LIMRA research shows there are about 19 million “stuck shoppers” - potential life insurance buyers who start the process but never finish. To help combat this issue, many companies are implementing simplified underwriting processes to lower costs and improve customers’ buying experience.
In an effort to underwrite more quickly and accurately, carriers are exploring simplified issue products, according to a new LIMRA study.
New LIMRA/Maddock Douglas Research Offers Ways for Industry to Communicate More Effectively and Reach More Consumers.
Does industry communication add to the rising number of households that do not own life insurance and other financial service products?
- Research Abstract
- Regulatory Compliance
- Distribution Channels
- Full Service Broker-Dealer
- Independent Broker-Dealer
- Registered Investment Advisor (RIA/IAR)
- Agency Building
- Multiple Line Exclusive Agency (MLEA)
- Independent Agency/Brokerage
- Individual Insurance
- Workplace Benefits
- Retirement, Retail
- Insurance Products
- Life Insurance
When people go into a store to purchase a specific product, they often have researched to see how much the same product costs on the Internet.
Like the old saying that a journey of a thousand miles begins with a single step, so too does the decision to buy life insurance.
Three Quarters of Life Insurance Shoppers Say Experience Was Similar or Better Than Other Major Purchases
For many Americans, the process of shopping for any major purchase can be stressful. The competition for products in all industries is intense and this is no different in the life insurance world. According to new LIMRA research however, the
2019 Insurance Barometer Study: Nearly Half of Americans More Likely to Buy Simplified Underwritten Life Insurance
Arlington, Va., and Windsor, Conn., April 1, 2019 – Almost half of Americans (47 percent) say they are more likely to buy life insurance using simplified underwriting, which generally means getting coverage more quickly and without a medical exam versus traditional underwriting approaches, according to new findings from the 2019 Insurance Barometer Study.