Major trends in American life 2022 insurance market

 

Millions of people make New Year’s resolutions every year. While the start of a new year traditionally provides a fresh start or a chance to identify new goals or plans to eliminate old negative habits, the stress and fatigue associated with the pandemic have influenced how we approach life, relationships, and perhaps even our resolutions.

ReMark’s latest Global Consumer Report (GCS) provides powerful insights into the changing attitudes of American consumers as a result of the pandemic. Life insurers and other players in the insurance ecosystem may want to incorporate the report’s valuable insights into their marketing and product strategies. The study identified the following key trends.

Americans are interested in learning more about life insurance.

Don’t be surprised to see the word “life insurance” in people’s New Year’s resolutions list this year. Americans’ interest in life insurance has dramatically increased in the past couple of years, mainly driven by COVID-19. 61% of the surveyed U.S. respondents say they need more education about life and health insurance. That is exceptionally high among Millennials.

One-third say COVID-19 has changed their perspective on risk and the value of insurance. This is especially true for those who knew someone who died from COVID-19 (70%). The United States ranked 11th out of 22 countries surveyed by ReMark’s insurance literacy score. Americans want to learn more about life insurance, but they lag behind other advanced countries such as Canada, Sweden, the United Kingdom, and Singapore. It is both an opportunity and a responsibility for the life insurance industry in the United States to increase American consumers’ life insurance literacy.

CONCLUSION:

We recommend that life insurers make their own New Year’s resolutions this year. With rising consumer interest in and selling life insurance, life insurers face enormous opportunities and challenges, including the ongoing insurance protection gap.

Every insurer’s action plan should include items to empower consumers to improve their life insurance literacy. Companies with visionaries and innovative consumer-focused approaches will gain a competitive advantage — and a leading industry position — in the coming years.

#lifehealthadvisors #ethos #healthcare #selflove

Author: Rechelle D. Barbato