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.

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