LIMRA has been known for its analysis of broad trends as the life industry’s research association, but now it is getting into the grit of product data to help member companies determine market needs in developing new products.
Product development depends on data, which is LIMRA’s bailiwick as the keeper of its member companies’ sales intelligence. The association is now offering My Products, a dashboard that filters data from its Life Compass tool, to allow companies to “compare individual life insurance products with similar competitors’ products, boosting their ability to track their own performance and adapt to evolving market conditions,” according to a LIMRA release.
“Today’s market is extremely competitive. The margin for error on product development and marketing decisions is slim,” said Alison Salka, senior vice president and director LIMRA research. “In response to our members’ requests for greater insight and competitive analysis into which life insurance products were garnering the greatest traction within various market segments, we have enhanced our sales reporting capabilities to enable our members to track and compare sales of their products with similar products in the marketplace.”
LIMRA’s individual life insurance sales survey includes 77 companies, representing 80% of the U.S. market (based on premium). LIMRA expects 20 companies, representing 50% of premium, will be involved with the Life Compass by the end of the first quarter.
Companies will be able to analyze by product, geography, distribution channel, market type, buyer age, contract size and gender. Members will be able to start using the My Products portal in May with first-quarter sales data.
Members will be able to:
- Research products that are capturing greater market share at an industry level and within consumer segments.
- Track growth of competitors’ products.
- Analyze data by demographic groups and regions for specific distribution channels.
The association said half of the life insurance market by premium size participate in Life Compass and expects participation to expand.
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