The fifth wave impacting the insurance industry is technology. Without modem technology, we could not manage, manufacture, monitor, and service the products offered today. The technological requirements of today's products have had a unique impact of their own. While tremendous capital investment is required to implement change, the expenditures for hardware, software, and education don't guarantee success. Proper identification of the problem, together with the right technology, software, and people, often appears to be a matter of luck. The unlucky find that they have spent substantial sums of money developing systems to handle yesterday's problems. The large, well-capitalized company has an advantage over the smaller one in coping in a world in which a system tends to be obsolete by the time it is operational. Substantial capital is required to stay current.
These tremendous costs are being incurred in a cost-conscious world that demands instant communication and total disclosure. This results in pressure on companies to reduce expenses and to increase their competitive positions and efficiency. Companies and salespeople are now required to master the technology necessary to manage the information that supports all their products and to provide you with "usable-on-demand" information. The Internet is here. The capability to provide you with information on your life insurance policy and the capability to make changes to your policy over the Internet exists. Some companies already provide this service, and your demands will drive the rest to do the same.
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