A Life of Interest: Bringing life to life insurance
Some life insurance companies reported increasing consumer demand at the start of the pandemic. “We are expecting that March  could be our best month ever for both applications and policy sales,” said Mark Sayre, head of risk solutions at Haven Life. Estate planning and life insurance startup Fabric shared a similar notion, reporting 50 percent more applications than the norm since February. And the same goes for Policygenius, which saw a strong uptick in consumers inquiring about life insurance during a pandemic.
Despite these promising early signs, in 2020, the industry recorded $186.16 billion in total life premiums written in the U.S., a 0.8 percent decrease from the previous year. Individual life premiums dropped 0.7 percent year over year to $146.99 billion, while group life premiums fell 1.4 percent to $39.17 billion.
At Coverager, we believe that the key theme for life insurers today needs to be around generating interest and stronger interest (which will create a sense of urgency) in different ways. In this report, we will highlight the issues that life insurers confront, deconstruct select and existing models, and present a number of concepts and ideas related to our theme.
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