Life Insurers Still Expanding Electronic App Use: Equisoft

By Allison Bell

News August 17, 2022 at 03:24 PM

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Life insurers with weak electronic application systems, or no "e-app" systems, feel your pain.

Equisoft, a financial services technology firm, says many are planning to invest in E-application and e-signature technology in the next 12 months.

About 43% of the 207 life insurance technology executives the firm surveyed said they expect to invest in e-app and e-signature technology tools soon.

Life insurers also want help with understanding what their customers are thinking, and what's happening in the world around them.

About 41% of the executives surveyed said their companies will be spending money on business intelligence and data analytics tools soon, and 38% said they'll be buying new or improved customer experience measurement tools.

An outside firm fielded the survey for Equisoft in April. The participants were at carriers, based in the United States and Canada, with annual revenue ranging from $300 million to $5 billion.