The Destination for the Life Insurance Industry

While many Americans live from paycheck to paycheck in this tough economy, many of them also lack or have cut back on their life insurance needs.

For consumers who are in need of affordable and quality life insurance quotes, a stop by LifeInsuranceQuotes.com allows them to not only obtain quotes, but also educate themselves on how important the life insurance product can be to their family’s financial protection.

A recent gathering of senior executives from leading insurers surveyed by LOMA notes that by the year 2020, the life insurance industry is set to bifurcate into big conglomerates. When that reportedly happens, the industry will serve a broad and growing international market and niche carriers. They will reportedly make themselves stand out by leveraging deep expertise and customized product offerings for the audience they focus their products on.

In an overwhelming voice of agreement, the panel noted that the industry will see major and quick moving change over the next decade.

According to one industry expert, “Looking forward, change is likely to continue at an accelerated pace that becomes the norm, positioning companies that are agile, innovative, responsive and strategically focused for profitable growth.”

The panel went on to note that the ever-changing and diversified consumer population will make for an impact when it comes to how companies strategize their business plans.

Another industry expert pointed out that, “I expect to see more interest in the middle market. LIMRA’s research indicates that nearly a third of U.S. households have no insurance, the highest percentage in four decades. Expanding more broadly to the larger – and more traditionally underserved – U.S. population and developing solutions that leverage brand, product, technology and customer service that speak to this demographic group will be the attributes of a winning company in 2020.”

The executives also think that legislation will push forward a large number of changes in the industry.

One exec remarked, “Legislation may well create a far different landscape for us in 2020. Commission disclosure in New York may lead to the advent of more fee-based products should the legislation spread to other states. Fiduciary type standards may pass for life insurance producers, which may also spur fee-based sales.”

To view the entire report, see: http://www.loma.org/content/public/documents/resource/MonthlyResourceArticle.pdf