A panel of senior executives from life insurance companies recently gave their predictions for the industry over the following decade for an article that will be featured in the March issue of LOMA's magazine, Resources.
One of the major expectations that life insurers have for the coming decade, according to LOMA, is that they will modify their services in order to be more accessible and cater to the large number of uninsured families in America.
"LIMRA's research indicates that nearly a third of U.S. households have no insurance, the highest percentage in four decades," said Michael Fanning, vice president of a life insurance company. "Expanding more broadly to the larger - and more traditionally underserved - U.S. population and developing solutions to leverage brand, product, technology and customer service that speak to this demographic group will be the attributes of a winning company in 2020."
These changes may help families who are currently forgoing life insurance because they believe it is a financially conservative decision. An ability to educate the public about the potential struggles that can arise when one dies without life insurance coverage may be a useful tool for increasing interest in the middle market.