According to LIMRA, 50% of US households say that they need more life insurance. But fewer and fewer middle and upper-middle income employees are being served by traditional life insurance industry distribution channels. What if we created a new distribution channel for life insurance that reaches over 40 million employees a year? Would that be a helpful conduit to benefits decision-makers?
Private insurance exchanges Last year there were just a few hundred thousand employees in the US in private insurance exchanges. But, in May of 2013 Accenture estimated that private insurance exchanges will grow from 1 million employees in 2014 to 40 million employees by 2018. Unlike the public exchanges set up by government agencies to sell health insurance, a big motivation behind employers setting up private exchanges is to shift from a defined benefit to a defined contribution approach to funding employee health insurance.
