A.M.BestTV: Life Insurers Follow Multiple Paths to Pursue Sales

OLDWICK, N.J.--()--This episode of A.M.BestTV examines the continuing flat sales that life insurers are encountering and what new distribution channels they are pursuing to entice consumers.

Click on http://www.ambest.com/v.asp?v=life415 to view the video program.

In the episode, A.M. Best Vice President Stephen Irwin and Assistant Vice President Thomas Rosendale consider current life insurance trends. “In 2009, there was about a 15%-16% decline in annual premiums as measured by LIMRA. Since then there has been steady growth, but only in the low to mid-single digit area,” said Rosendale.

With life insurance ownership at a 50-year low, companies are seeing the need to become innovative. Irwin addressed this issue. “Some companies are focusing on wellness incentives that allow customers to have data recorded, if they want, which focuses on their life style. With this information customers can receive lower premiums and discount programs from the company.”

Additionally, according to Michael Doughty, president and general manager at John Hancock Insurance Company, his firm is ahead of the curve. “John Hancock is establishing a new approach to life insurance. This approach rewards and recognizes people that are focused on healthy living.”

Other people who appear in this episode:

  • Kent Sluyter, chief executive officer of individual life insurance and agency distribution at Prudential, Inc.;
  • James A. Mallon, president and chief executive officer at American General Life Insurance Companies;
  • Robert Kerzner, president and chief executive officer at LIMRA; and
  • Michael Fanning, executive vice president at MassMutual Financial Group.

Recent episodes of A.M.BestTV include:

  • Senior Rating Analysts Discuss Capital Model Developments: Highlights of a recent webinar where senior members of A.M. Best’s Rating Division provided updates and details on the upgrading of the agency’s Best’s Capital Adequacy Ratio (BCAR): http://www.ambest.com/v.asp?v=capmodel415.
  • Global Resiliency Index Shows Changing Landscape: There are political changes and natural catastrophes that have increased supply chain risks for nations such as Ukraine, Kazakhstan and Thailand, according to the second annual FM Global Resilience Index: http://www.ambest.com/v.asp?v=resilience415.
  • Philadelphia Insurers Focus on Growth and Regulatory Risks: At the annual Philly I-Day, conference participants expressed frustration with the limited economic domestic growth and the regulatory hurdles that make it more difficult to operate internationally: http://www.ambest.com/v.asp?v=philly415.
  • Insurers Respond to Ride Sharing Services: Insurers are scrambling to keep up with evolving issues and regulations surrounding shared insurance sparked by app-based programs such as Uber, Sidecar and Lyft: http://www.ambest.com/v.asp?v=share415.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best Company
Lee McDonald, (908) 439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best Company
Lee McDonald, (908) 439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com