7 Trends That Will Change The Way We Sell Life Insurance in 2015
LifeHealthPro Senior Editor Warren S. Hersch recently interviewed Doug French, a New York-based managing principal of the Insurance and Actuarial Advisory Services of Ernst & Young LLP. The interview explored initiatives identified in EY's “2015 U.S. Life Insurance Outlook” report the professional services firm believes should be top priorities for life insurers in 2015. The following are excerpts.
LIMRA Survey: More than Half of Financial Executives Surveyed Predict Outside Disruption in Life Insurance Market
Fifty-seven percent of financial executives believe an outside source (Google, Amazon, etc.) will be a disruptive force in the life insurance market within the next 5 years according to a new LIMRA report.
2015 Life Insurance and Annuity Industry Outlook (Deloitte)
In many ways, the life insurance and annuities industry is on more solid footing entering 2015 than it has been for quite some time. Economic growth is improving and the unemployment rate is steadily falling, which should create a more conducive environment for carriers to market their products and services.
But fundamental challenges — some new, some ongoing — are keeping industry executives on their toes.
Meeting Millennials Where They Are
Millennials expect companies to enable them to interact and buy online, for their websites to make everything easy and convenient. Yet relatively few companies make it possible for them to complete the entire purchase process online. Further, only 46 percent of life and annuity companies provide electronic signatures for customer service transactions. It seems clear that in many cases, companies are not meeting Millennials’ expectations.
MIB Life Index Reports U.S. Life Insurance Activity Closed 2014 off -0.6% YTD
Application activity for individually underwritten life insurance closed 2014 off -0.6% YTD from levels observed at year-end 2013, according to the MIB Life Index. December’s activity increased +2.6% year-over-year.
Underwriting Gems: Total Bilirubin and RDW
In recent years, we have learned a great deal about the insurability implications of two common tests: total bilirubin and a component of the CBC called the red blood cell distribution index (RDW).
Pseudodementia: An Insurable Condition?
Pseudodementia is a term that describes specific types of reversible dementias. It is primarily associated with depression, but can be due to other causes as well. This article distinguishes pseudodementia from true dementia, discusses pseudodementia’s causes, characteristic signs and symptoms, diagnosis and treatments, and covers its most important mortality concerns.
Impaired Risk Review: Nonalcoholic Fatty Liver Disease (NASH)
NASH affects between 2 and 5 percent of Americans and is not always a benign disease or an incidental finding. Along with hepatitis B and hepatitis C, it is attracting large amounts of research dollars in the study of its prevention and treatment.