest opportunity for efficiency and/or disruption within the life insurance industry.
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About LIMRA®
Serving the industry since 1916, LIMRA helps to advance the financial services industry by empowering nearly 700 financial services companies in 53 countries with knowledge, insights, connections, and solutions. Visit LIMRA at www.limra.com.
Director, Public Relations
Work Phone: (860) 285-7787
Mobile Phone: (703) 447-3257
Senior Public Relations Specialist
Work Phone: (860) 298-3920
Mobile Phone: (413) 530-6184