Top 10 2021(2)

As the pandemic spread, images of nursing homes and assisted care facilities flooded the media. The sick and elderly were particularly vulnerable to this deadly virus and so many families were cut off from their parents and grandparents in the hopes of protecting them from exposure to COVID-19.

Even before the onset of the COVID-19 pandemic and the resulting economic uncertainty, Americans were struggling with retirement readiness. In fact, Secure Retirement Institute (SRI) research reveals 40% of working Baby Boomers have less than $100,000 saved for retirement — 25% have less than $25,000.

This week, LIMRA updated its sales forecast for U.S. retail life insurance sales for 2021. Since October 2020, when the original forecast was published, three COVID-19 vaccines were given emergency approval and distributed, two federal relief packages were passed and a last-minute change to life insurance tax law was implemented. These factors, coupled with stronger economic conditions and unprecedented consumer interest in life insurance, have led LIMRA to improve its 2021 sales forecast.

The pandemic has highlighted something most people don’t want to think about — what would happen to their loved ones should they unexpectedly die. According to new findings from the 2021 Insurance Barometer Study, conducted annually by LIMRA and Life Happens, 42% of American households would face financial hardship within six months should a wage earner die unexpectedly; 25% would suffer financially within a month.

While already underway prior to the COVID-19 pandemic, many life insurance policies are now underwritten through “simplified” or “streamlined” processes, which are less reliant on physical data (e.g., blood, urine, examination) and more reliant on readily available datasets (e.g., medical, financial, personal).

When most people think about their biggest asset, many think of their home or 401(k) account, but it’s really their lifetime earning potential, which could be in jeopardy if they were to become injured or disabled.

COVID-19 has changed the world in so many ways. The way we work and interact with each other has changed dramatically. It also changed the life insurance industry. Because of social distancing, companies had to adjust their day-to-day operations to continue to serve their current and potential customers.

The COVID-19 pandemic resulted in rapid and unprecedented changes in the annuity industry. Business practices quickly changed as the industry went remote, and it is likely the changes adopted in 2020 will continue as the new normal for the industry.

The changing from one year to the next always marks a new beginning. Moving into 2021 holds significant meaning as we hope to begin to move forward from the unimaginable difficulty the pandemic created in 2020 and look forward to brighter times ahead.

LIMRA’s Financial Crimes Services (FCS) and Fraud Prevention study provides the life insurance and retirement services industry with a collective look at the most current data, metrics, and information related to their financial crimes services and fraud prevention programs.

The 2021 study period marks the 11th edition of the annual Insurance Barometer. Surveying American consumers during this difficult time provides critical insights for the industry on the impact that COVID-19 is having on financial attitudes and behaviors. (Technical Supplement added November, 2021.)

Entering 2021, the individual annuity market continued to face significant uncertainty. Even as vaccines have rolled out throughout the U.S., many questions remain regarding what the new normal will be for the individual annuity market.

This report presents results from the second phase of research work exploring the impacts of the low interest rate environment on the insurance industry from the customer and distributor perspective.

What are the expectations for life sales over the next few years? New 2024 - 2027 report.

This report provides an update on lessons learned, underwriting changes, electronic applications and delivery, and lapse experience related to the COVID-19 pandemic in the U.S. and Canada.

LIMRA and EY partnered to explore how key stakeholders (employers, employees, benefit brokers, and benefit technology providers) are responding to the transformational changes impacting the workplace benefits marketplace.

The Consumers and Underwriting study surveyed consumers to measure their extent of life insurance underwriting knowledge, and the influence of underwriting knowledge on likelihood to buy coverage.

Providing insights into the highest priorities of life insurance leaders as they tackle today’s challenges and embrace emerging opportunities.

Learn when LIMRA predicts the workplace life and disability benefits markets will recover and return to normalcy.

The Retail Retirement Reference Guide (Fifth Edition) provides a wealth of facts and insights at your fingertips.

Insurers’ Return-to-Office Strategies: A Work in Progress

Post-Pandemic Plans for Insurance Call Centers

Automatic for Applicants: New Business Project Trends

Insurance Call Center Standards & Metrics 2021

E-Apps and Online Applications: Some Questions

Handling It: Average Handle Time Trends in Insurance Call Centers

Electronic Health Records: Are They Gaining Momentum in Life Insurance Underwriting?

New Business & Underwriting Efficiencies: Life Insurers’ Pandemic Shift to Digital

Insurance Company Recruiting Practices: Some Trends

Life Insurers’ Service & Operational Priorities