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New LIMRA Report Finds Multi-Line Exclusive Agents (MLEA) Offer Great Growth Potential for Life Insurance
9/17/2013
The study uncovered a significant opportunity to increase their sales by simply mining their existing books of business. According to the report, an agent has, on average 1,480 clients. Of those clients, only 50 percent have auto and home with their agent. “Books of business are gold mines for additional sales,” said Laura Murach, distribution research, LIMRA.
Product mix for MLEAs shows property-casualty sales averaging 80 percent of an agent’s business while life insurance makes up 14 percent. Since 2008, life insurance sales by MLEAs have grown by almost 10 percent.
Like other distribution channels, the field force within the MLEA channel is aging. Nearly half are age 50 or older — about 39 percent of female agents and 49 percent of male agents are age 50 or older. This trend continues to challenge the industry.
The study revealed MLEAs intend to double their use of social networking, Skype services, and video conferencing, radically change in the way a typical agent does business. In fact, MLEAs surveyed predict they will triple the percentage of new clients they find via social media.