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LOMA says life insurance industry to experience major changes in next decade

Survey conducted by LOMA, a research, consulting and professional development organization, has revealed that in 2018, there will be fewer companies selling a wider selection of products and services to a very different customer than seen traditionally.

LOMA’s Resource Magazine invited life insurance and financial services industry leaders to make predictions about the industry as it will likely exist in 10 years.

The experts predicted that industry consolidation will continue and demand for financial services products like estate planning, asset protection and income accumulation will increase as baby boomers retire.

According to the experts, customer base will be broader and more ethnically diverse-successful companies will need to implement different strategies to reach them. Distribution channels will evolve as the number of producers in the industry declines. The use of technology, like video conferencing, web-base sales and other online transactions will increase.

Bob Kerzner, president and CEO of LIMRA, LOMA and LL Global, said: Our industry will experience remarkable changes in the next decade. Significantly will be how companies harness technology to transform distribution-by improving producer productivity and creating new distribution channels.