Conning - Changing Consumer Demographics, Lifestyles and Preferences Create Challenges and Opportunities for Life Insurers
--Agile competitors will deal most effectively with the changing environment
HARTFORD, Conn., March 15, 2013 /PRNewswire/ -- The consumer market for life and annuities is stressed by a combination of demographic, lifestyle and preference changes, according to a new study by Conning.
"Life insurers are facing multiple dimensions of change in the life-annuity consumer market," said Mary Pat Campbell, analyst at Conning. "Our analysis of the consumer market for life insurance and annuities identified eight key areas of change that insurers must manage. Some of the most pressing right now are the changing age profile and socioeconomic shifts, as they have more immediate impact on life events that typically drive life insurance sales."
The Conning study, "2013 Life-Annuity Consumer Markets Annual" reviews the extent and impact of population growth and geographic shifts, changing age profiles, increasing diversity, socioeconomic shifts, lifestyle changes, consumer attitudes, and technological advances.
"Our estimate of the consumers' life insurance protection gap actually doubled from 2006 to 2012 due to the impact of consumer changes," said Stephan Christiansen, director of research at Conning. "That analysis identifies a growing need for coverage that forward-thinking companies are looking to target with new distribution and product design solutions. At the same time, the marketplace is becoming more diverse, with individual consumer segments developing at different paces. Those insurers that are most agile will create opportunities in this time of change."
Conning's "2013 Life-Annuity Consumer Markets Annual" is available for purchase from Conning by calling (888) 707-1177 or by visiting the company's web site at www.conningresearch.com.
Conning (www.conning.com) is a leading investment management company for the global insurance industry, with more than $91 billion in assets under management as of December 31, 2012 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.
Contact: Michael Warner
SOURCE Conning, Inc.
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