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There are five trends in the industry, in which technology plays a vital role, according to Samuel J. Foti, the Chief Operating Officer and President of The MONY Group Inc., as the company went public in the year 1998 and MONY has been one of the businesses that benefited in the use of technology when it needed the immediate external feedback system.

The first industrial trend is the convergence. As acquisitions and mergers sweep the industry, insurers and insurance organizations are left with no choice but to create new products and methods in distribution in order to stay stable. Technology is important in making innovative product lines and in the shifting from one method to another. The next trend is the value proposition. As competition in the field of business rises, insurance companies and providers think of ways to differentiate their organization from the others so that customers will choose them from the rest. Thus, these companies try to present their selves as the complete insurance provider, giving you everything that you would need. This leads to customer confusion and disappointments. Technology can help create clarity and can help customers identify companies that deliver their promised services. The third trend is the consumer expectations. Technology can help set the customers expectations as products, services, prices as well as other information are seen online.

The last two trends according to Mr. Foti’s opinion are the distribution and the rational profitability; both of which are valuable for insurance businesses.

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