Strong support for tech innovation in cross-border life sector, says AILO report
There is overwhelming support in the cross-border life sector for using technology to improve service and operational efficiency to deliver better customer outcomes.
That’s the main headline in our latest report based on feedback from several AILO Member businesses. The Technology Survey Report reveals that 90% of respondents believe technology is ‘crucial’ to the future of their organisation.
Participants in the survey were asked six questions covering a range of issues relating to technology, including its importance, benefits, implementation and adoption, plus the expected trends over the next five years.
- Winning new clients is a clear priority with 40% of respondents recognising the opportunity to invest in digital to meet stronger client and IFA expectations
- 70% of survey respondents said a lack of skilled people is the biggest challenge to successfully adopting next generation technology. Interestingly, whilst this was mainly expressed as technical skills, feedback also highlighted project managers and other roles that have a part to play in managing change.
- 30% of respondents cited the technology burden of compliance (plus broader financial services regulations) as major challenges.
The report was written by Andrew Hubbard, Chief Business Development Officer at Lumera, an insurtech business and Associate Member of AILO.
Andrew thanked AILO Members tor taking the time to provide detailed and thoughtful responses, and added that the survey results show the AIL community is ‘unanimous in acknowledging that next generation technology will play a significant role in the customer-centric, conduct-conscious insurer of the future.’ Commenting on the challenges revealed by the research, he said “The biggest challenge is finding the right people to deliver the change programmes required. The cross-border life sector needs to attract skilled data scientists and change agents early in their careers, so this cohort develops the industry knowledge so relevant to our businesses.”
Bob Pain, AILO CEO, commented “Thanks to Andrew’s excellent work, and all the Members who participated in this research, we now have a detailed, sector-wide view on the benefits, priorities and challenges we face in the industry. In addition, we have a clear understanding of the current status of adoption and the most important technology trends that AILO Members need to focus on over the next five years.”
The full Technology Survey Report is available exclusively to AILO Members, along with the Distribution Survey Report published earlier this year. We are currently working on several further reports including Finance Capital Management, European and Global cross-border life markets 2022 and Consumer Duty,
If you want to read the full reports but are not currently an AILO Member, click here for details about how to join us.