Aite Group has announced the launch of its life insurance practice, which follows the launch of Aite's health insurance practice in 2009.
The practice is targeted at life insurance carriers, software vendors, IT services vendors, business process outsourcing providers, and management consulting firms servicing the life insurance vertical.
"In addition to expanding our coverage of the insurance industry, we expect the life insurance practice to dovetail nicely with our wealth management and institutional securities and investments practices," says Gwenn Bezard, a partner at Aite Group. "We also believe a practice dedicated to the life insurance vertical will prove uniquely valuable to the market."
The life insurance practice is committed to providing Aite Group's clients with insight into the business, technology, and regulatory issues impacting the industry. Its near-term research coverage will address the following issues:
- Strategic, regulatory, and technology trends across functions and geographies for life insurance and annuity markets;
- IT services and business process outsourcing for the life insurance industry;
- New product development issues; and
- Institutional offerings (e.g., reinsurance and financial reinsurance, corporate-owned life and group life insurance, group annuity contracts).
Clark Troy, PhD, lead senior analyst for the practice, joined Aite Group in October 2009. Prior to joining Aite, he was a senior consultant with Satori Consulting. Prior to that, he was a senior consultant with Princeton Consultants, where he worked with a number of life insurers, including The Hartford, RGA Reinsurance, AXA Financial, Prudential Financial, Guardian Life, and UNIFI.
"The life insurance industry currently faces a number of real challenges and opportunities," says Troy. "Although life insurance is an indispensable product, it's still one that is sold–not bought. Americans are at once aging, underinsured, and lacking adequate savings, and the industry needs new ways to get compelling products into their hands cost-effectively. At the same time, life insurance sales in emerging markets are growing. Industry executives must make tough decisions: invest internally, acquire, divest, or expand geographically."
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