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
Learn about three key aspects of the life insurance shopping experience from the shoppers’ perspective.
WINDSOR, Conn., Apr. 10, 2012 — A recent LIMRA study of Americans’ buying habits found that nearly 20 percent who shopped for life insurance went through their place of work, and 75 percent of workplace shoppers actually bought life insurance.
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.
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.
In the past two years, 22 percent of U.S. households seriously shopped for life insurance. This report explores what triggered the hunt for life insurance for these consumers? It also covers which shopping experiences contribute to whether or not they will buy.
According to the 2016 Insurance Barometer, 30 percent of consumers are very or extremely likely to consider sharing the data from an activity tracker (Fitbit, Jawbone, etc.) with a life insurance company if they received financial incentives in return for healthy behaviors.
In an effort to underwrite more quickly and accurately, carriers are exploring simplified issue products, according to a new LIMRA study.