Market Demographics

Source: LIMRA life insurance ownership study

Source: LIMRA life insurance ownership study

Opportunities exist for smart companies that see the trends.

  • Approximately 30% of households have no life insurance.
  • Approximately 60% of households are significantly underinsured.
  • Consumers are increasingly comfortable not doing business face-to-face.
  • The average agent is aged 57 and fewer new graduates see a career in selling insurance.
  • Agents are focusing higher face amounts. 

The Mortality Protection Gap

Swiss Re estimate the gap between how much insurance cover is needed and how much is actually owned to be $20 Trillion in the US and $1 Trillion in Canada. This gap is only getting larger as new business sales are not keeping up with increasing demand.

Potential Customers are Looking to Buy Online

Our Research

“Almost half of participants found the value proposition very appealing (rating of 8 or more out of 10); these results are encouraging.

Years ago, when evaluating consumer interest in the ING Direct value proposition, our goal was to find interest in only half as many target group members (who we defined as innovators).“

- Head Research 2013

We also know that potential customers are searching online for insurance; many are getting quotes, applying and then being referred to an agent to follow the traditional process.

Google Searches

Each month there are over 2 million google searches for life insurance in America and over 40 thousand such searches in Canada. Of these over 550,000 searches in America, and over 7,500 searches in Canada, include specific terms such as "quote", "rate" or "buy", suggesting that many of these potential customers are ready to buy.

Online Functionality Today


Despite the large insurance gap and demand to purchase online the ability to successfully manage the sales process online is not available in the North American market today.

All that is available in the market today are point solutions such as automated underwriting, quote online, or apply online.