- How 2020 Shifted Investor Priorities & Sharpened Their Focus On Managing Money
A heightened importance on protection, while parents begin to educate their children
The COVID-19 pandemic has reshaped the ways in which many investors are spending and saving their money – and they expect they’ll carry their newfound priorities into the future, according to new research released today from Ameriprise Financial.
read more - Women Are Closing The Life Insurance Coverage Gap
Have digital solutions empowered a new generation of life insurance buyers?
Bestow, the first full-stack life insurance platform, today released proprietary data showing key differences between women's life insurance purchasing behaviors compared to men. The findings reveal that women are empowered life insurance purchasers when given 100% digital, self-directed experiences and are closing the industry's coverage gap.
read more - U.S. Life Insurance Products To Change In Reaction To New Tax Rules
Will carriers begin filing products with lower guarantees?
New interest rate assumptions for U.S. life insurance companies in the recently enacted Consolidated Appropriations Act will allow higher premiums to be paid into life products and still meet the definition of life insurance, according to a new AM Best commentary.
read more - Insurance Leaders Are Using Digital For [Insert Anything Here]
Finding and filling gaps in your strategy
By Denise Garth
It might be an oversimplification, but insurance company growth lately is more about filling in gaps and blanks — capturing new or open opportunities with new products, partners and channels . Because risk management is the core of insurance, most insurers are very adept at managing risk to ensure underwriting profitability and customer satisfaction. Digital…
read more - The Productivity Imperative For US Life & Annuities Carriers
Productivity is a vital element of economic value creation; Research reveals what makes top performers different
The US life and annuities industry is searching for value after a decades-long struggle to achieve profitable growth. Driven by slow premium growth, lower investment returns, and rising costs, industry returns once again dipped below the cost of equity at the start of 2020, bringing the 35-year average of returns in excess of capital to…
read more - Awareness Of The Importance Of Life Insurance Is On The Rise
Initial findings show younger Americans are least likely to be insured but most likely to express interest in buying life insurance within the next year
Nearly one third of consumers (31%) say COVID-19 has made it more likely they will purchase life insurance within the next 12 months, according to initial findings from the 2021 Insurance Barometer Study.
read more - U.S. Life/Annuity Industry’s Net Income Cut Nearly In Half In 2020
Measuring the health of the industry
The U.S. life/annuity (L/A) insurance industry saw its net income cut nearly in half in 2020, to $24 billion from $45 billion. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 12 Month 2020 Life/Annuity Financial Results,” and the data is derived from companies’ annual statutory statements received as of…
read more - The New Quest For Yield…
Collateralized loan obligations on rise in life insurance asset management
It's no secret that the past year has been a choppy one at best on the economic front. As COVID-19 struck, the equities markets tumbled; then soared to reach record highs. The residential real estate market seemed impervious to pandemic shocks.
read more - Awareness Of Simplified Underwriting Increases Likelihood To Buy Life Insurance
Of those who already own life insurance, almost 6 in 10 (58%) indicate they are more likely to buy via simplified-issue, compared with 46% of non-owners
While already underway prior to the COVID-19 pandemic, many life insurance policies are now underwritten through “simplified” or “streamlined” processes, which are less reliant on physical data (e.g., blood, urine, examination) and more reliant on readily available datasets (e.g., medical, financial, personal).
read more - Digital Marketing Is Enhancing Customer Experience…
...but insurers find one size does not fit all
Increased competition, changing consumer expectations, and technology are transforming insurance marketing. As the pandemic continues, traditional insurers are investing in IT, digital, and Agile operations. These changes are likely to be with us long after the pandemic fades and we adapt to a new operating model—likely something very different than what we remember from 2019.
read more - U.S. Life Insurance Policy Sales Increase 2% In 2020
Direct-to-consumer sales drive growth in whole life policy sales
While total life insurance new annualized premium fell 3% in 2020, the number of policies sold in 2020 increased 2% for the year, driven by strong whole life and term sales, according to LIMRA’s U.S. Individual Retail Life Insurance Sales Survey.
read more - Leaders Don’t Fear A Crisis – They See It As A Springboard…
...How the pandemic invigorated the industry's innovation
by Denise Garth
It’s like a scene from an action-packed Marvel thriller! The threatened hero is being chased down the street but sees a route for escape. It’s an alley. (We all know not to go down the alley, but the hero doesn’t listen to us.) At the end of the alley there is a brick wall. (We…
read more - US Life & Annuity Industry Carries Mixed Momentum In 2021
Data shows a 'wide range of outcomes for the largest individual annuity writers'
The pace of the U.S. life and annuity industry's emergence from COVID-19 disruption accelerated late in an otherwise challenging 2020, setting the stage for favorable year-over-year comparisons in key individual business lines in 2021.
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