A Recap of the 2013 LIMRA Marketing and Research Conference

The 2013 LIMRA Marketing and Research Conference in Orlando, FL was a big hit!

Thanks to everyone who stopped by the FGI Research table to discuss your research needs. Here's a quick recap and some crucial take aways.

Words Matter

In the world of financial services jargon, you need to know what words to use (yes = protecting assets) or not (no = minimizing losses).

According to Gary Demoss at Invesco, your words must be:

1. Positive
2. Plausible
3. In plain words
4. Personalized

If you engage in fear-based selling, this will hurt your connection with consumers.  

The industry needs a new value proposition

New life insurance policies are down, trust is down, and consumers think insurance is 3 to 7 times more expensive that they thought. Consequently, the overall market is $20 trillion(!) under insured.

To turn this around marketers are going to need a multi-platform to sell and your messaging is the first step and key to success.

We did some original research on consumer reluctance to purchase life insurance now or in the future, and likewise found some crucial areas for consideration and improvement. Use the button on the right to sign up for a walk through.

Mine and combine all your data

The power in big data lies in the combination of demographic, attitudinal, and customer data.

This approach will improve your ROI, segmentation, and targeted messaging by a much greater margin.

Added bonus: big data and predictive analytics lead to better JD Power or NPS ratings.

Customer journey mapping

Journey mapping for the life insurance industry begins with acquisition and ends with lapse or termination.

The companies that go through the entire mapping process discovered at first “what dissatisfies customers,” and “just how bad is it.”

The successful formula comprises of a cross functional team or sales, service, marketing, research, IT, legal, billing.