Life Insurance and Market Research Association’s Facts of Life report shows that industry has a lot of work to do to reach out to more customers
LIMRA celebrates its 100th anniversary this year, and Tony Garcia, president and CEO of Forestors Financial believes the group’s role has never been more important.
Appearing on a recent podcast for the Life Insurance and Market Research Association, he outlined how the group has been able to reach the century mark.
“They have access to all the data points within the industry, so they provide a great objective view,” he said. “If you look at the quality of the research talent that LIMRA has, they are always out in front of what is happening in the industry.”
LIMRA is a global training and research association that more than 850 financial services firms call on for its expertise. Forestors Life Insurance is but one example, but there a many more – BMO Life Assurance, Great-West Lifeco, Swiss Re Life and Health, TD Life Insurance make up just some of the names in what is a long list.
Membership means these firms can avail of the latest analysis on retirement, insurance and distribution, which is a useful tool indeed in this transitionary period for the industry.
“LIMRA has been extremely helpful in getting the appropriate research and strategic thinking out there,” said Garcia. “It has access to the best thinkers in the industry, so I think the solutions LIMRA will drive in these challenging times will continue to make a significant contribution.”
Last month, which was also Life Insurance Awareness Month in the U.S., LIMRA released its Facts about Life 2016 report. Its findings showed that the industry has had plenty of growth over the past six years, but there remained a large black hole when it came to coverage for many Americans.
The paper revealed that there are nearly five million more U.S. households that have life insurance coverage compared to 2010, but that must be tempered by the fact that 30% of households, or approximately 37.5 million people remain uninsured.
To reduce that disparity, both in the U.S., Canada and worldwide, it’s clear that education is key. Despite the best efforts of groups like LIMRA, many people remain in the dark when it comes to life insurance, as was evidenced by 60% of respondents in this study saying they did not know what product to buy or how much coverage they needed, while 35% added that they didn’t have coverage because they had not been approached by a financial professional.
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Appearing on a recent podcast for the Life Insurance and Market Research Association, he outlined how the group has been able to reach the century mark.
“They have access to all the data points within the industry, so they provide a great objective view,” he said. “If you look at the quality of the research talent that LIMRA has, they are always out in front of what is happening in the industry.”
LIMRA is a global training and research association that more than 850 financial services firms call on for its expertise. Forestors Life Insurance is but one example, but there a many more – BMO Life Assurance, Great-West Lifeco, Swiss Re Life and Health, TD Life Insurance make up just some of the names in what is a long list.
Membership means these firms can avail of the latest analysis on retirement, insurance and distribution, which is a useful tool indeed in this transitionary period for the industry.
“LIMRA has been extremely helpful in getting the appropriate research and strategic thinking out there,” said Garcia. “It has access to the best thinkers in the industry, so I think the solutions LIMRA will drive in these challenging times will continue to make a significant contribution.”
Last month, which was also Life Insurance Awareness Month in the U.S., LIMRA released its Facts about Life 2016 report. Its findings showed that the industry has had plenty of growth over the past six years, but there remained a large black hole when it came to coverage for many Americans.
The paper revealed that there are nearly five million more U.S. households that have life insurance coverage compared to 2010, but that must be tempered by the fact that 30% of households, or approximately 37.5 million people remain uninsured.
To reduce that disparity, both in the U.S., Canada and worldwide, it’s clear that education is key. Despite the best efforts of groups like LIMRA, many people remain in the dark when it comes to life insurance, as was evidenced by 60% of respondents in this study saying they did not know what product to buy or how much coverage they needed, while 35% added that they didn’t have coverage because they had not been approached by a financial professional.
Related stories:
Life insurance needs to become more attractive to consumers, says Manulife executive
$20 trillion life insurance ‘protection gap’ needs addressing, says Swiss Re Canada CEO
