Life Insurance Execs See Opportunity in 2012
There are several challenges facing the life insurance industry in 2012, but executives also see opportunities they plan on taking advantage of according to the press release found on MarketWatch.com. LOMA completed interviews of top executives in the life insurance industry about their predictions on sales, distribution, technology advances, regulation, and social media for the year 2012 and their outlook was generally positive.
The interviews were collected and for LOMA's annual industry forecast which is published in their monthly publication, Resource Magazine which does happen to be award-winning. These interviews offer insight into what challenges the life insurance industry may face. The panel agreed that profitable growth needs to be a top priority. Insurance companies will need to get back in touch with their brand and growth strategies.
There is definitely an ongoing issue the industry will have to deal with, which is shrinking distribution. Since fewer financial advisors consider insurance a must-have, life insurance companies will need to find new, innovative ways to attract young people. Traditional life insurance seems to follow generations and the current generation is growing older and retiring. Term life insurance quotes need to appeal to a wider group of people including college graduates and young professionals.
Technology will also play an important role in life insurance industry growth. The panel focused on technologies such as mobile applications, cloud computing, and predictive analytics as having big influence over their potential for growth in the life insurance and annuity market. Mobile is quickly becoming a top priority as smart phones take over the airways. Social media and online advertising will also continue to play a big role in their overall marketing plan.