Insurance companies are under pressure. Changes in the regulatory and economic landscape, along with cautious spending by customers are leading insurers to look at better managing their risk and improving operational efficiencies.
In particular, the long-term care insurance (LCTI) industry in the US is experiencing a year-on-year increase in claims. An ageing population with lower than expected lapse and mortality rates has resulted in a situation where premiums are not sufficient to cover these high value claims. This has resulted in in insurance companies needing large financial reserves to support and administer these claims.
Harnessing the power of modern technology, optimising distribution channels and implementing sound client-centric strategies are crucial for keeping up with the competition in an agile marketplace where customers expect engagement on their terms and boardrooms expect real-time access to business performance data.
But how can your insurance company achieve enhanced administrative efficiency and optimal management care – increasing your speed to market and lowering your service cost?