In a recent survey by Solcorp, Whitehill Technologies, and DSPA Software, 77% of life and annuity insurers rated growing market share and reducing costs as high priorities. Full results will be available through a Webinar on Wednesday, Oct. 27.
"We set out to get an in-depth picture of what is keeping life and annuity insurance executives at up at night, and we've succeeded with this survey," said Mark Cline, SVP, strategy and global initiatives, at Solcorp.
The survey posed 20 questions to executives at North American life insurance and annuity companies, with topics including business challenges, customer service, distribution channels, products, IT and business process outsourcing, and regulatory issues. Most respondents work for medium and large insurers, with four-fifths working at companies with greater than $100 million in annual premium.
Increasing the efficiency and effectiveness of distribution was also a high priority for 70% of respondents, while another 63% said that profitability was a key objective.