Insurers are prioritizing operational resilience and sales automation to meet surging consumer demand for fixed-rate annuities. Wayne Dix and Brian Nordyke talked to Life Annuity Specialist about operating in today’s environment in this article.
Wayne outlines ways insurers can increase capacity to meet demand, “Insurers angling to bolster their capacity to manage increases in fixed annuity sales must focus on operational resilience and preparedness issues. How they respond will vary with their operational maturity. Insurers that have lagged in automating business processes may have to increase staff more than they otherwise might. Whereas a large insurer can cross-train existing employees to meet staffing needs, a small insurer would more typically turn to a temporary staffing agency.”
Brian explains how automation and other strategies can also help insurers trying to meet surging consumer demand, “Insurers need to prioritize strategic initiatives, such as automating annuity sales, by establishing clear directives about projects or programs that are most important. Insurers can then turn to the mechanics of allocating the necessary resources and repositioning tools and skill sets.”
