ICMIF Supporting Member EY has published the Experienced Financial Professional Study in partnership with LIMRA. The Study shares how life insurers and annuity providers can strengthen financial professional engagement.
Researchers concluded that new competition necessitates innovative services and also that customer needs have changed, and financial professionals must be prepared to respond.
According to the Study, from industry convergence and a diversifying client base to digital disruption in the back office, to marketing in the metaverse, the life insurance and annuity industry continues to experience profound change and intense competition. As the pandemic’s impacts recede, financial professionals continue to seek new sources of growth, and some have seized the moment more effectively than others.
The results of the latest LIMRA-EY survey of experienced financial professionals, representing insurance, investment and advisory practice models, suggests how these trends and other powerful forces are influencing the sector’s long-term growth prospects, and how financial professionals engage and serve clients every day. The survey results also clarify where insurance carriers can spark growth by honing their value propositions, refining their product offerings, reaching new market segments and rethinking how — and with which partners — they go to market.
EY says the Study reveals some key challenges for incumbent insurers and investment firms, provides a snapshot of where the industry is today and shows financial professionals’ perceptions. The research findings will help insurance companies, annuity providers and other financial services organisations align their products and service models to engage with different types of financial professionals.
Key findings of the Study:
- Female financial professionals are experiencing impressive client growth.
- Social media is an effective client acquisition strategy.
- Carriers and annuity providers must claim their place in complex and evolving technology ecosystems.
- A quality financial professional experience differentiates carriers.
- In a complex age, clients seek simplicity.
Download the full article on: Reimagining Growth – Key Findings From the LIMRA-EY Experienced Financial Professional Study
