Life insurance sales are not down because of a lack of sales effort; they are down because the industry needs to do a better job of "connecting the dots."
That was the word from Brian Winikoff, head of AXA U.S. life, retirement and wealth accumulation businesses at the LIMRA Distribution Conference.
Population in the U.S. is increasing while more Americans fear outliving their money. Combine that with 51 percent of workers who don't contribute to their retirement plans and the 40 percent of Americans without life insurance and "you clearly have a pent-up demand for our products," he said.
The supply of life insurance products available today has "never been more robust," Winikoff said, with rates lower than ever.
The challenge, he said, is in matching the supply of products with consumer demand.
Carriers must adapt to today's consumers and how they want to be reached, he said. In addition, carriers must realize they can't be all things to all people and determine where they fit in the marketplace.
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at Susan.Rupe@innfeedback.com.
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