Best Insurance

Growing cultural diversity and changing family structures
continue to heavily influence demand and life and
retirement purchasing patterns. Of particular note, the
percentage of white non-Hispanics has dropped from 83 to
69 percent of the population over the past four decades.1 As a
result, effectively reaching certain multicultural markets has
become even more critical to insurers’ success. In addition,
especially since the financial crisis of 2008, the transition
into adulthood is occurring at a slower pace, which has
delayed the types of life events (e.g., marriage, parenthood)
that typically drive the purchase of life insurance.

For example, only 60 percent of the 30- to 44-year-old
demographic has gotten married, as opposed to 84 percent
forty years ago. Family composition also has undergone
significant change since the early 1970s, contributing to
the need for more effective target marketing strategies. In
particular, single parent households have increased from
19.5 to 29.5 percent in that time, and females are making
more financial decisions than ever before.2 In the wake
of these demographic changes, carriers that are able to
accurately assess and address a given household’s needs
(primarily through advanced analytics and technological
innovation), as well as build strong relationships across
generations, will gain a potent competitive advantage.


There is a gap between consumer need for and availability
of solutions for managing not just financial capital, but also
human and social capital.