THE MIDDLE MARKET: HOW TO SELL TO THIS MARKET

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1 THE MIDDLE MARKET: HOW TO SELL TO THIS MARKET Mark Costello, FSA, MAAA 2 nd Vice President and Marketing Actuary Munich Re November 18, 2010 Agenda Define the market Distribution issues Product issues Underwriting issues 1

2 Sources Is There Magic in the Middle Market (LIMRA, 2009) Trillion Dollar Baby (LIMRA, 2005) Simplified Issue Marketplace (LIMRA 2009) Automated Life Underwriting (SOA 2009 survey) LIMRA Simplified Issue Survey Participants AAA Life Insurance Company Equitable Life & Casualty Mutual of Omaha Allstate Financial Farmers New World Nationwide Financial Allstate Workplace Division Foresters Oxford Life Insurance Company American Fidelity Gerber Life Insurance Company Phoenix Americo Great-West Life & Annuity Principal Financial Group Aviva Life & Annuity Household Life Insurance Company Symetra Baltimore Life Insurance Illinois Mutual Transamerica Capital Management Conseco Insurance Company ING Vantis Life Cotton States Lincoln Financial Group Western & Southern Life CUNA Mutual Group Mennonite Mutual Aid Association 11/18/

3 SOA Automated Underwriting Survey Participants 11/18/ DEFINE THE MARKET 3

4 What is the Middle Market? Middle market Household income = $35, $124, million households Simplified issue 1 million policies/ $600 million premium/ $35 billion face Un/underinsured 48 million households don t have enough life insurance $17 billion premium/$9.5 trillion face 11/18/ Characteristics of the Middle Market 52MM households 73% feel they need life insurance 34% believe they don t have enough coverage 25% have none 32% have only employer group coverage 11/18/

5 The Opportunity Uninsured 44% need more coverage 27% planning to buy in 12 months = $9 billion premium/$4.8 trillion face Middle market 34% need more life insurance $60,000 average size $1 trillion face 11/18/ Middle Market Characteristics % of middle market that considers the following a necessity Medical Coverage 96% Life Insurance 73% Disability Insurance 49% LTC Insurance 37% Retirement Savings 90% College Savings 58% The Middle Market: How to Sell to This Market Mark Costello 11/18/

6 Middle Market Characteristics Source: Is There Magic in the Middle Market (LIMRA, 2009) 11/18/ Middle Market Characteristics Top 3 Goal Have Not Achieved Meet monthly expenses 43% 30% Have emergency savings 38% 73% Adequate medical coverage 25% 26% Comfortable retirement 50% 92% Pay off credit cards 48% 57% Adequate life insurance 7% 34% Source: Is There Magic in the Middle Market (LIMRA, 2009) 11/18/

7 Middle Market Characteristics Source: Is There Magic in the Middle Market (LIMRA, 2009) 11/18/ DISTRIBUTION ISSUES 7

8 Distribution Issues Distributor Perspective Effort required Expected payout 11/18/ Distribution Issues Buyer Perspective Source: Is There Magic in the Middle Market (LIMRA, 2009) 11/18/

9 Overcoming these issues and selling to this market Direct mail (e.g. Colonial Penn) Affinity marketing (e.g. HSBC) Multi-line agents (e.g. Farmers New World) Traditional (Fidelity Life, Liberty Life) 11/18/ Overcoming these issues and selling to this market -- Internet Middle market and use of internet Internet and life insurance Quotes Information Internet life sales 11/18/

10 Overcoming these issues and selling to this market Lost internet sales Medical underwriting requirements Lengthy underwriting process Cost Source: The Case of the Disappearing Customers (LIMRA, 2009) 11/18/ Simplified Issue Sales Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/

11 PRODUCT ISSUES Simplified Issue Products Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/

12 Simplified Issue Products Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/ Simplified Issue Products Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/

13 Simplified Issue Products Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/ Middle Market Survey Source: Is There Magic in the Middle Market (LIMRA, 2009) 11/18/

14 UNDERWRITING ISSUES Underwriting for the Middle Market Maximum face Application Additional information Follow up process Automation 11/18/

15 Simplified Issue Application Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/ Simplified Issue Application Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/

16 Simplified Issue Application Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/ Simplified Issue Additional Information Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/

17 Simplified Issue Follow-Up Information Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/ Simplified Issue Underwriting Time Source: Simplified Issue Marketplace (LIMRA, 2009) 11/18/

18 Automated Underwriting Objective Functionality Outcomes 11/18/ Objective in Using Automated Underwriting Source: Automated Underwriting Survey (SOA, 2009) 11/18/

19 Automated Underwriting -- Functionality Source: Automated Underwriting Survey (SOA, 2009) 11/18/ Automated Underwriting -- Functionality Does the system have the ability to: Both reach a final and recommend an underwriting decision 54% Reach a final, but not recommend, an underwriting decision 25% Recommend, but not reach, a final underwriting decision 13% Neither reach a final nor recommend an underwriting decision 8% Source: Automated Underwriting Survey (SOA, 2009) 11/18/

20 Automated Underwriting -- Functionality Source: Automated Underwriting Survey (SOA, 2009) 11/18/ Automated Underwriting -- Functionality Source: Automated Underwriting Survey (SOA, 2009) 11/18/

21 Automated Underwriting -- Functionality Source: Automated Underwriting Survey (SOA, 2009) 11/18/ Automated Underwriting -- Outcomes Source: Automated Underwriting Survey (SOA, 2009) 11/18/

22 Automated Underwriting -- Outcomes Source: Automated Underwriting Survey (SOA, 2009) 11/18/ Automated Underwriting -- Outcomes Source: Automated Underwriting Survey (SOA, 2009) 11/18/

23 Automated Underwriting -- Outcomes Source: Automated Underwriting Survey (SOA, 2009) 11/18/ Automated Underwriting -- Outcomes Source: Automated Underwriting Survey (SOA, 2009) 11/18/

24 SO..HOW DO YOU SELL TO THIS MARKET? Conclusions There is a sizeable market opportunity Must understand the market Learn from what s out there Use the technology available to make something new possible 11/18/

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