As we assess the year before us, not only do we feel a nice energetic momentum that’s pushing us to accomplish many promising initiatives, but also the news stream is finally delivering more hopeful advisories.
Recently, Emily Holbrook, the Executive Managing Editor for National Underwriter Life & Health, reported on an Outlook Upgrade for US Life Insurance Industry. Moody’s upgraded its outlook on the industry from negative to stable: “According to Moody’s, the U.S. economy will continue to show greater stability over the next two years, expanding 2 to 3 percent in 2014 and 2.5 to 3.5 percent in 2015, which is credited to the continued improvement of the housing market and unemployment rate.”With this breeze of economic recovery news, Moody anticipates a rise in the demand for life insurance. In her article, Ms. Holbrook explains how Moody’s outlook uptick affects the US life industry: “Economic stability supports greater insurance purchases. Receding economic headwinds will ease discretionary spending pressures on U.S. households, translating into higher life and annuity premiums and deposits to pension plans, lifting pressure on insurers’ revenue and earnings growth.”
It’s all good from our viewpoint, which means we need to be on our game as more and more insurance companies and TPA’s move forward with automatic claims processing upgrades and claim technology purchases to meet the needs of their soon to be growing customer base.
To learn more about automating the claims process download the following whitepaper now: