2009 Life Insurance Operations Book of Metrics: Executive Summary
Since 1995, Deloitte specialists have conducted extensive research about life insurance back-office operations through a comprehensive study, known in the industry as the Life Insurance Operations Benchmarking Study (LIONS).
Cost containment, as in prior years, remains paramount for insurers. Coupled with the fact that investment income has dropped significantly due to the economic crisis and robust growth continues to prove elusive, the result is a dire need to focus on efficiencies. But, according to our study, what has worked in the past isn’t necessarily the answer today.
This study provides comparative analysis widely used by insurance executives to benchmark expenses for operations, administration and information technology (IT). Our analysis covers a variety of topics, including efficiency, effectiveness, key trends, use of technology and business performance.
This report, summarizing results from our latest Life Insurance Operations Benchmarking Study, provides insight in areas critical to insurance executives:
- Marketing, product and distribution
- New business
- Customer service
- Information technology
- Corporate overhead