A LIMRA study finds majority of Gen X and Y consumers believe they need life insurance. At the same time, less than 20 percent said they are very likely to buy life insurance.
Insurance executives at the Life Insurance Conference discuss ways to better engage consumers, closing the gap between recognized need and actual life insurance ownership.
“The study clearly shows that people recognize the value of life insurance and the risks they face being under-insured,” said Todd A. Silverhart, Ph.D., corporate vice president of LIMRA Insurance Research. “Yet other financial priorities and confusion on what they need lead many consumers to postpone buying life insurance.”
Separate LIMRA research has identified nearly 19 million consumers who need life insurance but have become stuck during the shopping process. “At the conference, we will be discussing how authentic communication could improve engagement,” Silverhart said.
One LIMRA study uncovered a key factor in the stuck shopper dilemma – communication that our industry employs lacks authenticity. Authentic communication is more than just using everyday language and laymen’s terms. It also includes relatable visuals and attainable goals. There are 6 elements that make up authentic communication:
- Easy to Understand — Language that we use everyday
- Down to Earth — Images that feel realistic
- Memorable — Communication that is interesting
- Positive — Messages that are warm and comforting
- Credible — Sources of information that are trustworthy
- Relevant — Communication that says the company understands them, and who they are
With one conference theme being “Innovation to Opportunity,” professionals addressed the latest in product development, marketing, distribution, operations, administration, regulatory, and strategic issues. Hosted by LIMRA, LOMA, the Society of Actuaries (SOA), and the American Council of Life Insurers (ACLI), the conference typically draws more than 500 professionals from companies around the world.