Insurance executives surveyed by LOMA for its 2016 Life Insurance Industry Forecast expect modest growth due to continued concerns about interest rates and the state of the economy.

"The life industry is in transitional recovery mode. We're still suffering from the hangover of the financial crisis and what now looks like long-term low interest rates," said Neil Sprackling, president, Swiss Re Life & Health America.  "So, do I predict rocketing sales and significantly higher profits in 2016?  No, however, my optimistic nature tells me that we've turned a corner," he added.

Fourteen senior executives from life insurers and consulting firms took part in the forecast, giving their views on sales expectations, technology, customer service, human capital and other issues. Most executives agreed:

• Technology will continue to have a profound impact and digitization may change how products are developed. Predictive analytics, automated underwriting, and smart phones are all mentioned as important. But emerging technologies such as wearables and gamification are also being looked at by the industry and may result in even more dramatic changes.

• Quality service will be a key factor in retaining customers. Power has shifted from companies to consumers. Consumer expectations are increasingly based on experiences with other companies that use leading-edge technology.

• Human capital is a big concern. Millennials coming into the industry are looking for the opportunity work for the greater good and to make a difference. Some say that companies that have a strong digital strategy stand the best chance of recruiting the best talent.