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Nontraditional Outlets Key To Life Insurance Future

NEEDHAM, Mass. - Recent TowerGroup research suggests that non-traditional distribution outlets such as wirehouses, banks or even insurance CUSOs may revitalize the life insurance market. "It's imperative that insurers approach this market with a fresh perspective relative to products, distribution and operations," said Cindy Saccocia, senior analyst in the Insurance...

By Staff Writer | Updated on March 16, 2004

NEEDHAM, Mass. – Recent TowerGroup research suggests that non-traditional distribution outlets such as wirehouses, banks or even insurance CUSOs may revitalize the life insurance market. “It’s imperative that insurers approach this market with a fresh perspective relative to products, distribution and operations,” said Cindy Saccocia, senior analyst in the Insurance practice at TowerGroup and author of the research. “The distribution of life insurance through nontraditional channels is an area of growth for those insurers willing to invest in long-term opportunities.” The TowerGroup report, Life Insurance Distribution: Turn Up the Volume, Turn Down the Costs, also finds that to promote sales and growth insurers must concentrate on education, wholesaling and sales support. In addition, financial institutions looking to expand their product suite to meet consumer demands for asset protection and retirement income should consider forging partnerships with insurers to offer insurance products such as life, income annuities and traditional property insurance. “Current U.S. demographics indicate pent-up demand for insurance products,” said Saccocia. “An investment today by carriers in technology to streamline and further automate operations will pay hefty dividends in terms of competitive differentiation.”

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