When asked about the top challenges they face in 2016, life insurance executives and other financial services professionals cited attracting and retaining sales talent and adapting to regulatory change. That’s according to “Forecasting Change: 2016 LIMRA Predictions Report,” a new LIMRA survey of more than 40 executives involved in asset management, insurance, banking and other areas of financial services.
When it comes to hiring sales professionals, executives are most concerned with attracting and retaining Millennials. The issue goes hand in hand with effectively marketing their products and services to Millennial consumers.
Nearly half of the executives recognize the need to replicate the customer engagement experience found on Amazon and other online shopping sites. When asked what will revolutionize the direct-to-consumer model:
– 46 percent said “the ability to create a customer engagement experience like Amazon”
– 24 percent cited “innovative and creative was to involve consumers,” such as through gamification
– 18 percent said “satisfying online experience” and
– 12 percent said “consistent experience across channels.”
Among their forecasts, two-thirds of executives predicted an increased focus on customer experience management programs, up from 34 percent in 2013.
The survey results show a subtle shift in executive thinking—from focusing on input from the professionals who sell their products to listening directly to the customers who buy them.
The LIMRA findings seem to echo the results of Accenture’s Distribution and Agency Management Survey, which also examined how life insurers can respond to changing customer needs and expectations.