February 2023

Explore how the insurance and financial services industry is adapting to take advantage of opportunities that lie ahead in a post-pandemic environment.

What drives millennials to buy life insurance as they change life’s dynamics from families to careers?

Digital technology is transforming and disrupting global economies. These cutting-edge technologies may make it easier to transact business, however, without the right precautions, digital transformation can also expose organizations to both opportunities and threats.

The pandemic has altered employees’ expectations and needs of the benefits employers must offer. Workers no longer view their professional and personal lives as separate spheres; rather, the two are increasingly interconnected.

Over the past 15 years, workers and employers have faced two profoundly different recessions and recoveries. Many experts believe the economy, the labor market, and employment practices will not return to the world we knew before the pandemic, but rather to a new one.

The past three years brought unparalleled disruption to all facets of the industry — from the sales process to underwriting to claims. The pandemic also provided opportunities to highlight the importance of life insurance, while adapting operations and processes to keep business moving despite lockdowns and social distancing.

Despite a bump up in life insurance sales during COVID, life ownership has been in decline over the last decade. If current trends continue, fewer than half of U.S. adults will have coverage by the end of this year. LIMRA sales expectations support this conclusion.

As the U.S. continues to recover from the aftermath of the COVID-19 pandemic, concerns about inflation and market volatility, the effect of rising interest rates, and a possible recession are shifting Americans’ priorities and behavior.