New Business and Underwriting Systems: Global Life Insurance Edition
2020 Vendor Spectrum, Powered by VendorMatch
COVID-19 and the underlying macroeconomic environment have forced life insurers to deeply examine their product offerings and business processes and make changes. The life insurance industry across the globe needs to combat low interest rates because its traditional reliance on fixed-income investments has taken a toll on profits. It also needs to adapt to capture the mass and middle markets, especially when the average worker is facing lower pensions coupled with healthcare concerns not previously seen. An increasing demand for long-term savings bodes well for the global life insurance industry.
This report is the second in a 2020 series of Celent reports on new business and automated underwriting (NBUW) systems. In this companion to its North American market report, Celent profiles NBUW systems available to life insurers in three other regions: EMEA, LATAM, and APAC. Celent believes this report is extremely timely as insurers are reevaluating their underwriting processes as a result of COVID-19.