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A photo of Europe's most powerful computer at Jülich.
A photo of Europe's most powerful computer at Jülich.
(Handout/Forschungszentrum Jülich)

Life insurers falling behind in tech: report

From interest rates to equity markets, life insurance companies have plenty to be wary of in 2014. But while investing in technology may not be top of mind, a new report says now is the time for insurers to update their digital architecture.

Technology and data analysis improvements are necessary to support several changing business lines at insurance companies, according to an annual industry outlook report from Ernst & Young LLP. And insurers aren’t doing enough to keep up with developments in cloud computing, and their applications in online customer retention and cross-selling.