Allentown, PA (PRWEB) May 17, 2016
Technology investment to support sales and distribution is a top business priority for COLI/BOLI carriers according to a new report published through the Novarica Research Partners Program. The report, titled “Business Technology Issues in Corporate-Owned Life Insurance” is available online at:
The report is based on a survey of eight COLI/BOLI carriers that are actively selling new business, all of whom are focused on enhancing client support in the wake of emerging competition due to economic growth.
To bolster distribution, COLI/BOLI carriers cite a number of additional investment areas as priorities, including:
- Updating diverse and aging systems to reduce risk and improve operational effectiveness
- Improving speed-to-market to accommodate an evolving labor force
- Enhanced product development
- Digitizing processes such as reporting and analytics
In addition to the release of the report findings, results of the study will be shared with Novarica clients at an upcoming Research Council Meeting and at the Andesa Services Client Forum later in 2016.
“The COLI / BOLI market has undergone significant changes in recent years, adjusting to both regulatory updates and competitive pressures,” notes Robert McIsaac, Senior Vice President of Research and Consulting. “In this study, we identified a series of key investment imperatives for carriers as they adjust operational and product capabilities to best position themselves for the future. Many of the same self-service drivers that have emerged as drivers in other lines of business have analogies in this very specialized market.”
“The research is consistent with our experience in the COLI/BOLI market,” noted Ron Scheese, President & CEO at Andesa Services, who underwrote the study through the Novarica Research Partners Program. “Andesa’s recent investments in portal solutions allow us to fill the gaps in existing legacy systems or provide a modern end-to-end solution for our clients who take advantage of all of Andesa’s offerings. Furthermore, Andesa’s evergreen commitment to infrastructure inherent in our software-as-a-service delivery model mitigates the risk of aging legacy systems, a concern of many COLI/BOLI carrier CIO’s,” concluded Scheese.
Novarica’s Research Partners Program provides an opportunity for industry sponsors to underwrite surveys of insurer CIOs. Underwriters collaborate on survey design with Novarica, who then performs the research and analyzes the results completely independently, with full respect for participant anonymity. For more about the Novarica Research Partners Programs see http://www.novarica.com/RPP/.
About Andesa Services
Andesa began as a pioneer in the field of COLI/BOLI policy administration. Today more than 30 years later, Andesa provides comprehensive, integrated policy administration, plan administration and support solutions for life insurance and annuity carriers and producers. Partnered with numerous insurance companies (including 7 of the top 13 life and annuity carriers) along with several top distributors and producers, Andesa’s integrated approach to insurance and plan administration results in efficiency gains, reduced hardware costs, mitigated compliance risk and improved market response. This comprehensive suite of services is offered in a secure, private cloud environment. The Company’s highly-experienced team of U.S.-based professionals offers a true extension to a client’s business, providing insurers and producers—large and small—with administrative support for complex product and plan offerings.
Novarica helps more than 80 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 80 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at http://www.novarica.com.