Boston, MA, USA
October 30, 2007Top
Ten Trends in L/H Insurance E-Business
2007 and Beyond
Report Published by Celent
Electronic application submissions have grown
dramatically since 2004 but still account for less than half of all new
business.
In 2004, Celent published a report on trends in
life/health e-business that contained 10 projections for 2007. In a new
report, Top Ten Trends in L/H Insurance E-Business 2007 and Beyond, Celent
revisits those projections based on updated survey data from more than 20
life/health insurer executives and looks forward to 2010.
“In general, our predications from 2004 have held
up,” notes Matthew Josefowicz,
coauthor of the report and managing director of Celent’s insurance
practice. “If anything, we underestimated the growth in electronic
application submissions. Over 60% of this years’ respondents said that
more than a quarter of their apps came in electronically. This number
represents more than twice as many as those experiencing this level of
volume in 2004.”
“Policyholder portals are
also an investment focus for life/health insurers, and if they do not have
one already, most insurers have plans to implement one in the future.
Policyholder portals will need to provide a higher level of functionality
if insurers want them to remain competitive,” comments Jeff
Goldberg, senior analyst in Celent’s insurance practice and coauthor
of the report.
Looking forward to 2010,
Celent sees the following developments on the horizon:
-
More sophisticated
interfaces, built on AJAX or the next generation of web technology
-
A steady increase in the
percentage of new business submitted online
-
An incremental increase in
policyholder portal adoption
-
Ubiquity of online quoting
and sales in term life and individual health, and an expansion of
needs analysis and product guide tools for all product types
-
At least a 50% increase in
online marketing spending, and a greater increase in search engine
optimization
The 31 page report contains 21
figures analyzing survey data. A table
of contents in available online. A companion report, Top
Ten Trends in P/C E-Business 2007 and Beyond, was published in
September 2007.
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