Leading the way in life insurance innovation

Premium hikes are a growing concern in the life insurance industry, threatening policyholder loyalty and retention. It's crucial to understand pain points faced in the market — which is why we invest in industry research to stay ahead of market trends.

Providing us with a better understanding of consumer habits in the market, to help ensure our partners have the insights they need to succeed.

The industry challenge: premium hikes and policyholder churn

Premium increases are a growing concern in the life insurance industry, with our recent survey, “The hard truths on rates and premiums, and how to retain policyholders” highlighting key drivers:

• High claim costs (37%)
• Severe weather risks (29%)
• Inflation and high interest rates (20%)

With 94% of insurers seeing client premiums rise in the past year and 69% reporting policyholder loss due to these increases, it's clear that traditional retention methods are no longer enough.¹ Insurers must explore innovative solutions to keep customers engaged and reduce churn.

Improving retention through embedded insurance

One of the most effective ways to combat policyholder loss is by integrating life insurance into key moments that matter. Embedded insurance allows insurers to provide seamless, relevant coverage options at critical life stages, such as:

• Buying a home
• Starting a family
• Purchasing a vehicle

By offering life insurance as an add-on or bundled product, insurers can strengthen customer loyalty, streamline the purchasing process and meet consumer expectations for on-demand experiences.

Reducing friction and enhancing the sales process

Poor customer experience remains a top barrier to purchasing life insurance. Unlike financial institutions that interact with customers 10-20 times per year, insurers typically have far fewer touchpoints.² Making every interaction count is crucial to improving retention rates.

At TruStage, we simplify life insurance with:

• Streamlined medical questions
• Instant decisioning
• A buying journey completed in minutes

This streamlined process empowers agents to scale efficiently while reducing friction for policyholders, creating a win-win scenario for both insurers and their customers.

Reaching the next generation of policyholders

The demand for life insurance is evolving, with younger generations actively seeking coverage. A recent study found that 44% of Gen Z is considering purchasing life insurance within the next year.³ With a digital-first mindset, these consumers expect fast, seamless purchasing experiences that align with their lifestyles.

To stay competitive, insurers must leverage embedded insurance opportunities and digital-first strategies to attract and retain this growing segment of buyers.

Unlock the secrets to retaining policyholders amid rising premiums

TruStage is committed to providing industry-leading research that helps insurers tackle today’s challenges head-on. Our latest whitepaper, “The hard truths on rates and premiums, and how to retain policyholders”, delivers valuable insights on:

• The impact of premium hikes on policyholder retention
• Strategies for leveraging embedded insurance to drive engagement
• Ways digital-first experiences can improve customer loyalty

Don’t let rising premiums erode your customer base. Download our whitepaper today and discover how you can create seamless, personalized experiences that keep policyholders engaged for the long term.