According to research conducted by LIRMA and EY, 50 to 58 percent of small to midsize businesses (SMBs) expect to offer more benefits in the future than they currently offer. This trend represents a considerable growth opportunity for the industry. This study will analyze small business trends and offer a compartive analysis of small vs. midsize businesses to better understand market sizing, decision-making factors, the role of brokers and other partners, current and history trends, and more.
The life insurance industry is facing increasing demands for efficiency and customer satisfaction. This study aims to provide comprehensive insights into the efficiency of key processes involved in individual life insurance policy management. This study will focus on underwriting, claims processing, policy owner services, and call center operations for individual term and permanent life insurance products. Carriers of this study will gain valuable data to benchmark their performance against industry standards and identify areas for improvement.
With a declining number of advisors and a persistent gap in life insurance coverage, traditional distribution channels are struggling to attract and retain new talent, specifically younger advisors, emphasizing the issue of reaching underserved markets. Network Marketing Firms, or Multi-Level Marketing (MLM) firms, have emerged as a potential solution, however, the effectiveness and sustainability of the MLM model remain largely anecdotal. This study aims to fill this gap by providing detailed insights into the MLM distribution model, specifically quantify the distribution footprint, analyze the types of products being sold, understand the demographics of the market served, and identify growth trends and best practices. These findings will help carriers understand the potential of the MLM model to address the advisor shortage and coverage gap, while also identifying best practices to ensure profitability and compliance.
This study aims to provide comprehensive insights into the efficiency of key processes involved in individual life insurance policy management. Life insurance is facing increasing demands for efficiency and customer satisfaction. In a market as competitive as today’s life insurance carriers must continuously improve their operational performance to meet customer expectations and regulatory compliance. Sponsors of this study will gain valuable data to benchmark their performance against industry standards and identify areas for improvement.