BETHESDA, Md., Sept. 19, 2018 /PRNewswire/ -- Generali Global Assistance ("the Company"), a leader in the assistance industry since its founding in 1963, part of the multinational Generali Group, and the developer of a proprietary and innovative identity and digital protection platform, today published a white paper titled, "Much Has Changed in the Last Few Decades – Except for Life Insurance Policies." The white paper provides insurance companies with important reasons as to why they should update their life insurance offerings to meet all the needs of modern consumer.
In today's market, life insurance is no longer as simple as an after-death sum of money for beneficiaries, it's often several comprehensive plans either offered by an employer through a group life plan or purchased by the consumer directly. That said there is a large group of consumers that remain uninsured, in fact, 40% of parents with children under 18 don't have any life insurance at all. Consumers understand that there is a need for life insurance, but while 85% agree that most people need life insurance, only 62% of those consumers said they had it.
One reason life insurance is important is the role it plays in a consumers overall financial wellbeing. With an increase in consumer-focused products catering to financial wellbeing, many firms in the financial wellness sector have gone through a major rebrand. This consumer focused rebrand has been so successful, in fact, that 74% of the workforce indicated they gain peace of mind by achieving financial wellbeing through their provided benefits. Considering this data, life insurance carriers would be wise to think about how they can position their products as an essential aspect of financial wellbeing.
When we think about financial wellbeing, there are a few major aspects that most people consider including; how much cash we have saved up, how healthy our credit score and report are, and how well our retirement plan is going. While these are all important things to consider, they solely focus on the current state of an individual's financial wellbeing. Unfortunately, these aspects don't take into consideration any threats or "what ifs" that could impact a consumer's financial wellbeing over the long term. Identity theft protection is one way to nurture the future state of consumers' financial wellbeing, through monitoring and resolution services that quickly identify and rectify any financial losses associated with a breach or other loss of sensitive data. By offering services like identity theft protection, life insurers can compound their value by offering a crucial component that many financial wellbeing programs are currently missing.
Paige Schaffer, President and COO of Generali Global Assistance's Identity and Digital Protection Services Global Unit, commented on today's news, "For the past few decades the insurance industry has been focused on selling clients peace of mind, but today's consumer is interested in a comprehensive plan that covers all aspects of their personal and financial wellbeing. With 22 million pieces of data exposed during 668 data breaches in 2018 alone, customers are starting to see identity protection as an essential part of their overall financial planning. This is a great opportunity for life insurers who have an established relationship with their customers, since almost half (46%) of customers said they would look to their life insurance company to purchase identity protection."
Please find the full white paper available for download here.
With 75% of respondents to a recent survey done by Generali Global Assistance saying they wouldn't know what to do if their personal information was compromised, it's understandable that consumers are looking to their insurer for help. This is good news for insurers as the demand for both life insurance and identity theft is high, in fact, 58% of consumers said they are likely to purchase identity theft protection in the next two years, which is the same as the number of people (58%) who plan on purchasing life insurance in the next two years. The offering of this service can be both a valuable addition to a life insurers portfolio and a reconfirmation of their commitment to their customer's financial wellbeing.
Ms. Schaffer concluded, "With 79% of consumers saying they are worried about being the victim of identity theft, now, more than ever, insurers should see their life insurance plans as more than just peace of mind. Insurers can use their position as a trusted advisor to provide a more comprehensive offering that also covers identity theft in order to protect their customers' personal and financial wellbeing."
About Generali Global Assistance
Generali Global Assistance has been a leading provider of identity and digital protection solutions, travel insurance, and other assistance services for more than 25 years. The Company offers a full suite of innovative, vertically-integrated identity protection solutions, beneficiary companion services, travel insurance, and emergency services. Generali Global Assistance is proudly owned by Europ Assistance Holding, a division of the multinational Generali Group, which for over 185 years has created a presence in 60 countries with over 76,000 employees. Our success has been built on the foundation of trust that clients have placed in our ability to provide assistance in the most difficult of circumstances.
GGA Media Contact
Jay A. Morakis
M Group Strategic Communications (for Generali Global Assistance)
GGA Marketing Contact
VP, Global Marketing, Identity and Digital Protection Services Global Unit
SOURCE Generali Global Assistance