Micro-level data has become necessary to support new policy sales in a more targeted and personalized fashion: Aite Group report
Boston, MA (June 11, 2019) – Despite new analytics being used to help target prospects and personalize offers, policy sales have seen no growth over the past few years. Due to saturation, group life insurance carriers within the U.S. are stealing market share from one another rather than building new market share. Aite Group’s new report, Innovation in Life Insurance: Market Assessment and Sales Enablement, has found that the most potential carriers have in gaining new business is in the small-business space, in which scale and low cost of acquisition are essential.
“The agent and advisor community are diminishing as a result of unattainable sales goals and ill-defined territories due to a lack of complete data and an inability to use predictive analytics to support new sales, or cross-sell or upsell opportunities,” explains Samantha Chow, senior analyst at Aite Group.
This new Aite Group report aims to identify two tools that can be used to support targeting prospects more accurately and with more knowledge than ever before. It is based on January and March 2019 in-depth interviews and demos with Atidot and Spinnaker Analytics, two global vendors providing solutions that support the industry challenges around competitive intelligence, market share, and personalized targeting.
This 20-page Impact Report contains four figures and three tables. Clients of Aite Group’s Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
Click here for the online report summary or to download the table of contents.
This report mentions the American Council of Life Insurers (ACLI), Group Market Share (GMS), Life Insurance Market Research Association (LIMRA), the Medical Information Bureau (MIB), and the National Association of Insurance Commissioners (NAIC).
The report is based on January and March 2019 in-depth interviews and demos with Atidot and Spinnaker Analytics, two global vendors providing solutions that support the industry challenges around competitive intelligence, market share, and personalized targeting.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Aite Group, Innovation, Life Insurance