- Lloyd's announces key appointments for the governance and delivery of the Future at Lloyd’s Blueprint One programme together with confirmation of the raising of £300m of senior debt to fund the transformation
- Insurance Europe new publication-"Why Insurance" urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation
- Geneva Association Women in Insurance Award launched
- CII PublicTrust survey indicates UK consumers want action on renewal pricing
- Willis Towers Watson launches ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17
- Duck Creek announces that four leading investment firms have invested $120m in the company
- FRISS to partner with National Insurance Crime Bureau(NICB) expired
- City Insurance shows impressive growth expired
- Canopius appointsTongue as underwriter, trade & political risk expired
- Hannover Re and Global Parametrics in partnership with BMZ and KfW to form Natural Disaster Fund(NDF) Deutschland expired
- Victor Insurance Holdings announces approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting effective 1st January expired
- BMS announces appointments to its US reinsurance team expired
14th August 2019
New Conning report indicates that the US life insurance industry continues to struggle to increase policy counts
The US life insurance industry continues to struggle to increase policy counts. However, improving retention and deepening customer relationships can help reverse this trend along with new sales growth, according to a new study by Conning.
“Life-Annuity insurers have the basic building blocks to develop omnichannel marketing and distribution capabilities, but it is still a work in progress,” said Scott Hawkins, a director, Insurance Research at Conning. “Fully developing omnichannel strategies requires further integration across platforms, investing in data analytics, and identifying opportunities to deepen the relationship with their customers.”
The Conning study, “Life-Annuity Distribution & Marketing Annual: Moving Towards Omnichannel” analyzes individual life and annuity sales trends by channel and product. Further, it explores the digitisation of life industry marketing and distribution, insurer advertising spends, and the challenges facing the sector, such as regulation and expense pressures.
“Facing negative in-force policy counts and declining individual life sales, insurers will need to continue to invest in distribution channels,” said Steve Webersen, head of Insurance Research at Conning. “We found that certain channels are doing a better job in limiting lapses and 2019 Lilevel in-force policy counts are not keeping pace. By enhancing the development of omnichannel competencies, life insurers can meet the evolving customer’s expectations both in product and service experiences.”
The report is available for purchase from Conning by calling by visiting www.conningresearch.com.
Conning Trends(127 articles)