Life-Annuity Insurers Accelerate Marketing, Distribution Strategies
September 9, 2013 by Michael Warner, Conning Inc
HARTFORD, Conn., Sept. 4, 2013 /PRNewswire/ –Life insurer consumer marketing and distribution strategies have been evolving rapidly, and the pace of change will accelerate as insurers continue their focus on high net worth individuals while gearing up to deal with a rapidly changing population and new technology, according to a new study by Conning.
“Conning’s analysis of life insurer consumer marketing and distribution strategies highlighted the significant change issues facing the industry, and the insurers’ accelerating response,” said Scott Hawkins, analyst at Conning. “Our review of product sales and marketing spend indicates that insurers continue to focus on the high net worth segment, while at the same time investing in digital marketing and sales support, as the population changes. Increased diversity in the U.S. population is driving the demand for greater marketing segmentation, which in turn is driving the focus on digital marketing strategies.”
The Conning study, “Individual Life and Annuity Distribution and Marketing Annual” analyzes marketing and distribution strategies; sales by product and channel over the past ten years; and advertising spend. The study also analyzes insurer digital marketing practices and strategies.
“In addition to the growing importance of digital strategies, insurers are investing more in brand marketing, as they juggle both distributor and consumer relationships,” said Steven Webersen, director of research at Conning. “Distribution strategies focus on increased diversity in the distribution force itself, while also developing direct-to-consumer models. As insurers deal with these issues and the investments required to successfully compete, understanding the strategies, tactics and expenditures of their competitors is crucial.”
“Individual Life and Annuity Distribution and Marketing Annual” is available for purchase from Conning by calling (888) 707-1177 or by visiting the company’s web site at www.conningresearch.com.
About Conning Conning (www.conning.com) is a leading investment management company for the global insurance industry, with almost $82 billion in assets under management as of June 30, 2013 through Conning, Inc., Conning Asset Management Limited, Cathay Conning Asset Management Limited, and Goodwin Capital Advisers. The company’s unique combination of asset management, risk and capital management solutions and insurance research helps clients achieve their financial goals through customized business and investment strategies. Founded in 1912, Conning is focused on the future, providing clients with innovative solutions, leveraging its global capabilities, investment experience, and proprietary research. The company is headquartered in Hartford, Connecticut, with additional offices in Purchase, London, Cologne, and Hong Kong.
