Chicago, Oct. 17, 2022—Opening the 2022 LIMRA Annual Conference, David Levenson, president and CEO of LIMRA and LOMA, discussed the opportunities in the life insurance, annuity, and workplace benefits markets to serve more customers.
“Our industry has shown remarkable resiliency over the past two years,” said Levenson. “But, new and different things continue to require attention. Today, rising inflation, higher interest rates and the tightest job market in 50 years present new challenges for our industry. Yet one thing remains at the heart of our business — helping consumers achieve financial security.”
One of the greatest challenges for every company is the competition for talent. Levenson highlighted how hybrid work arrangements increased dramatically during the pandemic and that the future of how companies work is still to be determined. Recent LIMRA research shows that more than 7 in 10 mid-sized and large companies continue to have a substantial portion of their employee base working remotely.
“Competition for new talent will remain tight into 2023. According to the latest Bureau of Labor and Statistics data, there were more than three times as many job openings in the insurance and financial sector as job seekers,” said Levenson. “Our research finds today’s workers want to feel their work is meaningful, valued by their employer, and connected to the organization’s mission. Making that connection and recognizing their contribution will lead to much better engagement.”
Levenson also explored the increased consumer interest for life insurance and annuity products. The 2022 Insurance Barometer study shows 53% of uninsured and underinsured consumers planned to buy life insurance coverage in 2022. The 2022 data also reveals almost half of consumers (47%) said they needed an annuity, and 1 in 5 planned to buy one this year.
“Since the pandemic, the jump in interest for insurance solutions has been sharp and quick,” noted Levenson. “Our industry needs more financial professionals to meet that demand. We also need to invest in better and easier direct-to-consumer methods to engage customers who have expressed interest.”
Levenson also discussed several shifts in the workplace industry because of the pandemic: LIMRA research shows more than a third of workers (36%) believe workplace benefits are more valuable. As a result, more than a quarter of businesses are very interested in introducing at least one new type of insurance option to their employees, with 4 in 10 mid-sized and large companies saying the same.
Levenson ended his remarks with a call to action. “While a number of issues could influence industry growth and financial success over the next few years, focusing on the consumer is key. Our primary responsibility is to make sure that our customers and their loved ones understand the solutions that we offer. Those companies that offer consumers high-value products — and explain them effectively — will succeed.”
Almost 800 senior leaders from life insurance and financial services companies worldwide attended the industry's most prestigious meeting.
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations to navigate change with confidence. Visit LIMRA at www.limra.com.
Established in 1924, LOMA helps to advance the financial services industry by empowering more than 700 financial services companies to navigate change with confidence. Visit LOMA at www.loma.org.