middle market

It’s widely understood that a faster and easier life underwriting process is needed in order to penetrate the underserved middle and growing millennial markets. Carriers also believe that a better buying experience would produce more sales – and fewer dropped sales – in the upper middle and affluent markets.

The Society of Actuaries’ Marketing and Distribution Section (MAD) announce the release of a new report on the middle-income life insurance market.  Success has been limited in this market even though over the last 10 years, a number of studies and ideas have been presented as viable strategies for serving the middle market. Authored by Doug Bennett with assistance from Stephen Camilli of ACTEX Learning, this report seeks to understand this lack of success and document the experiences of companies and distributors with significant working knowledge of the middle-income market.

By integrating data and advanced analytics into their processes, life insurers can capture one or more lucrative niches, including millennials in the middle market, before the competition does.

This article is featured in the Sept, 2016 issue of NewsDirect from the SOA’s Marketing and Distribution Section.

https://www.soa.org/professional-interests/marketing-and-distribution/ma... (article is on page 4)

Over the years, insurance carriers have sought to underwrite and issue more policies in less time and at lower costs. Many insurance advisors might also say that today’s full underwriting process is not only long, but can be daunting for the advisor as well as the applicant. As a result, many insurance carriers have been developing products with simplified underwriting. This article discusses the main approaches to simplified underwriting, their advantages, and associated risks, and how insurers can mitigate these risks.

http://www.rgare.com/knowledgecenter/Pages/Guide-to-Simplified-Underwrit...

For most of us, "quick and easy" is the way we like to do business. This is true when it comes to purchasing life insurance as well. Buyers certainly want the process to be easy. A recent LIMRA study suggests, however, that "quick and easy" may also backfire as a way to promote interest in life insurance among those not already interested in shopping.

http://www.limra.com/Posts/PR/Industry_Trends_Blog/For_Life_Insurance__Q...