Best’s News & Research Service - September 29, 2014 03:23 PM (EDT)
A.M.BestTV: Life Insurance Industry in the 'Research and Development Phase,' Say A.M. Best Analysts
- September 29, 2014 03:23 PM (EDT)
Oldwick //BestWire// - A.M.BestTV ends its series of special interviews conducted throughout the month of September to support Life Insurance Awareness Month with a look at the opportunities and threats facing the industry, outlined by A.M. Best Assistant Vice Presidents Thomas Rosendale and Rosemarie Mirabella.
Mirabella and Rosendale address the difficulties life insurers are facing in reaching new potential customers. "Finding a way to solve the technology code using alternate distribution channels so as to market to this new generation of customers and convincing the public that the need for life insurance is greater than they believe are all growth opportunities," said Mirabella. Rosendale spoke about life insurance as a retirement savings vehicle. "After speaking to a lot of companies," he said, "I have found the opportunity and challenge for the industry is to educate consumers on the need for them to have a stable retirement income, since this good growth opportunity represents an excellent risk management tool against the mortality business. ... These life companies are still in the research and development phase when it comes to understanding how to deliver a model that will effectively act in conjunction with other delivery models, such as social media."
Other people who appear in this episode include:
- Michael Doughty, president and general manager of John Hancock Life Insurance Company;
- Michael Fanning, executive vice president at MassMutual Financial Group;
- Kent Sluyter, chief executive officer of individual life insurance and agency distribution at Prudential Financial, Inc.;
- Mike Burns, senior vice president of life solutions at Lincoln Financial Group and;
- Nick Lane, senior executive director and head of U.S. life and retirement at AXA.
Click here to view the entire video program: http://www.ambest.com/v.asp?v=liam914.
Recent episodes of A.M.BestTV include:
- AXA's Senior Executive Director Nick Lane: Life Insurers Must Adapt to Changing Families: Nick Lane, senior executive director and head of U.S. life and retirement at AXA spoke about how life insurers need to adapt their products to the needs of the modern American family in order to provide better protection for them: http://www.ambest.com/v.asp?v=lane914.
- Lincoln Financial Group's SVP Mike Burns: Life Products Have Moved Beyond Death Benefits: Mike Burns, senior vice president of life solutions at Lincoln Financial Group says life insurers are looking to emerging products that might combine traditional mortality benefits with coverage for illnesses and long-term care: http://www.ambest.com/v.asp?v=burns914.
- Prudential Financial Individual Life Insurance CEO Kent Sluyter Says Industry's Challenge Is Relevance: Kent Sluyter, chief executive officer of individual life insurance and agency distribution at Prudential Financial, Inc., says insurers and producers must focus on showing that life products can be relevant to consumer needs at multiple life stages: http://www.ambest.com/v.asp?v=sluyter914.
- AIG Life Distribution Chief John Deremo: Consumers Need More Useful Life Products: John Deremo, head of distribution for life products, American International Group, Inc. said longer life spans and limited savings mean Americans will require life products that perform multiple functions: http://www.ambest.com/v.asp?v=deremo914.
- John Hancock Life Insurance Company President Michael Doughty to Life Industry: Keep It Simple: Michael Doughty, president and general manager of John Hancock Life Insurance Company, says he believes buying life insurance can be hard, with too many questions, so in response, his company is looking to technology, providing useful information and new products as a solution: http://www.ambest.com/v.asp?v=doughty914.
- LIMRA CEO Kerzner: Life Industry Needs to Move Beyond Life Events: Robert A. Kerzner believes life insurers have a huge untapped growth opportunity; yet, they must convince consumers that life insurance is a necessity, not just a purchase tied to major life events: http://www.ambest.com/v.asp?v=kerzner914.
- Boomer Esiason Steps Up for Life Insurance Awareness: Boomer Esiason discusses events in his early life that led him to a new appreciation for the need of adequate life insurance protection: http://www.ambest.com/v.asp?v=esiason914.
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.
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