The internet and technology in general has changed the way business is done and how consumers expect to interact with companies. Failure to keep up with young adults and get online could have a negative impact on an industry. This holds particularly true as members of Generation Y begin to accumulate assets and expand their family.
LIMRA president and CEO Robert Kerzner told more than 450 insurance executives during an annual conference they must adapt and change to keep the insurance industry relevant.
"Many of the fundamentals of our business are out of balance," says Kerzner. "In the animal kingdom, failure to adapt means extinction. In the same way, companies need to significantly transform their thinking and adapt their business models in order to remain competitive."
Kerzner continued on to say actions need to be taken to make more people aware of life insurance offerings.
There has been minor progress with technology use. In September of this year, the Life and Health Insurance Foundation for Education released a Facebook application to help companies reach out to consumers. The tool was created during Life Insurance Awareness Month.