Weekly Newsletter - 10.30.2024

Term Life Insurance Leads Growth in Life Insurance Market

Author

Zihan Lyu
October 30, 2024

EDITOR’S PICK 🌟

Insights from Insuretech point to a major shift for Life & Annuity carriers, as AI becomes a powerful ally in transforming sales strategies and meeting complex client needs. Industry leaders like IBM showcased how AI can enhance everything from client insights to underwriting efficiency.

Reflecting on these discussions, Lee Arthur highlights Hive Perform as a transformative tool for carriers, supporting them with real-time coaching and AI-driven insights that help sales teams exceed expectations.

INDUSTRY INSIGHTS 🌐

Understand the best ways to selling life insurance, emphasizing the Taylor Method's four pillars for success. It highlights the growing demand for life insurance, offers strategies for client acquisition, and outlines a step-by-step sales process. The guide aims to help agents become top producers in the industry.

The life insurance sector is evolving due to low interest rates, increasing exposure to riskier assets, and private equity involvement. These changes enhance profitability but raise financial stability concerns. Offshore reinsurance and asset-intensive reinsurance are key strategies, necessitating robust supervision and international cooperation to manage risks effectively.

INDUSTRY NEWS 📰

Term life insurance continues to grow, with a sixth consecutive quarter of increased sales, driven by online platform improvements and competitive rates. Despite this, overall life insurance sales remain sluggish. Whole life struggles due to high interest rates, while fixed and variable universal life show growth.

Controlling medical treatment is crucial for managing workers' compensation claims, potentially affecting costs in 2025. Despite a softer market, an increase in premiums is possible.

EVENTS 📆

Join sales enablement expert Roderick Jefferson from @Roderick Jefferson & Associates as he explores "Ever-Boarding" -- a continuous process for developing and upskilling sales professionals.

Date and Time: Nov 13, 2024 (Wednesday), 2 PM ET / 6 PM GMT

You'll learn:

  • How AI can help you provide personalised coaching to sales reps based on their individual strengths and weaknesses, analysing calls, emails, and meetings to identify areas for improvement

  • How to build a culture of continuous learning and development by using AI-powered tools to deliver knowledge bites and reinforce best practices

  • How to design a data-based process that removes time blockers and accelerates the ramping up of sales reps

Sales Intelligence is a Contentive publication in the Sales & Marketing division