So, where are you going to be tomorrow? I'm not sure but I know that over the period of June 2-4, I'll be at the LIMRA 2010 Marketing & Research Conference in Orlando, FL. Its provocative theme is "Create a New Tomorrow", which kind of makes me wonder "how can they know what the June 3rd program will be if, on June 2nd, we're creating a new tomorrow?"
Seriously though, while I'm all for creating a new tomorrow, I recognize it's easier said than done because it requires one to change the way they currently perceive and behave. And, in the case of life insurance companies, it requires them to re-examine how they regard themselves and more importantly, the marketplace. No, not easy at all.
As I've written in previous posts, one of the challenges faced by the life insurance industry is that its very concept forces people to acknowledge their own mortality and many people become "uncomfortable" contemplating the end of their or a loved one's life and it can be downright awkward for both the insurer/agent and the prospective insured. Yet it is this prevailing notion that basically dictates the way life insurance is sold today.
As we think and look toward the future here and at the LIMRA conference, I'm hoping to see signs of a shift from the way life insurance companies currently position and market themselves to how they will need to position and market themselves to be successful and customer-centric in this new tomorrow.
We're currently witnessing a movement of generations as they age and move through life. Boomers, who place high value on "Family" and "Tradition" are being "replaced" by younger generations who have their own defining core values, which might not be as "life insurance-friendly" as are those of Boomers. And the way that people evaluate and buy all things, including insurance, is in the process of being completely revamped.
Even though there have been significant shifts in the positioning of life insurance providers over time (see videos below), the question remains: how are life insurance companies going to position and market themselves to these younger generations?
I'm looking forward to LIMRA where there will be several sessions related to Gens X & Y, the real new tomorrow to get a sense of where we're headed and where we need to go. Stay tuned...
Posted by Dan Gersten, an Account Director/Consultant in CMB's Financial Services, Healthcare, and Insurance Practice. Dan is a published author and former reality TV contestant on American Inventor. You never know what Dan will come up with next!