Advances in technology and the ability to provide comprehensivefinancial solutions are going to drive the pace of change for thelife insurance industry, according to a new survey from LOMA.

Top industry executives told LOMA they see advancements inservice capabilities, along with the Internet becoming a moreimportant service delivery mechanism. The use of mobile devices asa communication mechanism, and push technology (push alerts andpush service) will be also become standard. Telepresence andteleconference will enhance collaboration and communication amonghome office employees and the field force.

As for life insurance products, the basic stable will stay thesame, but features and benefits will continue to evolve ascompanies try to address performance guarantees, fee disclosure,de-risking and longevity. Development will center on hybrid(combination) products.

Responding to the financial crisis, industry executives believeconsumers will continue to seek out guarantees and companies willcompete aggressively to provide those guarantees. Considering thereare more than 3 million baby boomers turning 60 this year, execspredict the retirement income space will grow rapidly.

Companies will work to find creative and efficient ways todeliver basic products to the mass market, including electronicdistribution, mass marketing and worksite marketing, according to LOMA's findings.

Success in the affluent market will depend upon the availabilityof sophisticated products coupled with customized, high-touchproducer support. Success in the retirement income market mayrequire a shift in producer mindset, moving the focus from sellingproduct to providing solutions. LOMA says the producer that excelshere will partner with experts from various disciplines, such astrusts, tax and elder care.

"Over the next 10 years, advancements in service and technologywill continue to transform our industry," said Robert Kerzner,president and CEO of LIMRA, LOMA and LL Global, in a releasedstatement. "While technology is the enabler to reach more consumersthrough the Internet, the ability to integrate data across theorganization will afford companies the ability to engage inpredictive modeling, data mining and forecasting. It will providethem a 360-degree view of their customers, which will better servethe customer and improve companies' productivity."

The findings are published in the March issue of LOMA's Resourcemagazine. The complete article may be read on the Resource sectionof the LOMA Web site, www.loma.org