Study: Consumers tend to buy insurance more often after face-to-face meetings

Posted on: Thursday, December 01, 2011

A new study details why meeting with insurance leads face-to-face is so important for agents hoping to increase their sales.

According to LIMRA, life insurance shoppers who met with sales representatives in person were more likely to buy, as more than seven in 10 bought a product after the face-to-face meeting.

While this indicates agents are succeeding, the same study found more work needs to be done. For example, even though half of U.S. households say they need to buy more life insurance coverage, just 22 percent of households seriously shopped for a plan in 2011 and just 54 percent wound up buying.

Cheryl Retzloff, senior research director for markets research at LIMRA, said this may have been different had more needs analyses been done, which help consumers determine how much coverage they need.

"Only 43 percent of consumers received a needs analysis from the sales rep they met with about buying life insurance," said Retzloff. "Our research shows that consumers who received a needs analysis were considerably more likely to buy than consumers who didn't."

Needs analysis is something agents may want to consider doing to increase sales volume if they aren't already.

Posted In: Insurance News, Life Insurance

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