Towergroup Announces New Research: How Life And Annuity Insurers Can Remain Competitive

NEEDHAM, MA, February 3, 2003 — TowerGroup’s Insurance service has released new research on how life and annuity insurers can remain competitive with other financial services institutions by implementing automated systems to expand advice delivery channels.

The primary business for life and annuity insurers has shifted from a traditional insurance company to that of a full-service broker/dealer. Yet in order to gain a competitive advantage in the broader financial services marketplace, insurers must expand their ability to effectively deliver advice. By broadening advice delivery channels, insurers will be able to promote a wider array of products and services to all types of investors, as well as manage more complex transactions with internal and external customers.

Advice delivery models offer the types of services that customers need, in the format that they prefer-and at a price that both customers and insurers can afford. By building a cost-efficient advice delivery platform, insurers can facilitate customer and distributor activity, while supporting an expanded suite of products and managing operations cost efficiently.

In this research, TowerGroup discusses the benefits of an integrated advice delivery model and the need to integrate customer-centricity into the insurance model from both a technological and cultural perspective.

The report is titled, “Advice Delivery Models: Where High Tech Meets High Touch”.

About TowerGroup: TowerGroup provides a comprehensive range of research and advisory services focused on the financial services industry, bringing some of the world’s largest financial services, technology, and consulting firms a deeper understanding of the business and technology issues impacting them. Headquartered near Boston in Needham, Massachusetts, and with offices in New York, London, and Kuala Lumpur, TowerGroup serves a global client base.