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October 10, 2017 at 08:31 AM
Making more use of website sales systems and call centers could increase insurers’ sales of life and annuity products to U.S. retirement savers.
Consultants at McKinsey & Company make that argument in a new report based on a recent survey of about 4,600 U.S. adults. The consultants are releasing the report as the country is heading into National Retirement Security Week, which starts Oct. 15.
(Related: When It Comes to Financial Literacy, Fintech Is Dropping the Ball)
The firm asked survey participants with $25,000 to $250,000 in investable assets to describe whether they see life insurers as a “preferred provider” for various types of solutions.
About 68% of those participants identified life insurers as a preferred provider for “providing for loved ones in case I die,” and 52% identified life insurers as a preferred provider for “leaving extra wealth for family in case I die.”
Just 12% identified life insurers as preferred provider either for “preparing for retirement” or for “not outliving assets and savings.”
Consumers with $25,000 to $250,000 in assets “have a narrow view of the value that life insurers can deliver across top financial priorities” and “often feel skeptical toward and distrust life insurance carriers and agents,” according to McKinsey.
