The LOMA Life Insurance Conference 2010
Boston, MA, April 26, 2010 – A new report from Aite Group presents an overview and analysis of themes observed at the LOMA Life Insurance 2010 Conference, held in Washington, D.C. April 13-15, 2010. It is based on Aite Group conversations with conference participants, live presentations and question-and-answer sessions, at the conference, and readings of conference presentations.
At a high level, the conference presented an image of an industry seeking the best path forward after a couple of difficult years. Although the industry was largely spared from the wholesale carnage that beset the banking sector, life insurance sales declined dramatically over the course of the financial crisis. The industry continues to seek the most convincing way to inject itself into the minds of consumers, and to the middle market in particular. One common theme was the industry's need to overcome consumers' lack of trust in the industry at large, and its most visible face in particular: the life insurance salesman. What's more, the industry must address this trust deficit while selling inherently abstract products that address future needs to a population facing a range of concrete and immediate problems, all while selling through appeals to consumers' emotions.
"The LOMA Life Insurance Conference 2010 discussed an industry squarely focused on honing its value proposition to the American public," says Clark Troy, senior analyst with Aite Group and author of this report. "The important questions posed may have been left unanswered, but the tone of the conference was of an industry coming together to address common problems."
This 15-page Impact Note contains one figure and one table. Clients of Aite Group's Life Insurance service can download the report.