Life insurance companies may be limiting their sales potential by using words and images that do not resonate with consumers and often confuse them, according to a new joint study by LIMRA and Maddock Douglas.
“We’re all familiar with the philosophical problem about a tree falling in the forest and the question about whether it makes a sound,” said Scott Kallenbach, research director, LIMRA Strategic Research and coauthor of the study. “We essentially applied the same question to what financial services companies are saying. And we’ve found that even if consumers are hearing what’s being said, they frequently don’t understand.”
The study, “Get Real Already—Authenticating Industry Language,”explores consumers’ experiences, emotions, and feelings related to insurance industry language and imagery and how financial services companies can improve their communications efforts.
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The study also reveals that 18.7 million Americans value and want life insurance, but they have gotten stuck somewhere in the shopping process.