Reimagining Growth: The LIMRA-EY Experienced Financial Professional Study

The LIMRA-EY Experienced Financial Professional Study shares how life insurers and annuity providers can strengthen financial professional engagement.

In brief

• New competition necessitates innovative services.
• Customer needs have changed, and financial professionals must be prepared to respond.

From industry convergence and a diversifying client base to digital disruption in the back office, to marketing in the metaverse, the life insurance and annuity industry continues to experience profound change and intense competition. As the pandemic’s impacts recede, financial professionals continue to seek new sources of growth, and some have seized the moment more effectively than others.

The latest LIMRA-EY survey of experienced financial professionals, representing insurance, investment and advisory practice models, suggests how these trends and other powerful forces are influencing the sector’s long-term growth prospects, and how financial professionals engage and serve clients every day. The survey results also clarify where insurance carriers can spark growth by honing their value propositions, refining their product offerings, reaching new market segments and rethinking how — and with which partners — they go to market.

Our study reveals some key challenges for incumbent insurers and investment firms, provides a snapshot of where the industry is today and shows financial professionals’ perceptions. The research findings will help insurance companies, annuity providers and other financial services organizations align their products and service models to engage with different types of financial professionals.

Key findings

1. Female financial professionals are experiencing impressive client growth. 
2. Social media is an effective client acquisition strategy. 
3. Carriers and annuity providers must claim their place in complex and evolving technology ecosystems. 
4. A quality financial professional experience differentiates carriers. 
5. In a complex age, clients seek simplicity.

About the study

To explore the needs and perspectives of experienced financial professionals, Ernst & Young LLP and LIMRA collaborated to update the 2018 Harnessing Growth: The Experienced Financial Advisor Study. To reflect current nomenclature, throughout this paper we are using the overarching term “financial professional” to represent “advisor,” unless otherwise specified. This year’s study surveyed more than 900 experienced financial professionals from six common insurance, investment, and advisory practice models. Respondents had a minimum of three years of sales experience in the industry and met minimum income thresholds for their practice models.