Life and Annuity Need to Adapt to a Changing Market

The consumer market for life and annuities is stressed by demographic, lifestyle and preference changes, according to a study by Conning. Mary Pat Campbell, analyst at Conning, said “Our analysis of the consumer market for life insurance and annuities identified eight key areas of change that insurers must manage. Some of the most pressing right now are the changing age profile and socioeconomic shifts, as they have more immediate affect on life events that typically drive life insurance sales.”

Stephan Christiansen said, “Consumers’ life insurance protection gap actually doubled from 2006 to 2012 due to the affect of consumer changes.” That analysis identifies a growing need for coverage that forward-thinking companies are looking to target with new distribution and product design solutions. At the same time, the market is becoming more diverse, with individual consumer segments developing at different paces. Those insurers that are most agile will create opportunities in this time of change. For more information, visit www.conningresearch.com.

Last Updated 09/16/2020

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