Fifty-seven percent of all people in the United States were covered by some type of life insurance in 2014, according to LIMRA’s 2015 Insurance Barometer Study. Nearly one-third of Americans said they need more life insurance in 2015, as reported in the LIMRA study.
Here what we are hearing from the conference.
"Our primary role in the industry is to help define the products so that the products can be understood by the consumers and they understand how the products fill a need. We want to show the best features of the product." That's the word from Lloyd Chumbley, vice president of sales for Insurance Technologies, a company providing software sales products to carriers.
Jim Kerley, chief membership officer of LIMRA, noted several outside-the-box campaigns recently to bring life insurance to new audiences in new and creative ways.
For example, Axa teamed with a gaming company to challenge gamers to acquire a "shield." In order to get the shield, they had to visit an Axa office. About 600,000 gamers did just that, Kerley said.
In another effort, Sun Life created an "advisor match" service modeled after online dating. The website matches client and advisor based on "compatibility" factors.
Research indicates that age, gender and language preferences are significant factors for a successful advisor relationship, Sun Life has said.
Advisor Match provides up to 12 potential advisor candidates and allows customers to decide if they want to contact the advisor of their choice or if they would like the advisor to contact them.
"Will you have the courage to look at things differently and make bets on the future?" Kerley asked.
John Chandler, senior vice president/chief marketing officer for MassMutual Financial Group, cited a survey showing that 44 percent of people without life insurance say they need it. Of those, however, just 10 percent said they are likely to buy life insurance.
The key is finding new audiences, Chandler added, noting that marriage is always the key driver of life insurance sales. When gay marriage became legal, you had millions of new couples flocking to the alter. MassMutual met that new pool of potential customers in a proactive way, Chandler said.
MassMutual created a four-minute mini-documentary featuring five married same-sex couples. The couples asked the simple question: what's it like to be married? MassMutual earned praise across the gay community for the effort, which aired in November.
"We had to reach out and embrace this community," Chandler said.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected].
© Entire contents copyright 2016 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.