Filed Under:Life Insurance, Life Planning Strategies

Top five things to watch for in the life insurance product space

U.S. life insurers will need to find ways to answer the needs of end consumers to foster industry growth.
U.S. life insurers will need to find ways to answer the needs of end consumers to foster industry growth.

Against a backdrop of stagnant industry growth and technological innovation, the US life insurance industry has begun to experience a shift in the balance of power, away from distributors and manufacturers and towards the end consumer. 

Technological advances embraced by other financial service industries have created a consumer base that is armed with more information and that expects a certain level of service.  As an industry that has also been challenged by external factors such as low interest rates and an uncertain regulatory environment, US life insurers will need to find ways to answer the needs of these end consumers to foster industry growth. 

(1) Simplification in product design and processes

(2) Increased prevalence of combination products with accelerated benefit riders

(3) Underwriting advancements and streamlining

(4) Changes to the advice model

(5) Internet distribution

Featured Video

Most Recent Videos

Prospects not listening to voice mail? Arrange a phone date

Provided by LIFEHEALTHPRO

Redesigning your phone life is more important than finding the “best words” for a voice mail in today’s culture.

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.