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"There will be a modest increase in sales and profits for our industry as the industry tailors products to fill specific market gaps and continues to focus on low-cost niche market opportunities and/or alternative distribution channels," said
Seventeen senior executives from life insurers and consulting firms took part in the forecast, giving their views on sales expectations, technology, customer service, structural change and other issues. Most executives agreed:
- Technology will be more important than ever — particularly analytics, social media and mobile. The use of big data can help insurers better understand policyholders and build better relationships with them, several executives said.
- Quality service will be a key factor in retaining customers. Over the past decade, customer expectations have changed dramatically and are being set by companies in other industries, executives said.
- Major merger/acquisition activity is unlikely in 2014, but companies will enter new product lines to meet consumer demand and spur growth.
The 2014 Life Insurance Forecast is published in the January issue of
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