LIMRA Europe has recommended that providers
reach out to consumers when they are most ready to buy, and offer
the option of a needs analysis, as effective ways to engage with
potential life insurance buyers.
Other recommendations from LIMRA Europe
include: offering a personal contact option; contacting clients who
recently bought life insurance and reaching out to all generations
and all income levels.
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Chris Heath, research manager at
LIMRA Europe, explained that LIMRA has been working with US
consumers to find out about their attitudes and experiences to life
insurance as a financial product.
Consumers’ information needs
Heath said: “The type of
information that is provided to potential buyers is another crucial
angle to look at when trying to understand the under-buying of life
assurance. One vital example is helping people to understand how
much insurance they need.
“Another LIMRA US study found
that amongst households considering purchasing [life insurance] 56
per cent felt they hadn’t yet bought [it] because they found it
difficult to know how much they needed.”
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By GlobalDataYou can read the full version of
LIMRA Europe insights into factors influencing the purchase of life
insurance in the April issue of Life Insurance
International.
