Companies team with and through LIMRA to cost-effectively research hot issues. We can help you tackle the following and more:
If you are interested in participating in any of our current studies, please contact Lynn Ferris (contact info at the bottom of the page).
For decades, retirement planning in Canada has primarily focused on accumulation, workplace retirement plans, pensions, and other investment accounts. However, as more Canadians are approaching retirement age, many are discovering that having assets does not equal a strategy to generate sustainable retirement income. This study will use a retirement journey framework to explore the decisions, challenges, and support needs that emerge throughout accumulation, transition, and decumulation.
Though AI-enabled techniques have been used in insurance for years, the rise of generative AI and large language models has expanded the visibility, accessibility, and perceived strategic potential of AI across life insurance. Each module in this study will examine AI deployment, use-case maturity, operational impact, governance, workforce implications, and scaling readiness within a specific business unit.
People don’t buy what they don’t understand. If regulatory and compliance restraints were set aside, what language would resonate with consumers when it comes to annuities? This study will explore how consumers understand current annuity language, identify alternative language options, and test alternative language and identify differences by consumer segment. Sponsors of this study will gain actionable insights through a multi-phase approach combining qualitative and quantitative methods from both the consumer and advisor perspective.
This study will explore which enrollment support tools and features most effectively support confident decision-making and participation and compare the value or digital, AI-enables, and human supported tools. Sponsors of this study will gain actionable insight on what types of tools work and why and an understanding of how employees evaluate cost vs. coverage trade-offs. Additionally, they will also receive an analysis of the business impact, including overall participation rates, enrollment by product, and retention. Sponsors can apply evidence-based insights to refine enrollment tool strategies and improve outcomes.
If you are interested in accessing the results from any of the completed studies, please contact Lynn Ferris (contact info at the bottom of the page).
The annuity industry is under growing pressure to enhance both operational efficiency and customer satisfaction in a highly competitive and regulated environment. This study will focus on new business, processing cycle times, contract holder services, and tracking systems for individual annuity products. Carriers of this study will gain valuable data to benchmark their performance against industry standards, while identifying areas for improvement. Sponsors will have input into the research topics, but some primary objectives include measuring and improving efficiency, benchmarking performance, enhancing customer service, and supporting data-driven decisions.
As digital engagement becomes the norm in financial services, authentication plays a critical role in shaping both security outcomes and customer experience. LIMRA’s 2024 Financial Crimes Services and Fraud Prevention Benchmarking Study shows that while 81% of companies use advanced authentication for mobile apps and 67% for websites, call centers still rely heavily on standard identifiers and knowledge-based questions. Only 30% of companies surveyed use advanced methods in call centers, increasing to 40% among larger firms with over 5,000 employees. This study will provide actionable insights into customer preferences and thresholds for enhanced authentication by channel to help sponsors align technology advancements with customer expectations. This study will also support more inclusive and targeted authentication strategies through the examination of gender-based differences.
AI is having increasing influence in contact centers, with growing interest in its potential to improve service delivery and operational efficiency. Some organizations are experimenting with AI tools like virtual assistants and support technologies, but the extent and impact of adoption remain unclear. This study will explore current state and future potential of AI in carrier contact centers. The study’s goal is to identify benchmarks, uncover insights, and support more informed and effective uses of AI in this evolving service environment.
According to research conducted by LIMRA 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.
This consortia study is aimed at diving into the conversations and expectations surrounding the transfer of wealth between Baby Boomers and their beneficiaries. Topics around beneficiaries and baby boomers will be explored, to generate actionable insights on how to facilitate discussions, transfers, preparations, and long-term wealth management strategies. This research will help sponsors have a deeper understanding of how prepared financial professionals are to capitalize on this generational wealth transfer opportunity, as well as what support to expect from carrier partners.
This consortia study dives into the specific concerns and challenges SBOs face across various segments and understanding their financial priorities. How can various life insurance offerings serve as solutions to these challenges? We anticipate covering topics such as life insurance attitudes and preferences, financial priorities and challenges, and succession, transition, and estate planning. This research aims to provide actionable insights that will enable sponsors to better understand the financial priorities of small business owners, and how insurance products and services can effectively address their needs.
This study will explore the degree to which team-based models are being used, provide a deeper understanding of how various distribution channels are applying these team-based models and best practices, and the impact each teaming model has on metrics like productivity, recruitment, and retention. Sponsors will gain a deeper understanding of how their peers are applying team-based approaches, including best practices and common challenges, as well as insight into how these models resonate with financial professionals.
Entering 2023, the individual annuity market was coming off record sales and looking to maintain this momentum in 2024. At the same time, the aging U.S. population creates a favorable environment for annuity sales, with the Asian American being a great target, as they are the fastest growing racial group in the country. The Motivating Asian American Consumers to Buy Annuities consortia study will analyze the annuity-buying potential of this untapped demographic. This study will help sponsors gain a deeper understanding of the market opportunity within the Asian American community, how to better connect this community with annuity products, and segment-specific considerations of which to be mindful.
The annuity market has experienced record-breaking growth while variable annuity sales have declined. Folks want to know what the future of the variable annuity market holds, and what can be done to increase sales. This research will help sponsors gain insight into distributor and financial processional perspectives that will help inform market messaging and sales support strategies.
Diversity and Inclusion continues to be a topic of concern and focus across our membership, as the financial services industry desires to increase the level of engagement with historically underserved markets.
This study will seek to understand the unique needs, attitudes, and perceptions of various diverse client segments; evaluate how the needs of these segments might differ at various life stages; and uncover consumer preferences for products.
The series includes five reports — Asian Americans, LGBTQ+, Hispanic Americans, Black Americans, and the U.S. general population for comparison.
There are 33.2 million small businesses in the U.S., which accounts for over 99% of all US businesses. Learn about the priorities of small business owners and how insurance products and services can address their needs. Small business owners often represent a complex sale, and the results of this study will serve to guide advanced sales strategies. Although the research will focus on life insurance, it will ask about additional products such as annuities, long term care, and others. Sponsors will have input into the topics addressed by this research.