A lot of people can tell you about what happened in the past. Theyre called teachers. Looking into the future? Thats not so easy. The folks at Robert E. Nolan Company (www.renolan.com) have taken a shot at it, though, with their publication of The Future of the Life Insurance Industry: A Strategic View.
More than 100 senior executives from life insurance companies were interviewed for the study, which looks at virtually all aspects of the life insurance business. When it came to technology issues, Robert E. Nolan chairman Ben DiSylvester said the top executives showed surprising insight into the world of technology, considering most are coming from the business side of the operation.
The CEOs are more forward-thinking than I would have thought, DiSylvester said. He was referring to the statistic that showed 85 percent of the interviewees believe electronic applications and underwriting via the Internet will be prevalent within the next decade. That figure totally surprised me, he said. I would have guessed it would be more like 50 percent.
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