‘Fear Of Technology’ Is Gone; Life Insurers Need To Step Up
May 3, 2022 by Doug Bailey
TAMPA, Fla. — When it comes to the acceptance of digital and online technology, the retail banking and P&C industries are as much as three years ahead of life insurers, which have been slow to innovate with new emerging systems and is sorely in need of a reset.
That’s the conversation starter that Kartik Sakthivel, the chief information officer for LIMRA, intends to bring to a session at 2022 Life Insurance Conference, sponsored by LIMRA, LOMA, Society of Actuaries and the American Council of Life Insurers.
“We’ve done a significant amount of work in digital transformation over the past many years,” said Sakthivel. “But at the end of the day, digital transformations aren’t about technology but about cultural changes. It’s about changing the mindset of a mature, established, business.”