Studying Success: The Latest Factors Driving Life Insurance Sales
Elaine F. Tumicki, CLU, ChFC, LLIF11/15/2021
What leads to success in the rapidly evolving market for individual life insurance?
The dynamics surrounding life insurance carriers and life products are changing faster than ever. Innovation has touched every corner of the business, from distribution and delivery to underwriting and service. This paper aims to assess the factors driving success in this ever-shifting marketplace.
Are there common characteristics among companies that have had success in life insurance sales? What can we learn from them?
How did COVID-19 affect the life insurance market? Will the impacts persist?
What will it take to drive life insurance sales in the future?
Size it up — quarterly U.S. individual life insurance sales results reflecting 85 percent of the premium market, as well as annual industry estimates and the comprehensive U.S. Individual Life Insurance Yearbook.
The biannual Global Consumer Pulse series provides a side-by-side comparison of life insurance-related metrics and sentiments from 12 key market consumers around the globe. This iteration includes findings for the Korea market.
Tumicki directs the LIMRA team responsible for research on insurance products – individual and group life, health, disability, critical illness and long-term care. The insurance product research team conducts ongoing surveys on sales, persistency, and product design, as well as marketing studies and company practices studies that respond to the needs of LIMRA’s constituencies.
Tumicki also serves as a resource on industry performance measures to LIMRA staff, member companies, and the media. She is staff representative to LIMRA’s Individual Life Insurance Study Group, Product Development Study Group, and Supplemental Health, DI & LTC Committee, and is a liaison to various other committees and study groups.
Tumicki is a graduate of the University of Connecticut.