Life Insurance Quotes

Life insurance executives expect gains in 2012

01/11/12

Despite the economy continuing to struggle and life insurance companies suffering from financial woes, several life insurance executives believe 2012 will be a rebound year.

The Life Office Management Association recently interviewed a panel of life insurance executives about their predictions for sales, distribution, use of technology and social media, and regulation over the next 12 months. The interviews were recorded and will be published in LOMA's annual industry forecast, which is published in Resource Magazine.

With profitable growth being a significant priority for the majority of the panel, some of the executives believe that insurers need to get back to brand and growth strategies, challenging the insurance industry's norms and utilizing marketing experience to develop new avenues of growth.

Technology is expected to play a major role in addressing the marketing and distribution challenges the industry may face. Fewer financial advisors are offering insurance as a part of their practice, and to counter this, insurers are expected to attempt to attract college graduates and young workers to become policyholders.

Cloud computing, mobile applications and predictive analytics are expected to have the greatest potential in spurring industry growth.

The 2012 annuity outlook is also stable, according to the Annuity News Journal.

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