2016: Life-Annuity Consumer Markets Annual



Price : $1,750.00



Conning’s annual review of key consumer demographic segments in life-annuity insurance is designed to keep insurers abreast of trends, activities, and growth opportunities. Conning analyzes consumer trends and their impact on insurer products and distribution activities. Demographic segments are analyzed over time, to bring into focus both the shifts in population and consumer preferences.

1. Introduction 

2. Executive Summary 

3. Capturing the Insurer Opportunity 

  • Key Takeaways
  • Quantifying the Life Insurance Opportunity
  • Quantifying the Retirement Market Opportunity
  • Protection Gaps: Significance for Insurers
  • Putting the Pieces of the U.S. Market Together

4. Affluent and Middle Markets 

  • Affluent and Middle Market Key Takeaways
  • The Affluent Market
  • The Middle Market

5. Baby Boomers 

  • Baby Boomer Key Takeaways
  • Generations and Life Stages
  • Shrinking Generation, Shifting Needs
  • Need for Life Insurance Continues…for Now
  • Retirement Income Opportunities for Insurers: Rising Tide, Not Flood

6. Generation X 

  • Key Takeaways
  • Sandwich Generation
  • Peak of Income, Peak of Pressures
  • Internet, Digital, and Social Media

7. Millennials 

  • Key Takeaways
  • Large Market Segment Emerging in Adulthood
  • Failure to Launch

8. Women 

  • Key Takeaways
  • Who Rules the World?
  • Longevity Issues

9. Hispanic Market in the U.S. 

  • Key Takeaways
  • Increasing Diversity
  • Hispanic: Multigenerational and Less Immigrant

10. African-American Market 

  • Key Takeaways
  • Acute Need for Financial Protection
  • A Greater Need for Retirement and Financial Advice

11. Asian-American Market 

  • Key Takeaways
  • Immigrant, Coastal Population
  • Economically Attractive Cultural Market

Appendix 


Introduction

The life insurance and annuity industry in the U.S. has found the path to growth elusive, as premium on both group life and individual life has stalled in growth. As Baby Boomers age into retirement, and a smaller generation comes behind, insurers have been struggling to attract new customers.

This study is part of a series investigating the U.S. life-annuity consumer. In this series, we review major trends in the U.S. population, concentrating on aspects that can have an impact on the individual life-annuity industry:
 

  • Quantification of Opportunity. Conning estimates the opportunity for life insurance and annuities by looking at overall financial needs and resources for the U.S. consumer.
  • Income Grouping. We also consider the market segmented by income levels, focusing especially on the issues of gaining wallet share from the Middle Market.
  • Generations. Using the three largest adult generational divisions, Baby Boomers, Generation X, and Millennials, we segment the potential customer groups by age to investigate the concerns, needs, and opportunities for the industry in these segments.
  • Demographic Markets. Other demographic slices have been elevated in importance. There are issues specific to women, especially in old age as women continue to outlive men. We also look at three large ethnic groups: Hispanics, African-Americans, and Asian-Americans, all of which are growing and are important in growing the U.S. life-annuity market.


While the life-annuity industry seems to have focused more and more on older, higher net worth customers in recent years, the trends investigated above look at how the overall consumer landscape has shifted, as well as ways insurers can effectively respond to these changes and extend into underserved groups.