Atlanta — In 2018, there will be fewer companies selling a wider selection of products and services to a significantly different customer than seen traditionally, according to a survey conducted by LOMA, an Atlanta-based research, consulting and professional development organization.
The association’s Resource Magazine invited life insurance and financial services industry leaders to make predictions about the industry as it will likely exist in 10 years.
The experts predicted that industry consolidation will continue and demand for financial services products such as estate planning, asset protection and income accumulation will increase as baby boomers retire. According to the experts, the industry’s customer base will be broader and more ethnically diverse, and companies will need to implement different strategies to reach them. Distribution channels will evolve as the number of producers in the industry declines.
The use of technology, such as video conferencing, Web-based sales and other online transactions will increase.
"Our industry will experience remarkable changes in the next decade,” said Bob Kerzner, president and CEO of LIMRA, LOMA and LL Global. “There will be significant changes in how companies harness technology to transform distribution by improving producer productivity and creating new distribution channels."
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