Insurers Need to Change Way They Sell to Retirees: Study Dow Jones Newswire (04/24/03) Vol. 32, No. 4 p.1D; Kim, Jane J.
Based on its recent study, "The Retirement Income Market: Strategic Implications for Insurers," TowerGroup contends that insurers need to change the way they sell and market their products if they are going to meet the changing needs of future retirees. According to the study, retirees looking to accumulate savings are depending less on traditional sources of income and more upon insurance products as a solution to their retirement planning needs. To meet these changing needs, insurers, which tend to market products on an individual basis, need to train their advisors to realize the changing needs of retirees, must shift to a more service-oriented distribution model, and must improve the packaging and distribution of their insurance products.