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5 ways to sell more life insurance
Applying predictive analytics in life insurance
It’s a common misconception that we know all there is to know about selling life insurance. But traditional insurance calculators and approaches aren’t always effective in helping agents sell more life insurance. Nowadays, life insurance analytics with advanced technologies and predictive analytics are must-haves for insurance companies to acquire the insights needed to successfully identify, attract, and engage customers throughout their life journey.
Life insurance analytics
When it comes to life insurance sales, there is both a need and opportunity to do more. Based on Deloitte’s analysis of US life insurance statutory filings, the number of policies sold is down 27 percent over the last 20 years; meanwhile the US adult population has grown by 25 percent over that same time frame—demonstrating a real decline of 42 percent in number of policies sold per capita.
These dynamics can leave life insurers asking: How do we grow a market that’s declining? How do we target market segments that just aren’t buying? How do we reach middle market and millennials effectively? How do we sell more life insurance to people beyond traditional life events, like the birth of a child and marriage? And how do we compete against other industries targeting the same customers?
Insurers’ success going forward will likely depend on the company’s ability to take advantage of new technology and life insurance analytics to offer customers more relevant services and solutions....
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Life insurance data analytics for customer insights