The life insurance industry will face multiple challenges in 2012, but executives also predict opportunities during the new year
, according to life and health insurance industry organization LOMA.
LOMA recently interviewed a panel of top life insurance executives, asking for predictions on sales, distribution, technology and social media and regulation.
The panel cited profitable growth as a top priority for the industry. Developing new areas of growth will require companies to revisit their brand and growth strategies, break free from industry norms and leverage consumer marketing experience from outside of the industry, the executives said.
One of the top industry challenges mentioned was shrinking distribution caused by aging producers
and fewer advisors offering insurance as part of their practice. The industry must create innovative ways to attract younger producers, the panel said.
Meanwhile, execs believe consumers will continue to focus on safety and guaranteed retirement income
, creating opportunities for growth in life insurance and annuity product lines.
Technologies such as mobile applications
, cloud computing and predictive analytics could also help fuel industry growth, while social media will enable producers to contact prospects and clients, according to the execs.