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Prudential Insurance Seeking to Retain and Expand Clientele Amidst Growing…
Prudential Insurance Seeking to Retain and Expand Clientele Amidst Growing Global Competiton
Political
Life Insurance in Political Races
Insurance Business Study
$154 million spent on federal lobbying efforts (Bronson,2016)
Health and life insurance companies spent most of their money on lobbying efforts in 2015 (Bronson,2016)
Insurance Industry spent $58.7 million on political parties in 2016 (Bronson,2016)
Economic
Inflation Affecting Willingness To Obtain Policies
John Carrol, spokesperson of LIMRA, believes Americans trying to manage rising costs of goods might be reason for drop in life insurance policy sales (Crail,2023)
9% dip in the number of all types of life insurance policies sold from the second quarter of 2021 to the second quarter of 2023 (Crail,2023)
How Employment Affects Willingness to Acquire Life Insurance
Why People Buy Policies Outside of Employer
49% want to pass down inheritance (Crail,2023)
28% cite to replace lost income (Crail,2023)
15% use it to cover funeral costs (Crail,2023)
Belief that supplemental policy provided by employer is enough
About 25% of adults in America covered solely by an employer-based life insurance policy (Crail,2023)
About 33% of Americans covered solely by an individual policy unrelated to their employer (Crail,2023)
Life Insurance = Financial Security
Less than half of people without life insurance surveyed feel financially secure (Crail,2023)
68% of life insurance owners say they do feel financially secure (Crail,2023)
Insurance Information Institute
78% of Americans feel financial secure with employer based and individual life insurance policies (Crail,2023)
Sociocultural
Greater interest for life insurance policies
Number of US citizens who think they dont have enough insurance doubled since 2010 (Crail,2023)
Forbes Advisor Survey
52% of Americans currently have life insurance (Crail,2023)
Insurance Barometer Survey
106 million American adults don't believe they have adequate life insurance coverage (Crail,2023)
Interest in Life Insurance Due To The Pandemic
Categorized By Age
About half of 26-41yr olds now considered (Crail,2023)
55% of 18-25yr olds considered (Crail,2023)
70% of 58-77+ yr olds have not considered (Crail,2023)
Categorized By Sex
58% of Men considered getting life insurance (Crail,2023)
47% of Women have not considered since Covid (Crail,2023)
At least 3 out of 4 American adults have some form of life insurance (Crail,2023)
Lack of Knowledge Of Life Insurance Policies
Believe supplemental coverage is enough
One in four americans believe employer-based supplemental policy is enough (Crail,2023)
Average employer based salary only offers $20,000 dollars (Crail,2023)
About half of Americans dont buy due to lack of knowledge (Crail,2023)
People think it cost more than it does
LIMRA and Life Happens Study
8/10 consumers overestimate cost to get life insurance policy (Crail,2023)
Over 50% of consumers believe coverage cost three times the actual amount (Crail,2023)
Life Insurance Demographics
Interest in Life Insurance Based on Race
56% of African American citizens owned policies in 2022 (Crail,2023)
64% of White vs 37% of Black citizens surveyed said they wanted to use life insurance to shield children from unpaid debt (Crail,2023)
White Americans have higher median of coverage than Black American counterparts ($150,000 vs $50,000) (Crail,2023)
Interest in Life Insurance Based on Sex
60% of men report owning life insurance policies vs 20% of women (Crail,2023)
Life Insurance ownership for women has decline for the past five years (Crail,2023)
40% of men consider themselves very knowledgable about life insurance vs 20% of women (Crail,2023)
Technological
New Companies Emerging Using App Based Services
Social media now used to proactively engage clients/build relationships
Advancements Helping in Customer Experience
Data analytics helps to personalize customer experience
Faster quotes and/or policy changes (Rice-Boshi, 2023)
Used to develop new products and services (Rice-Boshi, 2023)
Gain insight in consumer behavior, decision making, and claim trends (Rice-Boshi, 2023)
Robotic Process Automation (RPA) used to increase efficiency and lower cost
Used to automate items such as data entry (Rice-Boshi, 2023)
Used to assist with fraud detection (Rice-Boshi, 2023)
Environmental
Where You Live Can Be An Indicator of Willingness To Acquire Life Insurance Policy
Those in areas with more natural disasters can see higher premiums which can affect willingness to pay(Crail,2023)
60% of individuals cite cost as one of the main factors to not buy life insurance (Crail,2023)
Californians spent $451.8 million dollars for life insurance vs Vermont resident's $3.9 million (Crail,2023)
Legal
Department of Labor Fiduciary Rule
Attempted to revise the Prohibited Transaction Exemption 84-24 and require written investor disclosure statements related to fees and conflicts of interest, adoption of new policies and/or procedures, and investment fees regulation (Casey, 2020)
Affected all life insurance companies but failed to withstand legal challenge in 2018 (Casey, 2020)
Cyber Security Regulation
With growing dependence on technology more and more money has to be dedicated to protecting clients private information (Casey, 2020)
New York led charge by imposing new regulations followed by eight other states (Casey, 2020)