Industry Insights is our quarterly round-up of recent news and data on the state of the insurance industry today. As more and more people get vaccinated, most customers are caught in a transitional state — those who bought life insurance during the pandemic find themselves newly interested in protecting their legacies, while those who haven’t bought policies yet have seen a renewed spike in interest. Though the world has largely returned to normal compared to last year’s lockdown period, the effects of COVID on those who buy life insurance will likely be felt for years to come.
LIMRA and Life Happens have published their annual Insurance Barometer Study, and the numbers show that customers are recognizing the importance of life insurance more than ever before. This heightened awareness is reflected in statistics like 59% of those who do not own life insurance say they need it and the 48% of Millennials who plan to buy coverage in the next year. Read this study for a full picture of this recent demand.
Recent research from LIMRA shows that employees are putting greater value in employer-offered benefits in the wake of the pandemic. The study asked full-time employees what changes they made during their 2020 open enrollment period to get a glimpse at the immediate effects of the pandemic on employee benefits packages. The top three benefits added were life insurance, medical insurance, and dental insurance. Read the study for more facts and figures.
The Wall Street Journal reports that the method of buying and selling life insurance may never be the same for many customers. COVID-19 sped up what is sometimes called “fluidless,” or accelerated, underwriting; the pandemic also brought a larger number of young people to apply for policies and obtain coverage. For more thoughts on what a post-pandemic insurance industry could look like, check out the rest of the article.