Consulting firm McKinsey chatted with life insurance industry leaders ahead of 2023 to predict the year’s top trends. Their forecast reflected both the sentiment and intentions of those with decision making power. In our conversations with carriers throughout the year, we heard similar priorities.
- Prioritization of risk management in uncertain economic times
- Intense focus on streamlining agent and customer processes
- Investment in legacy system modernization and transition to the cloud
- More widespread adoption of data and analytics as tools
Echoing these priorities, the industry saw a big jump in tech investment. At Bestow, we’ve seen the appetite for our platform and even our data solutions products grow exponentially over the last 12 months.
Bestow's big year
Bestow spent the year deep in tech development, working with carriers to address their biggest challenges by broadening our technology platform, products, and capabilities.
- We’ve expanded our product portfolio to include final expense and whole life capabilities.
- Our enhanced agent experience gives distributors more tools and better control.
- We launched Bestow Data Solutions, with revolutionary tools like our Recommendation Engine — which carriers can stand up virtually overnight.
- Our latest underwriting toolkit features an enhanced rules engine, refer-to-underwriter capabilities and a streamlined workbench for post-issue audits.
What's next?
The industry is clearly going to continue to seek the perfect balance of modernization, increased accessibility, and better risk management.
At Bestow, our roadmap includes forging new partnerships in the industry, further digitizing even more life products, and finding new and innovative ways to support business critical functions like agents and distributors. Here’s to the exciting year ahead.
