ID Trends Summer 2022 - Page 4

Riding high

Publisher ’ s note :

4 ID Trends NAILBA

Riding the wave of innovation

Taking a page out of the summer surfer ’ s manual , the surf is up and it is time to take advantage of the wave of innovation hitting our profession . Thanks to the following stats from LIMRA , WINK , and MDRT , we are able to better understand the market trends shaping the future .
Pam Sheehan Vice President , ID Media Network NAILBA PSheehan @ nailba . org
With fintech improvements impacting processes , new trends are surfacing about what consumers now want and expect from our profession .
With fintech improvements impacting processes and efficiencies , new trends are surfacing about what consumers want and expect from our profession . The role of the human advisor continues to be critical as the variety and complexities of products grow within life insurance , long-term care , linked benefits , DI , annuities , life settlements , and premium financing .
Understanding the currents
To further explain the current innovations in technology , products , and partnering , NAILBA is having its annual summer symposium . The online event dives deeper into business trends , as well as the perceptions held by consumers and industry professionals for the financial services and insurance arena . The complimentary event airs August 2 and 3 with on-demand viewing for watching any time , anywhere .
Things are picking up speed as we go through the second half of the year . The following information from LIMRA shows how quickly business ramped up in the first quarter with double digit growth in life insurance sales .
It ’ s time to ready yourself for the next wave of business . Surf ’ s up !

Riding high

Preliminary numbers from LIMRA show retail life insurance sales at double-digit growth . Total U . S . life insurance new annualized premium increased 18 % in the first quarter of 2022 , marking the 5 th consecutive quarter of double-digit premium growth . Though total policy sales fell 8 %, compared with the same period in
2021 , policy sales remain slightly higher than pre-pandemic results recorded in first quarter 2020 .
Also , showing a strong start in the first quarter were sales in the fixed annuity category . More details on the annuity sector can be found on page 30 .
Quarterly U . S . Life Insurance Policy Sales Growth 2019 – Q1 2022
25 % 20 % 15 % 10 % 5 % 0 % -5%
-3 %
1 %
Q1 ‘ 19
Policy sales growth
Premium growth
15 %
2 %
0 %
-4%
-2%
-2%
Q2 ‘ 19
Q3 ‘ 19
Q4 ‘ 19
-1 %
1 %
Q1 ‘ 20
2 %
-5 %
Q2 ‘ 20
7 %
2 %
Q3 ‘ 20
2 %
-8%
Q4 ‘ 20
COVID-19 Pandemic
11 %
15 %
Q1 ‘ 21
7 %
21 %
Q2 ‘ 21
0 %
18 %
Q3 ‘ 21
2 %
26 %
Q4 ‘ 21
18 %
-8%
Q1 ‘ 22
Source : U . S . Retail Life Insurance Sales Survey , LIMRA