Life Insurance

Life Insurance Industry Improves Its Marketing To Women

Study Identifies Commendable Progress and Untapped Opportunities to Reach Women

NEW YORK, August 31, 2017 – Competitive intelligence and consulting firm Corporate Insight today published a report that examines the current state of women-oriented life insurance marketing, the industry’s progress since 2015 and the substantial opportunities for reaching this underinsured market.

The report, titled Marketing Life Insurance to Women, identifies industry leaders in marketing to women; profiles prospect- and advisor-oriented resources from nine leading firms; and highlights unexplored opportunities for firms to reach markets like female small business owners and women of color.

“While the life insurance industry has historically struggled to connect with women, Corporate Insight’s report tracks a commendable increase in respectful, research-based materials since 2015,” Megan Rafferty, lead author of the study, said. Leading firms move away from superficial messages and provide valuable recommendations based on women’s financial needs. By combining statistics about women’s average earnings and lifespans with powerful reminders of the importance of life insurance, firms like Nationwide and Prudential demonstrate how the industry can help women protect their loved ones without relying on stereotypes.

 

A ‘clear competitive advantage’

The report also notes significant opportunities for industry growth, identifying untapped marketing possibilities among U.S. women. Only 60% of firms in the Life Insurance Monitor coverage group market life insurance to women, granting them a clear competitive advantage.

Of firms covered in this report, 78% do not yet support advisors with sales strategies and prospecting advice, indicating a chance to improve training. The report also documents opportunities to sell life insurance to specific groups of women, such as the women who own one-third of small businesses and the 39% of Asian American working women who are entrepreneurs, representing a strong untapped market for key person life insurance. “Firms that rely on shallow stereotypes will alienate these markets, but comprehensive, well-researched materials can help firms position themselves as industry leaders,” Rafferty said.

Firms that rely on shallow stereotypes will alienate these markets

Key findings from the study include:

  • Resources from leading firms profiled in this report have improved since 2015, with new research-based brochures, articles, videos and recommendations.
  • Many firms recommend life insurance to prospects based on statistics about women’s needs, but few offer client relationship advice or sales strategies concerning women.
  • Leading firms acknowledge the diversity of women’s experiences by addressing them as business owners, caretakers, single parents, breadwinners and financial decision makers.
  • Major firms do not yet tailor resources to audiences like the wealthy African American women whose household incomes are growing steadily post-recession, the 39% of Asian American working women who are entrepreneurs, or the women in LGBT families who hold $830 billion in spending power.

 

 

 

About Corporate Insight
Corporate Insight provides competitive intelligence, consulting and user experience (UX) research to the nation’s leading financial services firms, insurers and educational institutions. For more than two decades, the firm has published customer experience-focused research and has advised clients on key competitive issues with a focus on helping them improve their digital capabilities. The firm offers subscription-based Monitor Services in 14 verticals, including brokerage, healthcare and alumni relations, along with custom research and consulting services, digital capabilities audits, special studies and UX research. Connect with us on Facebook, Twitter and LinkedIn.