An aging population along with increased technology use will force major changes in how insurers operate, according to a new report.
The Needham, Mass.-based TowerGroup's study noted, among other things, that insurers are increasing their spending for mobile technology at a compound annual growth rate of 18 percent, despite an annual overall increase in technology spending of only 3 percent.
"The proliferation of Internet use and mobile technology will improve the experience of insurance producers, customers and employees by simplifying complex interactions and automating routine tasks," the report said.
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