Key policy administration trends and their implications for the life insurance industry
The global life insurance industry witnessed growth in 2010 mainly in the Asian region. The growth trend is likely to continue in 2011, although profit margins are expected to remain under pressure. Regional differences exist, with emerging markets growing at a faster rate than mature markets. The industry is witnessing shifting trends in front office, policy administration, and claims—the three core functions of the insurance value chain. In this paper, we explore key emerging trends in the policy administration function as insurers remain challenged by inflexible legacy policy administration systems.