Life Insurance Helps People Feel Safe: Survey
The Nuts and Bolts
LIMRA is a Windsor, Connecticut-based nonprofit group that helps more than 700 life insurance and financial services companies with market research services and other services.
Life Happens is an Arlington, Virginia-based nonprofit group that runs insurance consumer education campaigns.
LIMRA and Life Happens unveiled some results from the 2022 Insurance Barometer Study survey Monday, in Tampa, Florida, at the 2022 Life Insurance Conference.
The survey team fielded the survey questionnaire online in January. Organizers received answers from 8,517 U.S. adults who are financial decision-makers in their households.
LIMRA is one of the sponsors of the 2022 Life Insurance Conference, and a LIMRA sister organization, LOMA, is another sponsor. The other sponsors are the Society of Actuaries and the American Council of Life Insurers.
One of the goals of conference organizers is to promote increased access to and ownership of life insurance.
Maggie Leyes, Life Happens’ chief creative officer, and Steve Wood, a LIMRA senior analyst, talked in a conference session Monday about how life insurance issuers and distributors can use the new Barometer survey results to tailor their marketing, and to improve product development and distribution decisions.
Other conference speakers plan to address topics such as COVID-19 mortality, advances in insurance underwriting and administration technology, and new climate investment risk disclosure efforts.
The ‘Great Reset’
LIMRA and conference organizers are calling for a “great reset” in life insurance marketing and administration efforts.
“The pandemic represents a rare but narrow window of opportunity to reflect, reimagine and reset our industry,” the organizers say.
The organizers say that life insurers have shown consumers that they have been able to meet their benefits obligations throughout the COVID-19 pandemic.
“We should be able to capitalize on the renewed interest resulting from the pandemic and keep the momentum going,” the organizers say.
(Image: JenkoAtaman/Adobe Stock)
