With 2012 well underway, life insurance executives were recently interviewed by LOMA to get an understanding of what insurance agents can expect in the new year.
According to LOMA, a life and health insurance industry organization that's affiliated with LIMRA, executives say that profitability is a top priority. Because of a unique set of challenges, it may be incumbent upon agents to adjust their sales strategies.
One of these issues, according to the executives interviewed, is shrinking distribution. Fewer institutions are providing their employees with benefits packages. As a result, insurers and their agents will have to develop creative sales techniques. However, because the safety and security of insurance is something many people desire, agents should be afforded with a variety of opportunities to turn insurance leads into sales.
Other factors that will have an impact on 2012 include the expansion of technology. The executives say the pervasiveness of mobile applications and cloud technology holds the most potential for enabling the insurance industry to grow.