The Protection Insurance Industry - A Mixed Picture of Success

FINEOS sponsored research shows that IT still has a way to go to deliver real business value for Insurers

FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, today announced the findings of the Protection Review survey carried outfor the Personal Finance Society (PFS) and sponsored by FINEOS.  The survey offers a snapshot of the protection market and the results help the life insurance industry develop the right solutions to meet advisers and clients’ personal insurance needs. The results of the survey, one of the largest of its type ever conducted, were announced last night at a gala dinner at the Marriott Hotel, Grosvenor Square, London.

Joint authors of the report, Andy Couchman and Peter Le Beau of the Protection Review, found that while the current economic downturn is prompting more consumers to consider their protection requirements, many advisers (67%) agree that clients are often looking to cut premiums or discontinue cover altogether. The survey also found that advisers would give greater emphasis to protection products if they received better, faster service (83% agree) and innovative products that better meet their client needs (82% agree).

A mixed picture emerges when advisers were asked their views on whether technology had improved the products and service levels offered by life insurance companies.  Of those surveyed, 35% felt that technology had helped the industry ‘a lot’, 30% felt it had improved things ‘a little’ and 30% said that it had improved things but ‘not as much as it could do’. The survey also highlighted the areas where advisers would most like to see improvements over the next two years. These include New Business applications (64%) and Tele-underwriting (62%). Claims processing was seen as needing improvement by half of all advisers.

Michael Kelly, CEO, FINEOS Corporation, welcomed the report.  “The results show that the Protection Industry has made some strides in successfully leveraging technology but there is still room for improvement.  We believe that leading software vendors like FINEOS can help insurance organisations achieve operational excellence while providing value and enhanced customer service to their clients”.

FINEOS is the world’s leading provider of claims solutions for the Life & Disability (Income Protection) market. It has a blue chip client list including Principal Financial Group, SalusAnsvar AB, Assurant, RBCI, and ING.

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