Few aware multi-line insurers also offer life insurance

Posted on: Monday, November 14, 2011

While agents and their colleagues in the profession know that they offer a wide variety of insurance related products, insurance leads are often unaware that among these products is life insurance, a new survey reveals.

According to LIMRA and its Insurance Cross-Purchase Survey, only 48 percent of consumers polled knew that they could buy life insurance from their multi-line carrier. Furthermore, 87 percent said they had never even broached the subject of life insurance with their multi-line agent.

Laura Murach, assistant director of distribution research at LIMRA, said there is an obvious disconnect between agents and their clients.

"In past surveys, 90 percent of LIMRA's multi-line exclusive agent panel said they always let clients know they can help them with their auto, home, and life insurance needs during the first conversation or meeting," said Murach.

She added that agents may be mentioning life insurance products to their clients, but for whatever reason, these conversations may not be resonating.

Agents should devise new marketing strategies so that their insurance prospecting efforts produce more life insurance sales.

Posted In: Insurance News, Life Insurance

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