1 / 47

2013 Canadian Ownership Study The Shape of Things to Come

2013 Canadian Ownership Study The Shape of Things to Come. Brent Lemanski. Agenda Topics for Today. Current Needs of Canadian Consumers The Shopping / Buying Process – Is a New Paradigm Emerging? Reaching Consumers - In New Ways………..

lahela
Download Presentation

2013 Canadian Ownership Study The Shape of Things to Come

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 2013 Canadian Ownership Study The Shape of Things to Come Brent Lemanski

  2. Agenda Topics for Today Current Needs of Canadian Consumers The Shopping / Buying Process – Is a New Paradigm Emerging? Reaching Consumers - In New Ways……….. The Advisor’s World Seems to be Changing Too

  3. About The Study • 3,244 households • Financial decision makers • Spring 2013 • Internet • Weighted to represent Canadian population

  4. Keeping It Real… Pie I have eaten Pie I have not yet eaten

  5. Financial Concerns – Canada* * Results based on all households. Source: 2013 Canadian Life Ownership Study

  6. Household Life Ownership Trends Source: Canadian Life Ownership Studies

  7. Household Life Ownership Trends Source: Canadian Life Ownership Studies

  8. HH Life Ownership by Age of Respondent Source: 2013 Canadian Life Ownership Study

  9. More HHs Have Term Insurance Source: Canadian Life Ownership Studies

  10. Mean Amount Owned $290,400 $177,800 $256,200 Source: 2013 Canadian Life Ownership Study

  11. Mean Amount Owned - HNW $262,000 $157,400 $236,900 Source: 2013 Canadian Life Ownership Study

  12. Many Canadian HHs Not Financially Prepared Household’s Financial Situation if a Primary Wage Earner Died or Became Disabled, or HH Member Became Critically ill Source: 2013 Canadian Life Ownership Study

  13. Needs More Life Insurance Source: 2013 Canadian Life Ownership Study

  14. Who Needs More Life Insurance? Source: 2013 Canadian Life Ownership Study

  15. Likely to Buy in Next Year Source: 2013 Canadian Life Ownership Study

  16. Reasons Underinsured Don’t Buy Life Insurance* • Households saying they need more. • Source: 2013 Canadian Life Ownership Study

  17. Difficult When Buying Life Insurance Source: 2013 Canadian Life Ownership Study

  18. -- more so than in the U.S. And they still want an advisor Source: 2013 Canadian and 2010 U.S. Life Ownership Studies

  19. Even the younger generations! Canadian Households Age Source: 2013 Canadian Life Ownership Study

  20. Triggers Resulting in Sales 2011 LIMRA Buyer Nonbuyer Study

  21. Not Being Approached by Agents/Advisors Last Approached by a Life Insurance Advisor Source: 2013 Canadian Life Ownership Study

  22. HH Has a Personal Life Ins Advisor More than once a year No, never had one Less than once in 5 years Yes Once in 3-5 years Once in 1-2 years No, but had one in the past Source: 2013 Canadian Life Ownership Study

  23. Personal Life Ins. Advisor - HNW Has an advisor <$150k$150k+ Yes 31.5% 42.1% No, but in the past 21.4 14.5 Never 47.1 43.4

  24. Personal Life Ins. Advisor - HNW Last met with my advisor <$150k$150k+ Within one year 19.8% 17.2% 1 to 2 years 38.0 34.4 3 to 5 years 21.5 25.0 > 5 years 20.8 23.4

  25. Personal Life Ins. Advisor - HNW Last approached by an advisor <$150k$150k+ Within one year 25.9% 27.5% > 1 year 45.2 47.1 3 to 5 years 28.9 25.5

  26. What’s important to them? • Trust • Convenience

  27. Those Who Buy Trust Their Advisor If trusted, 76% bought If not trusted, only 36% bought

  28. THE SHOPPING / BUYING PROCESS ---- IS A NEW PARADIGM EMERGING?

  29. Social Media, Mobile and other technologies are changing the dynamic Affiliated Producer Full-ServiceBroker Independent Online Mobile Indep. B/D MGA Mail Contact Center Worksite Social Media

  30. Caveat Venditor Explores the art and science of selling in today’s buyer-empowered world…

  31. Information Shift SELLER BUYER THEN NOW

  32. Finger on the Pulse • LIMRA Research • Behavioral Economics (2005) • Every Excuse in the Book (2006) • Choice Architecture (2009) • Consumer Trust (2010) • Turning Shoppers into Buyers (2012) • Every Excuse in the Book • Behavioral Economics and the Sales Process • Consumer Trust • Shoppers and Buyers

  33. Changing Value Perceptions Of consumers who sought information from any source Source: Consumer Internet Use for Insurance, LIMRA, 2012

  34. Figure 4 - Percent of Consumers Using the Internet for Information on Individual Products *Significantly different at the 95th percentile: Gen Y from Gen X and Baby Boomer; male from female; $100,000 to $124,999 from lower income group.

  35. One Step Forward; Two Steps Back Steps Taken in Life Insurance Shopping Source: LIMRA Shopping For Life Insurance, 2013

  36. Financial Services and Social Media Progressive - 132,342 likes GEICO – 312,097 likes BANK OF AMERICA – 820,696 likes

  37. Connecting with Gen X and Y When you say Premium . . . Rider . . . Protection . . .

  38. “That’s where the growth is, that’s where we need to be,” William Wheeler, president of MetLife’s Americas division, said that day.

  39. NY Life Launches Regional Pilot to Generate Leads for Producers through AARP Pilot was so successful that NY Life is launching a nationwide campaign this year.

  40. The advisor’s world seems to be changing too!

  41. Behavioral Economics

  42. Companies are working on omni-channel Producer Online Mobile Mail Contact Center Social Media

More Related