Equisoft and the Life Insurers Council (LIC) conducted research to help small and mid-sized insurers identify opportunities for creating improved customer experience and engagement.
PHILADELPHIA, May 27, 2025 /PRNewswire/ – New research from Equisoft, a leading global digital solutions provider to the financial services industry, reveals that customer experience (CX) is the main driver for digital transformation efforts within small and medium-sized insurers, yet 54% of organizations support just one or two communication channels for customer support. 34% of respondents also cited staff interactions with clients as being both a strength and a potential concern as client-facing processes still involve manual steps in many cases, making them less efficient and hindering the creation of great client experiences.
34% of respondents felt that simplifying and standardizing application forms would have the most beneficial impact on reducing policy application times | Equisoft (CNW Group/Equisoft Inc.)
The research, conducted in partnership with the LIC — a networking forum for small to midsized life insurance company members of LIMRA and LOMA —surveyed one-third of LIC members on current CX concerns, challenges, technology adoption, and future priorities to gain valuable insights into the current state of CX and digital transformation for small- to medium-sized carriers in the life insurance industry. The goal of the research is to help these growing insurers identify opportunities to create superior CX, build strategies and blueprints for capitalizing on those opportunities, and implement strong technology and process foundations that will support a new enterprise approach to client engagement.
“Life insurance carriers want to deliver on their original mission of protecting and enriching customers’ lives, and they want that mission to thrive in the 21st century. There are a lot of opportunities to boost customer experience and engagement, but limited resources can, understandably, make it difficult to roll out large-scale programs,” said Mark DePhillips, Senior Vice President, USA at Equisoft. “This research is just the beginning of an ongoing process to help small- and mid-sized insurers create robust CX plans, modernize legacy technology and data foundations and implement CX technology that will streamline and enhance customer experiences across all channels.”
“LIC is pleased to partner in this research and deliver real actionable value to our members. LIC carriers are committed to their customers and to continually working to enhance every interaction for greater engagement. The challenges they face are significant, however. Budget constraints are real, aging legacy systems present roadblocks in many cases and data foundations need to evolve,” said Dean Lambert, Executive Director at LIC. “LIC is committed to working with our members to advance CX in our market. And this research is a great first step in identifying the current state of CX amongst our member companies, revealing priorities for investment over the next two years and highlighting the critical challenges that we will have to overcome.”
Other key findings from the report include:
34% of respondents felt that simplifying and standardizing application forms would have the most beneficial impact on reducing policy application times, closely followed by automating data collection and validation (32%).
38% of respondents cite legacy IT systems lacking automation capabilities as the primary challenge in expediting underwriting decisions.
45% of respondents perceive self-service tools to brokers and agents as the digital transformation initiative with the most significant impact on underwriting speed.
Download the full report to uncover small and medium-sized insurers’ current CX concerns, challenges, technology adoption, and future priorities: https://hubs.li/Q03nCSqj0
Equisoft will also be holding a webinar on June 19 at 12pm ET, “How CX Technology Transforms Small and Mid-sized Life Insurance Carriers,” in which CX experts and LIC members will reveal solutions and priorities for enhancing CX delivery. Register for it here: https://hubs.li/Q03nCVzv0
About LICThe Life Insurers Council is a council of LIMRA and LOMA that provides small-to-midsize life insurance company senior management with a personal network of peers sharing practical business solutions for the challenges companies with limited resources face. To learn more, visit www.loma.org/lic
About EquisoftFounded in 1994, Equisoft is a global provider of advanced insurance and investment digital solutions. Recognized as a valued partner by over 300 of the world’s leading financial institutions, Equisoft offers a complete ecosystem of solutions, from innovative front-end applications to extensive back-office services and unique data migration expertise. The firm’s flagship solutions include SaaS policy administration, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. With its business-driven approach, deep industry knowledge, innovative technology, and multicultural team of experts based in North America, the Caribbean, Latin America, Europe, Africa, Asia and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption. For more information, please visit www.equisoft.com.
SOURCE Equisoft Inc.
