New feature empowers companies to compare sales of individual life insurance products in specific markets.
WINDSOR, Conn., Jan. 15, 2020 /PRNewswire/ -- LIMRA is expanding its Life Compass® tool to allow life insurance companies the ability to compare individual life insurance products with similar competitors' products, boosting their ability to track their own performance and adapt to evolving market conditions.
"Today's market is extremely competitive. The margin for error on product development and marketing decisions is slim," said Alison Salka, Ph.D., senior vice president and LIMRA research director. "Our members are seeking greater insight and competitive analysis into which life insurance products are garnering the greatest traction within various market segments. In response we enhanced our sales reporting capabilities to enable our members to track and compare sales of their products with similar products in the marketplace."
Life Compass is a data analytics portal that provides participating life insurance companies access to broad, detailed sales information by product, geography, distribution channel, market type, buyer age, contract size and gender. This aggregate policy-level data help companies determine new market opportunities and identify growth opportunities in specific areas, analyze product trends in detail and track the effectiveness of sales and marketing campaigns with precision.
The new dashboard, My Products, builds on Life Compass's robust platform to support companies' efforts to compare individual branded life insurance products within each category (fixed universal life, indexed universal life, whole life, variable universal life, term, etc.). The new reporting tool will:
- Help inform companies about the products that are capturing greater market share both at an industry level and within consumer segments;
- Track growth of competitors' products;
- Identify product leaders within demographic groups and regions for specific distribution channels, providing actionable information for carrier distribution strategy.
"LIMRA has been recognized throughout the industry as the 'go-to' source for accurate, reliable life insurance sales data for almost 100 years," noted Elaine Tumicki, corporate vice president, LIMRA Insurance Product Research. "Today, almost half of the life insurance market (measured by premium), including 7 of the top 10 life insurance companies, currently participate in Life Compass and we expect this to grow substantially in the coming months."
The My Products dashboard will be available in May 2020 with first quarter reporting. Access to Life Compass and My Products is available free to all LIMRA member companies.
Serving the industry since 1916, LIMRA helps to advance the financial services industry by empowering nearly 600 financial services companies in 64 countries with knowledge, insights, connections and solutions. Visit LIMRA at www.limra.com.
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