LIMRA's Kerzner Weighs In on the State of the Industry

A blatant opportunity makes itself clear with LIMRA's statistic that 58 million Americans are underinsured. According to statistics, much of the work has been done. People know they need life insurance, and they know what a help it can be. But making it enough of a financial priority is easier said than done.

The constant fluctuations of the legislative and regulatory environment, low interest rates and a tepid economic recovery make it difficult for families to invest in life insurance products. "As an industry, we have got to find a way to reach these families and help them understand the value of life insurance — not just economically but emotionally — so when they experience the death of loved one they too can experience the peace of mind and financial security that life insurers offer," Kerzner said.

In order to achieve this, sales strategies must evolve. This includes realizing that most consumers do some rudimentary research online before they purchase anything these days and expanding one's social media presence to include prospecting through social media. The presentation also noted that many wives are now earning more than their husbands, and even in situations where the husband earns more, many times it's the wife who makes financial decisions. It would behoove producers to sell more aggressively to wives in order to close the coverage gap.