The 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 digitization 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 reinstating
policies. However, as the insurance buying age population increases in size,
industry level 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."
ABOUT CONNING
Conning (www.conning.com) is a
leading investment management firm with a long history of serving the insurance
industry. Conning supports institutional investors, including pension plans,
with investment solutions and asset management offerings, risk modeling
software, and industry research. Founded in 1912, Conning has investment
centers in Asia, Europe and North America.
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