LEGAL & GENERAL AMERICA
the benefits of life insurance . That ' s what we have to change . We have to make it easy and accessible for all families in America .”
Another barrier to market entry is the fact that life insurance isn ’ t something that protects the obvious , as other types of cover do . And getting the message across that having life insurance can be – well , lifesaving in the event of a crisis – isn ’ t an easy task .
“ People don ' t wake up in the morning and think , ‘ You know what , I ' m going to go and buy some life insurance .’ They might think about a house and a car because it ' s a tangible asset , but not with life insurance ,” says Holweger , who believes that getting the message across to that market segment is all about good communication and better accessibility . Digitisation is also an essential ingredient .
“ When you explain to somebody what life insurance does and actually how affordable it is , because basic term insurance is not expensive , they say , ‘ Well , why wouldn ' t anybody buy that ?’ But somebody has to explain to them , and that ' s not happening in the United States because the cost of distribution was just too high .
“ That ' s why digitising and making it easier and simpler is going to transform the market , '' he says . “ It will make life insurance more accessible for more people , but most importantly it ' ll mean that they can become educated . And you have to explain to the customer exactly what life insurance does .”
A rapidly changing market Despite the fact that the pandemic has placed many global industries under unprecedented strain , the US life insurance sector has actually been driven forward over the past two years . Holweger says that not only has it placed mortality at the forefront of people ’ s minds , but it ' s resulted in insurance companies becoming more agile ,