Posts Tagged ‘survey’

Insurers’ Use of Social Media Jumps

August 14th, 2014, No Comments, be the first ».

A new LIMRA survey finds that 93 percent of life insurance companies had social media programs in place in 2013, up 55 percent from 2010 (when only 60 percent of companies used social media).

More than three quarters of companies report having social media programs targeted at the public (77 percent); while 7 in 10 have programs supporting financial professionals’ use of social media. One in five companies says it plans to launch social media programs to reach these audiences this year.

According to LIMRA’s annual survey, LinkedIn and Facebook are the most widely used social media platforms, with 98 percent of companies having a presence on LinkedIn and 93 percent on Facebook. Other sites, such as Twitter, Google+, YouTube, Pinterest and Instagram, have also seen growth (see chart).

While compliance concerns topped the list of challenges in 2013 (68 percent), it is far lower than what was reported in 2010, when 9 in 10 insurers cited compliance concerns as their biggest worry. However, more tactical concerns, such as staffing, funding, and getting executive-level support, are becoming more common.

For more information, visit LIMRA at www.limra.com.

 

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Middle America Not Saving Enough

June 18th, 2014, Comments Off.

A recent LIMRA study has found that 57 percent of middle-market American households are not saving regularly. This number jumps to 69 percent for households with children who are under 18 years old.

According to the survey, the top five financial goals of middle-market households are:

  1. Saving enough for a comfortable retirement
  2. Building an emergency fund
  3. Paying off/reducing debt
  4. Maintaining/achieving a good credit score
  5. Develop/follow a budget.

Yet half of these households surveyed by LIMRA say they would need to borrow to cover a $5,000 emergency, and one third have non-mortgage debt of $25,000 or more.

The good news, LIMRA notes, is that three quarters of middle-market households seem to understand that they need help and are interested in learning about savings options or strategies.  For Generation Y households and those with children under 18, the number jumps to over 80 percent.

This is an opportunity for advisors and companies looking to connect with the middle market, according to LIMRA.  Prior LIMRA research has shown that consumers who say they need life insurance but don’t buy often say they can’t afford it.  Offering these consumers savings strategies could help them get to a place where they will feel comfortable enough to buy the life insurance they say they need.

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By Ayo Mseka
Editor-In-Chief

 

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