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Life insurance activity notches slight rise

Tue, May 15, 2012 - 4:45:06

More insurance customers may have realized that life insurance coverage costs less than they thought, as application activity increased marginally in April.

According to LifeHealthPro, life insurance application activity edged northward last month, rising 0.6 percent for all ages when contrasted with the same month in 2011.

The report, which was released by Massachusetts-based firm MIB Group, marks the second straight month in which application activity has improved, but purchases have been fairly slow in comparison to previous months, specifically December through February. Nevertheless, in year-to-date sales, the MIB Life Index has risen 3.3 percent when comparing the first four months of 2012 with the same period last year.

But application activity was mostly found in only certain age groups, specifically those who were 60 and older, LifeHealthPro reports, as purchases jumped by nearly 7 percent year-over-year. Meanwhile, activity among individuals 44 and younger fell 0.8 percent, while applications from the 45-to 59-year-old segment dropped 0.5 percent.

It may be a good idea for insurance agents whose sales have slipped to remind their customers about the value of life insurance and what it can do for them, such as replacing income and covering death-related expenses.

Social media still an engine for insurance sales

Tue, May 15, 2012 - 9:38:04

If maintaining a social media presence isn't resulting in more leads for insurance agents, a recent article by Financial Planning magazine should serve as an incentive for agents to stick with the online resource.

According to the website, based on a 2011 Hubspot survey of 611 advisors, 61 percent of them acquired at least one client through LinkedIn, 40 percent obtained at least one through Twitter and 35 percent secured at least one through Facebook.

"It would not be a big stretch to assert that the percentages of success have been and will be going up as more and more advisors get the hang of and embrace social media as a part of their overall marketing plan," the website said.

To build a social media and online presence, Financial Planning says agents may want to try their hand at blogging. Frequent blog posts helps to improve search engine optimization. In addition, blogging can set agents apart from their competitors by positioning themselves as a resident expert in a specific field.

The website also recommends maintaining that social media presence by responding as frequently as possible to any comments or questions that are posted.

Poll shows Americans’ access to healthcare has fallen

Tue, May 15, 2012 - 9:17:04

While health insurance leads haven't deteriorated for insurance agents, the same can't be said for insurance customers' access to coverage.

Released by the Robert Wood Johnson Foundation in consultation with researchers from the Urban Institute, a new study suggests that virtually every state has seen a reduction in access to health services within the past 10 years, particularly southern states such as Tennessee, Florida and Georgia.

Among the findings, the report reveals that in 2010, close to half of U.S adults - roughly 48 percent - had a health need that went unmet because of cost concerns. This was true among just 11 percent of adults who had health insurance coverage.

The poll also showed that the number of adults experiencing unmet medical needs because of cost rose by 6 percent between 2000 and 2010. Among the uninsured, unsatisfied medical needs jumped nearly 11 percent.

Gordon Bonnyman, executive director of the Tennessee Justice Center, told Kaiser Health News that the reduced care isn't a surprise, as spending cuts in the Volunteer State have resulted in 300,000 people being removed from Medicaid rolls.

Moms have life insurance but kids often unaware

Thu, May 10, 2012 - 4:31:21

While life insurance customers typically purchase coverage with their children and family in mind, a new survey indicates that many of these same loved ones aren't aware that their parents have a plan.

According to a recent study performed by rate comparison website InsuranceQuotes.com, more than 40 percent of U.S. adults whose mothers are alive don't know they have a life insurance policy. And of those who do know their moms are covered, most aren't sure what their policies include.

The poll, which was conducted on behalf of the website by Harris Interactive, found that more than one-third - 37 percent - of respondents who were 18 and above said they didn't know they were listed as beneficiaries. But even here, beneficiaries were often left in the dark, as just 38 percent said they would know how to claim the death benefits should their mom pass away.

John Egan, managing editor of InsuranceQuotes.com, said adult children should talk with their moms about these financially related issues, as difficult as it may be. Previous polls have shown that millions of dollars in death benefits go unclaimed every year because beneficiaries either aren't aware of them or aren't sure about how to collect.

Many older Americans delayed retirement during Great Recession

Thu, May 10, 2012 - 4:06:21

The results of a new survey contain details agents may want to discuss with their insurance customers concerning the benefits of purchasing an annuity.

According to a poll conducted by the Institute for Social Research at the University of Michigan, approximately 40 percent of older Americans put off their retirement in 2008 and 2009, the time period in which most economists say the recession occurred.

Brooke Helppie McFall, an economist at ISR, noted how average household income took a significant hit in these years.

"The typical household lost about 5 percent of its total wealth between the summers of 2008 and 2009," said McFall. "The average person would need to work between 3.7 and 5 years longer than they planned in order to make up the money they lost."

As a result of this, McFall indicated that the people surveyed planned on working an average of 1.6 years more than they had initially planned, which he said isn't nearly long enough to make up for what they'd lost.

That's where annuities come in, as they serve as a fixed sum of money that policyholders can obtain each year for the rest of their life. This can help individuals offset their lost savings, enabling them to retire as they had planned.

April storms causes more than $1 billion in insurance losses

Wed, May 09, 2012 - 6:00:21

An active April in terms of storm activity will likely result in a considerable number of home insurance leads for agents, as a recent report indicates damage totals were high.

According to Aon Benfield, insured losses in the U.S. were north of $1 billion, largely as a result of heightened tornado activity in the Midwest and South. Approximately 94 tornadoes are believed to have touched down in a three-day period at one point, affecting nearly 780 homes and 165 businesses.

In addition, 21 tornadoes are confirmed to have impacted Texas, damaging 1,100 homes. Insurers reported at least 105,000 claims in the Lone Star State and payouts are expected to top $650 million.

Steve Jakubowski, president of Aon Benfield's publisher Impact Forecasting, noted that storm activity through the first quarter of the year has rivaled 2011. He also gave a prediction for what lies ahead.

"While not as substantial as the historic 2011 season to this point in terms of overall losses, the 2012 severe weather season has certainly caused significant damage across portions of central and southern sections of the United States," said Jakubowski. "Tornado frequency data dating to 1991 indicates that May is typically the most active tornado month of the year in the U.S., which is a warning to all residents and insurers to remain cognizant to potential storm threats."

High healthcare spending hasn’t resulted in improved quality, report concludes

Wed, May 09, 2012 - 5:40:21

While the U.S. may be among the leading industrialized nations for healthcare spending, that hasn't translated into better care for insurance customers, a new report indicates.

According to The Commonwealth Fund and its report, "Explaining High Healthcare Spending in the United States: An International Comparison of Supply, Utilization, Prices and Quality," the U.S. spends more on healthcare than 12 other nations, taking up more than 17 percent of the country's gross domestic product. Nevertheless, the U.S. has less to show for it, as health outcomes are no better than average for in-hospital deaths resulting from conditions like heart attack and stroke.

David Squires, the study's lead author, noted that contrary to popular belief, consumers don't get more services for what they pay either.

"It is a common assumption that Americans get more health care services than people in other countries, but in fact we do not go to the doctor or the hospital as often," said Squires. "The higher prices we pay for health care and perhaps our greater use of expensive technology are the more likely explanations for high health spending in the U.S. Unfortunately, we do not seem to get better quality for this higher spending."

Karen Davis, president of the Commonweath Fund, indicated this issue may be ameliorated with the passage of the Patient Protection and Affordable Care Act.

GAO: As many as 122 million Americans had pre-existing condition in 2009

Fri, May 04, 2012 - 3:47:48

According to the Government Accountability Office, between 36 and 122 million people from 19 to 64 years of age reported having some type of medical condition that could result in being denied health insurance protection in 2009. That's between 20 and 66 percent of the adult U.S. population.

The GAO report also looked at the most common types of pre-existing conditions, finding that hypertension was the most widespread, affecting over 33 million people, with the average expenditure per treatment being $650. Mental health disorders were the second most common, followed by diabetes.

While the report did not offer any suggestions or conclusions, Jim Esquea, assistant secretary for legislation with the Department of Health and Human Services, noted that 2014 can't come soon enough based on the study's findings.

"We look forward to 2014, when insurance companies will no longer be able to limit or deny benefits for any individual seeking coverage," said Esquea.

A provision of the Patient Protection and Affordable Care Act, which forbids insurers from turning down insurance customers based on pre-existing conditions, is scheduled to go into effect in 2014.

Is lack of organization hampering productivity?

Fri, May 04, 2012 - 3:17:48

While agents may well understand that organization is a key component to being able to capitalize on insurance leads, their time management skills may be preventing them from reaching their potential, according to ProducersWeb.

The insurance news website notes that agents can determine how organized they really are by noticing how often they spend their time looking for things and how long it takes them to find it. If agents locate their misplaced item or document on the first attempt, that's a positive sign. But if it's after the third or fourth, that could be an indication efficiency is something they need to work on.

To turn a weakness into a strength, ProducersWeb says agents should come clean and ask themselves a few questions.

"Be honest," the source notes. "Do you need to clean out your files? Do you need to use technology so you can quickly retrieve electronic information? Do you need to move the things you use regularly closer to you?"

Whatever it takes, do it. This should enable agents to work smarter so that they can increase their insurance sales.

Fewer new insurance customers but more are changing carriers

Wed, May 02, 2012 - 1:15:09

An increasing number of insurance customers are switching providers after shopping around to find a reduced rate or a better plan, a new survey suggests.

According to J.D. Power and Associates 2012 U.S. Insurance Shopping Study, while just 25 percent of auto insurance customers shopped for a new policy in the past year, 43 percent of those consumers switched providers. That marks the highest rate of customers switching carriers since the study was first conducted four years ago, a figure 3 percent higher than 2011.

Jeremy Bowler, senior director of the research firm's insurance practice, noted agents are able to increase their auto insurance lead generation when providers compete for business.

"Although fewer consumers are shopping for insurance, more current customers who do are willing to make a switch based on competitive quotes," said Bowler. "The increase in the proportion of shoppers actually switching suggests that fewer price-checkers are gathering quotes they are less likely to act upon, perhaps a direct result of the lower typical savings derived from switching, which has decreased from an average of $412 in 2010 to only $359 in the past 12 months.

He added that the internet has revolutionized the insurance shopping process, as potential leads are able to find the quote and policy they're looking for from the comfort of home.

Agents putting more of a focus on retirement planning for customers

Tue, May 01, 2012 - 4:11:20

A new poll may come as a surprise for insurance agents who have been operating under the assumption that retirement planning is not something today's insurance customers are considering as much as they used to.

According to recent survey conducted by LIMRA, approximately 75 percent of advisors who offer retirement income services noted they had altered their business to focus more on retirement income planning.

Matt Drinkwater, associate managing director of LIMRA Retirement Research, said that as the U.S. population ages, more people are putting a priority on how they will be able to live comfortably once they leave their jobs.

"With 10,000 Boomers turning 65 each day for the next 18 years, advisors are recognizing the substantial market for retirement income planning," stated Drinkwater. "Outside of the pure demographics, LIMRA’s research has found that only one-third of Americans feel they are saving enough for retirement and a majority of pre-retirees feel that they are not prepared for retirement."

He added that agents and providers are repositioning their services so that they can take advantage of this market and help individuals with their long-term financial needs.

CPA Detective and All Web Leads Partner to Transform Insurance Lead Industry

Tue, May 01, 2012 - 9:24:53

“CPA Detective is a core component in our portfolio of quality management technologies. CPA Detective’s platform allows us to accurately evaluate traffic and leads from our marketing partners in real-time,” said Bill Daniel, CEO of All Web Leads. “The service allows us to pinpoint the sources of fraudulent traffic and to work with our partners to eliminate them, allowing us to focus our resources on driving high volumes of quality leads.”

All Web Leads Announces Significant Changes to Lead Distribution Rules

Tue, May 01, 2012 - 4:05:38

All Web Leads, a leading online sales lead generation company serving the US Insurance industry, announced today that it is implementing new rules regarding the sale of its leads to its customers in order to increase the quality of leads in the market. The new rules include restrictions on the sale of its leads, additional identifying information that is provided along with the leads and requirements on affiliates who sell leads to the company.

All Web Leads has notified its indirect customers (those that do not directly sell insurance themselves) that they will no longer be eligible to purchase leads from the company unless they can identify the direct customer on whose behalf they are purchasing the lead. All Web Leads is taking this action in order to eliminate the “ping-chaining” in the indirect marketplace that makes it difficult to enforce the rules regarding the use of Internet leads. All Web Leads believes that this action will allow the company’s leads to perform better for the Insurance professionals that purchase them.

“The indiscriminant and rampant overselling of leads in the Insurance marketplace is hurting everyone,” said Bill Daniel, CEO of All Web Leads. “The lack of accountability has made it difficult for our customers to distinguish high-quality leads and has hurt performance. By restricting the sale of our leads we want to eliminate the opportunities for operators who are taking value from us and our customers.”

"The LeadsCouncil’s mission, amongst many, is to encourage processes and best practices that improve lead quality for the end lead buyer, and subsequently the industry as a whole,” said Michael Ferree, Director of the LeadsCouncil, an independent association of buyers and sellers in the online lead generation market. “ We are very happy to see LeadsCouncil members working together to improve transparency and lead quality in the Insurance vertical. We are encouraged to see All Web Leads take initiative and address lead quality head-on. For many in the industry the timing is perfect and we hope many others follow suit."

In addition, All Web Leads will now include campaign source information along with the leads it sells to insurance agents, brokers and carriers. Including this information will enable customers to provide more actionable information about lead performance and enable All Web Leads to use that feedback to tune its online marketing activities towards improved performance. All Web Leads will also provide a unique certificate identifying the source of the lead, using technology from LeadiD.com, to any customer that requests that information.

All Web Leads has also notified its marketing partners that any leads purchased must include source campaign identifying information, and/or a LeadiD.com identifier, in order to be eligible for sale to the company. Accepting only leads with this granular information about sourcing will also provide the company with information it can use to further improve quality for its customers.

These changes follow on significant investments the company has made in commercial and proprietary verification and fraud detection technologies over the past year. The investments continue to provide the company the ability to identify leads that will perform best for its customers. All Web Leads recently won awards in the Leads360 2012 Lead Industry Report examining quality and performance in online lead generation. All Web Leads was ranked first place in Insurance Lead Volume Growth, a measure of same-customer increase in lead purchases, and first place in Lead Qualification Rate, a measure of the contact-ability and qualification of the information contained in the leads. All Web Leads also received the award for second place in Lead Conversion Rate, a measure of agent success in selling policies against the leads.

For more information about All Web Leads’ commitment to lead quality please visit www.allwebleads.com/quality

About All Web Leads

Founded in 2005, All Web Leads (http://www.allwebleads.com) is a leading online sales lead provider for the U.S. insurance industry. The company delivers real-time, targeted, high-quality sales leads to top insurance producers. All Web Lead’s technology-driven approach to online marketing helps bring together agents with qualified customers who are actively searching online for insurance products. The company's award-winning insurance lead programs, All Web Leads and InsuranceLeads.com, lead the industry in conversion, qualification and volume according to recent surveys. The company is headquartered in Austin, TX.

Consumers believe life insurance is almost three times more expensive than actual cost

Mon, April 30, 2012 - 1:46:04

The results of a new survey suggests agents may be able to increase their life insurance leads simply by doing a better job at communicating with their insurance customers.

According to the 2012 Insurance Barometer Study, which was conducted by the LIFE Foundation and LIMRA, consumers vastly overestimate how much a life insurance plan will cost them.

About 2,000 participants between the ages of 18 and 75 took part in the study and were asked to guess what they thought their annual premiums would be for a 20-year, $250,000 level-term life policy for a healthy 30-year-old. While the actual price is about $150, the most common response from those polled was $400. This overestimation was even higher among young adults, who believed the price was nearly seven times what it was in reality. This may have been because premiums tend to be less for young adults.

"If someone offered to sell you a gallon of milk for $10.00, you would likely choose to spend your grocery budget on other necessities, knowing that the actual cost is closer to $3.50," said Life Foundation CEO Martin Feldman. "If people think that something is too pricey, they often won't give it a second thought. The fact is, the cost for basic term life insurance has fallen by about 50 percent over the past 10 years and has never been more affordable."

Avoid overt persuasion tactics when meeting with potential clientele

Fri, April 27, 2012 - 10:57:12

During the insurance prospecting process, one of the biggest mistakes for insurance agents to make is going overboard trying to convince customers that they need to plan for the future, ProducersWeb notes.

According to the insurance news and advice website, agents can save themselves a lot of time and energy by not overdoing it when it comes to persuading people to save.

"You are wasting your time whenever you have to beg, coerce or convince someone to meet with you," said ProducersWeb. "If your services aren't currently a priority for a prospect, then either dead file them or follow up with them later."

The website says that the quicker agents learn that their potential clients will purchase coverage on their own time and not according to someone else's schedule, the better off they'll be. In addition, this deferential type of attitude will enable agents to gain credibility in the eyes of the customer.

Instead, ProducersWeb recommends offering to send them a free report that explains what a particular plan entails. Should they refuse it, follow up with them several months later to see if they've changed their minds. If they're still not interested, move on to the next potential customer.