There is overwhelming support in the cross-border life sector for using technology to improve service and operational efficiency to deliver better customer outcomes, according to Association of International Life Offices.
The association’s Technology Survey Report reveals that 90% of respondents believe technology is ‘crucial’ to the future of their organisation.
Participants in the survey were asked six questions covering a range of issues relating to technology, including its importance, benefits, implementation and adoption, plus the expected trends over the next five years.
Other key findings include:
- Winning new clients is a clear priority with 40% of respondents recognising the opportunity to invest in digital to meet stronger client and IFA expectations;
- 70% of survey respondents said a lack of skilled people is the biggest challenge to successfully adopting next generation technology; and
- 30% of respondents cited the technology burden of compliance (plus broader financial services regulations) as major challenges.
Bob Pain, AILO chief executive, said: “We now have a detailed, sector wide view on the benefits, priorities and challenges we all face in the industry. In addition, we have a clear understanding of the current status of adoption and the most important technology trends that everyone in AILO needs to focus on over the next five years.”
