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Innovation in Life Insurance: Market Assessment and Sales Enablement

Innovation in Life Insurance: Market Assessment and Sales Enablement

Micro-level data has become necessary to support new policy sales in a more targeted and personalized fashion.

Boston, June 11, 2019 – Despite new analytics being used to help target prospects and personalize offers, policy sales have seen no growth over the past few years. Due to saturation, group life insurance carriers within the U.S. are stealing market share from one another rather than building new market share. The most potential carriers have in gaining new business is in the small-business space, in which scale and low cost of acquisition are essential.

This report aims to identify two tools that can be used to support targeting prospects more accurately and with more knowledge than ever before. It is based on January and March 2019 in-depth interviews and demos with Atidot and Spinnaker Analytics, two global vendors providing solutions that support the industry challenges around competitive intelligence, market share, and personalized targeting.

This 20-page Impact Report contains four figures and three tables. Clients of Aite Group’s Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

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This report mentions the American Council of Life Insurers (ACLI), Group Market Share (GMS), Life Insurance Market Research Association (LIMRA), the Medical Information Bureau (MIB), and the National Association of Insurance Commissioners (NAIC).