Make the numbers sing webinar

transcript

Make the Numbers SingMake the Numbers Sing

Donna G. SullivanDirector of Public RelationsLIMRA, LOMA & LLGlobal

Donna Sullivan

Director, Public RelationsLIMRA

dsullivan@limra.com

Your HostYour Host

Enhanced Decisions Human Capital Development

Learning & DevelopmentResearch

Wide Breadth of ResearchWide Breadth of Research

Market Product Distribution

Technology Retirement

We are storytellers

Why use research at all?Why use research at all?

INSTANT CREDIBILITY

FACTS ARE HARD TO REFUTE

STRONG STARTING POINT

To twist statistical Information to make bad data seem good

VOODOO STATISTICS

What about the other 90 percent?What about the other 90 percent?

Selective use of dataSelective use of data

Why use research at all?Why use research at all?

INSTANT CREDIBILITY

FACTS ARE HARD TO REFUTE

STRONG STARTING POINT

Using research in your communicationsUsing research in your communications

Why use researchAvoid voodoo statsHow to use research

They managed without slides….They managed without slides….

“We shall fight on the beaches”

“Ask not what your country can do for you”

“An ideal for which I am prepared to die”

… but slides are here to stay… but slides are here to stay

Do it better!Do it better!

Less is More!

Household IncomeNeeds More

Life Ins.Likely to

< $35,000 65% 26%

$35 - $49.9k 57 25

$50 - $74.9k 51 25

$75 - $99.9k 41 28

$100 - $149.9k 35 24

$150k+ 29 21

All households 50% 25%

Need More Life Insurance and Likelihood to Buy by HH IncomeNeed More Life Insurance and Likelihood to Buy by HH Income

Source: 2010 U.S. Life Ownership Study

1992 1998 2004 2010

42%39%

1992 1998 2004 2010

32%27% 25%

Need more life insurance

Likely to buy in next 12 months

Source: LIMRA’s U.S. Life Ownership Studies

Need is Higher Than EverNeed is Higher Than Ever

American households that say they need more life insuranceAmerican households that say they need more life insurance

2004 44%

2010 50%

Source: LIMRA Household Trends in U.S. Life Insurance Ownership, 2010

# of U.S. households that believe they need more life insurance

58 Million

Many Households Not Financially Prepared for DeathMany Households Not Financially Prepared for Death

Percent

Would immediately have trouble meeting everyday living expenses

Would be able to cover living expenses for several months, but then would have difficulty keeping up with expenses

Would be able to cover living expenses well into the future

Family’s Financial Situation if a Primary Wage Earner Died

Source: 2010 U.S. Life Ownership Study

The number of American Households with children under 18 that would be

in jeopardy if the primary bread winner

Financial Assets of Pre-Retiree HouseholdsFinancial Assets of Pre-Retiree Households

Under $100K, 55%

$100K to $249K, 19%

$250K to $499K, 10%

$500K to $999K, 8%

$1 Million+; 7%

Source: LIMRA analysis of 2007 Survey of Consumer Finances, Federal Reserve Board, 2009.Analysis based on households where no members are retired and head of household is aged 55-70.

of all pre-retirees have less than $100,000 in financial assets55%

Source: LIMRA analysis of 2007 Survey of Consumer Finances, Federal Reserve Board, 2009

Many have little or no savingsMany have little or no savings

2002 2006 2007 2008 2009 2010 2011

Percent of workers who say they have less than $25,000 in savings and investments*

*not including primary residence or DB PlanSource: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc, Retirement Confidence Surveys

29% of workers say they have less than $1,000 in savings

Consumer Opinion of the Economy

July '11

January '11

July '10

January '10

July '09

January '09

October '08

March '08

Very unfavorable Somewhat unfavorable Neither Somewhat favorable Very favorable Unsure

Americans have had an unfavorable opinion of the economy for some timeAmericans have had an unfavorable opinion of the economy for some time

Percent “Unfavorable”

July '11January '11

July '10January '10

July '09January '09

October '08

March '08

75%67%

76%76%77%

88%90%82%

Americans have had an unfavorable opinion of the economy for some timeAmericans have had an unfavorable opinion of the economy for some time

Americans are still worriedAmericans are still worried

75% of Americans have an unfavorable view of the economy

For the most part, this has held true since March of 2008

Less is More!

The “So What” Factor

Traditional recruiting doesn’t resonate with Gen X & YTraditional recruiting doesn’t resonate with Gen X & Y

Your income potential is huge…

…security and stability mean more to me...

Source: LIMRA Report Choosing Careers They Love, 2011

30Source: LIMRA Report Choosing Careers They Love, 2011

Traditional recruiting doesn’t resonate

What do I value?InfluenceConnection – Networking 2.0StabilityVariety

What am I offering?MoneyConnection – Networking 1.0EntrepreneurshipRisk and Reward

Generation “Next”

Today’s recruiter

Find the “So What” factorFind the “So What” factor

Less is More!

Know Your Audience

Present the research that mattersPresent the research that matters

CUSTOMIZE THE

STATISTICS YOU USE

Less is More!

Know Your Audience

Avoid Death by Animation

People are Less SecurePeople are Less Secure

Sources: Employee Benefit Research Institute calculations, 2008Fidelity Investments and 2009 Metlife Survey

RISKMore than 75 percent of Americans

surveyed have less than one

month in savings.

Research can (should) impact your advertising

Companies use research to promote their strategiesCompanies use research to promote their strategies

LIMRA found Hispanic households much less likely to own individual life insurance compared to the general population (36% vs. 54%).... The LIMRA report also suggested that given the difficulty that many insured Hispanics have in determining how much life insurance they need, it is likely that many of these households are underinsured.

Companies use research to promote their strategiesCompanies use research to promote their strategies

According to LIMRA, 35 million U.S. households today have no life insurance coverage whatsoever, a dramatic increase from 24 million in 2004 and an indication of the increasing need for knowledgeable, well-trained financial professionals.

We will partner with our members!

Recent collaborations include:

We will partner with our members!

Recent collaborations include:

So….

What’s Next?

Conduct – and use – your own research

Make the numbers sing webinar

Economy & Finance