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Extending the Life Insurance Value Proposition

Scott R. Kallenbach, FLMI; Tim Calvert (BCG); Rebecca Waddell (BCG) 6/25/2020

The wellness economy is flourishing as consumers increasingly seek to understand the implications of their lifestyle on their overall health. Insurance companies can harness this momentum by more closely aligning the incentives of the insured with the insurer.

Summary

This study explores consumers’ willingness to share their data and how life insurers can leverage consumers’ enthusiasm in wellness.

  1. The COVID-19 pandemic created a heightened sense of awareness of the value of protecting loved ones. It also increased the interest in the steps that can be taken to safeguard physical health.
  2. There is an opportunity for life insurers to extend their value proposition into wellness.
  3. Insurers that succeed in expanding their profiles this way can expect much higher levels of customer engagement.

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Video

 

Consumer Views on Sharing Data (video 1)

Consumers are willing to share their health data for a benefit in return, but what transparency.

 

Consumer Thoughts on Incentives (video 2)

Consumers agree that life insurers want them to live a healthier, longer life.

Related Research

2020 Insurance Barometer Study

The Insurance Barometer is an annual study that tracks the perceptions, attitudes, and behaviors of adult consumers in the United States. The study objectives are to measure financial concern among American consumers and relate these findings to financial behaviors, with a particular focus on life insurance. (Tech report added Sept. 2020.)

Consumer Sentiment in the Time of COVID-19 (May 2020)

How has consumer sentiment and confidence in the financial services industry changed during the pandemic?

Wearable Technology in Life and Wellness Programs (2018)

Learn how insurers are using data captured by wearable devices to enhance underwriting, customer engagement, wellness programs, and more.

The Facts of Life and Annuities: 2024 Update

This compilation of key facts from LIMRA and other sources can be used to educate people about the value of life insurance and annuities.

Individual Life Combination Products

A detailed look at the state of the combination product market. New 2024 Mid-Year Review.

Meet the Project Director

Scott R. Kallenbach, FLMI

Kallenbach leads the Custom Research team, a group of professionals who leverage their industry knowledge and research expertise to develop tailored solutions to solve industry challenges. He has held several roles at LIMRA. Most recently, he directed LIMRA’s Strategic Research program, which provides insight into emerging issues affecting the industry. In addition, he also serves as the staff representative to LIMRA’s Strategy & Innovation Committee. With over 25 years of market and strategic research experience, he is a frequent speaker at industry forums and is a regular contributor to the trade press, including LIMRA’s flagship publication, LIMRA MarketFacts. He is a graduate of Bentley College and is a Fellow of the Life Management Institute.

Senior Research Director
LIMRA
skallenbach@limra.com


For more information, please contact skallenbach@limra.com.

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