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.
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.