Digital distribution

Growth strategies aimed at baby boomers may be losing their effectiveness among younger consumers, as the population becomes more racially and ethnically diverse, according to “Life-Annuity Consumer Markets Annual,” from Conning. Additionally, generational attitudes toward financial services products and technology are not only different, but evolving.

National Life Group has selected iGO e-App to automate the marketing, selling and processing of its diversified life and annuity products.

Cyber coverage levels also increased according to the report. Across industries, limits purchased in 2012 averaged $16.8 million, a 20-percent increase over 2011. Communication, media and technology companies led other industries in terms of average limits purchased, at $33.4 million, and the rate of increase, which was nearly 36 percent.

With persistently low interest rates continuing to dampen profitability, group life/annuity/voluntary benefit insurers are investing in benefit and policy administration systems, customer and agent portals, and easy enrollment capabilities to increase profits, according to “Business and Technology Trends: Group Life/Annuities/Voluntary Benefits,” a report from Novarica.

Armed with analytics, insurers should be able to make better business decisions more quickly and mobilize teams to connect better with customers, leading to success and growth, according to PwC.

While connectivity improves, conflicting financial priorities and rekeying data is still a problem for many insurers and agents, SMA finds.

Critical illness insurance covers more diseases than in the past and is increasingly marketed as a financial protection product.

Building IT/business alignment into business operations and a sense of urgency are two keys to success, according to panelists at Celent’s recent Innovation & Insight Day in Boston. Making legacy systems a thing of the past also helps.

CEO Robert Benmosche says the insurer will put a concerted effort toward re-establishing AIG throughout the world with its life-insurance product.

If you’re only watching social media chatter, there are big customer support and marketing opportunities passing your business by.

More than one-third (36 percent) of 18-to-29-year olds reported one or more traffic tickets in the past five years, the highest percentage of any age group surveyed, according to a survey from InsuranceQuotes.com.

Of those insurers participating in the survey, most (57 percent) said UBI is predominantly a rating accuracy play, which SMA acknowledged as a logical assumption, as the auto insurance value proposition is primarily about price. However, 43 percent said UBI’s value is in reducing loss costs by improving driver behavior and increasing retention (43 percent). Attracting new customers and claims control followed distantly, with 14 percent each.

Earlier today, Marsh announced strategic changes to its Flood Service Center (FSC) that will allow it to service standard flood insurance policies as part of the National Flood Insurance Program’s (NFIP) Write Your Own (WYO) Program.

As a combined average, 42.3 percent of Europeans switching auto or household insurers, or buying for the first time, did so online last year, according to “Aggregation Metrics: Consumer Approaches to Insurance Comparison Sites in Europe,” a research paper from Finaccord. This up from 35.4 percent in 2008, making online aggregators and online comparison sites the fastest-growing distribution channel.

The P&C sector leads insurers in mobile offerings, investments; however, life/annuity insurers are investing more in quote and buy capabilities.

Eleven life insurers, including AXA Equitable, USAA and Metlife, were recognized for their efforts and successes with their online tools and/or website features.

Eleven P&C insurers, including Allstate, Liberty Mutual and State Farm, were recognized for their efforts and successes with their online tools and/or website features.

Corporate Insight's latest report evaluates the online customer experience of more than a dozen leading insurers.

New John Hancock research indicates that lower price options increase purchase interest in long-term care (LTC) insurance among 45-65 year olds, especially at younger ages.

HealthPocket analysis finds Montana tops list of states, John Alden tops list of companies for rejection rates.