Digital brings challenges for small, midsize life insurers: Equisoft

Digital Experience Worries for Life Insurers

Recent research from Equisoft, in partnership with the Life Insurers Council, highlights growing concerns among life insurance companies regarding their digital customer experience. This issue is particularly pronounced among smaller and midsize insurers, who are grappling with the challenges of modernizing their technology while meeting customer expectations.

Key Findings

The study reveals that while larger insurers are increasingly adopting advanced digital solutions, many smaller firms are lagging behind. They struggle to provide the seamless online experience that today’s consumers demand, which can affect their competitiveness in an evolving marketplace.

Some specific challenges identified include:

• Balancing investment in technology while managing operational costs.
• Addressing customer expectations for faster and more intuitive service.
• Integrating new tools with existing legacy systems.

Implications for Insurers

As customer preferences shift towards digital-first interactions, these findings suggest that small and midsize insurance companies may face increased pressure to enhance their digital offerings. Failing to adapt could limit their growth and customer retention capabilities, affecting their long-term viability.

Looking Ahead

The research underscores the importance of digital transformation for life insurers. Companies that can navigate these technological challenges effectively are likely to improve not only customer satisfaction but also their overall market positioning. Investing in user-friendly interfaces and robust online services may become essential for survival in this competitive landscape.

In summary, the insights from Equisoft point to a crucial crossroads for many life insurers. Addressing digital experience issues could be a game-changer for smaller players looking to thrive in an increasingly digital world.

Original Source: https://www.dig-in.com/news/digital-brings-challenges-for-small-midsize-life-insurers-equisoft