Weekly Newsletter - 12.11.2024

SPONSORED BY

EVENT OF THE WEEK 📅

EDITOR’S PICK 🎯

How Your Confidence Crisis is Costing You Sales – And How to Stop It

Practical Tips by Kate Philpot from Getty Images

Ever felt like a fraud in a client meeting, worrying that you'll be exposed? You're not alone. Imposter syndrome can impact anyone, especially in sales, where confidence is key.

Kate Philpot, VP of Global Sales Enablement at Getty Images, and Camille Kempell, Business Development Director at Hive Perform, recently had an eye-opening conversation about overcoming self-doubt and building lasting confidence. They shared actionable strategies that go beyond managing imposter syndrome and help you build your career and maintain consistent performance.

Kate and Camille discuss:

• How imposter syndrome impacts your sales confidence and performance.

• Practical tips to speak up and combat self-doubt.

• The power of preparation to build lasting confidence.

• Why tracking your wins is essential to shifting your mindset.

• How mentorship and sponsorship can fuel your growth in sales.

Want to hear more? Get all their insights now and watch the recording now.

INDUSTRY INSIGHTS 🌐

Life Insurance Premiums Surge, Setting New Records for Fourth Year

The life insurance industry experienced a robust third quarter in 2024, with new premiums rising by 6%, marking the fourth consecutive year of record-high new premiums. According to LIMRA survey, total new annualized premiums reached $3.9 billion, maintaining a steady policy count compared to the previous year. This growth is attributed to strong sales in October and a positive outlook for 2025, barring any economic downturns.

Variable universal life (VUL) products saw a significant 41% increase in new premiums, driven by equity market growth, capturing 17% of the market. In contrast, whole life (WL) premiums declined by 3% due to higher interest rates, though improvements are anticipated if the yield curve normalizes. WL held 34% of the market share.

Indexed universal life (IUL) premiums rose by 2%, supported by expanded distribution and innovation, representing 23% of the market. Fixed universal life (UL) premiums increased by 11%, benefiting from elevated interest rates, while term life premiums slightly decreased by 1%, holding 19% of the market.

LIMRA survey, covering 80% of the U.S. market, underscores the resilience and adaptability. The data highlights the importance of strategic product offerings and market conditions in shaping the life insurance landscape, providing valuable insights for stakeholders aiming to navigate future challenges and opportunities.

Stable Outlook for Life Insurers as Growth Meets Asset Risks

Moody's reports a stable outlook for the US life insurance sector in 2025, driven by steady economic growth and high interest rates. The agency predicts US economic growth at 2% in 2025 and 1.8% in 2026, with 10-year Treasury yields above 4% due to gradual monetary easing. The Federal Reserve is expected to lower the fed funds rate, enhancing sector growth particularly in annuities. However, insurers face challenges from potential credit deterioration in commercial real estate and increased asset risks.

Private capital insurers focus on annuities, while mutual insurers leverage long-term investments and distribution networks. Despite a diversified fixed income portfolio, the rise in private investments, such as structured credit, poses future risks. The growing use of offshore reinsurance, while managing costs, introduces counterparty risks, potentially reducing capital levels and requiring vigilant management. Operating company capital levels are expected to remain adequate to handle emerging risks through 2025.

The stable outlook reflects strong capital positions, investment opportunities, and regulatory guidance. However, insurers must remain attentive to asset risks, especially in commercial real estate. The rise of private capital partnerships offers growth but demands careful capital allocation and risk management. Overall, the sector is positioned to thrive in a competitive, volatile environment, bolstered by robust regulatory oversight and investment potential.

INDUSTRY NEWS 📰

Allianz Life Partners with Empower to Offer First Fixed Index Annuity

Allianz Life and Empower collaborate to introduce Allianz Lifetime Income, a fixed index annuity, to retirement plans. This partnership enhances participants' access to guaranteed lifetime income, offering protection and growth in a flexible, personalized manner. With over 18 million customers, Empower expands annuity options, meeting retirees' diverse needs.

ABL Technologies Invests in Insured Connect

ABL Technologies has invested in Insured Connect, enhancing its life insurance technology. Insured Connect platform improves communication between carriers and policyholders, streamlining compliance and reducing costs. This partnership aims to drive innovation in the insurance sector, creating new revenue opportunities and improving access to information, according to leaders from both companies.

Luma Financial Technologies Partners with Advantage Insurance Network to Enhance Annuity and Life Insurance Access

Luma Financial Technologies and Advantage Insurance Network have partnered to integrate Luma's advanced technology into AIN Essentials, enhancing access to life insurance and annuities. This collaboration provides AIN Affiliates with streamlined processes, innovative tools, and comprehensive solutions, bolstering their competitive edge in the evolving insurance marketplace.