Entrepreneurship, Life Insurance, Content

I am working with a technology entrepreneur on applications of technology to the life insurance market. I started my career in 1998 as a career agent in Northwestern Mutual’s State College district agency while studying at Penn State. Our view is that there is an opportunity to serve this (very large, established, and low growth) market by building a strong technology solution, predictable operating model, and extremely narrow market definition.

One of the most interesting discussions we are having is in market definition. Is our target market, on average, younger with preference for impersonal purchasing of life insurance, prioritizing efficiency, speed, and cost over advice, relationship, and value? Perhaps this market is primarily concerned about simple, low cost solutions for financial protection of their young family for the next 10 or 20 years… Or, is our target market, on average, older (and wealthier) with preference for advice, notably as discussion of tax reform is ever present and adjustments to federal estate/transfer taxes are “in play” with federal (and state) legislatures. (Will there ever be a day where an ILIT is formed by some version of LegalZoom and funded by some version of PolicyGenius? I would not bet on it!)

Some of the effort I am putting into this is writing content for future marketing efforts. Here are a few examples:

• https://thorcollc.com/2021/11/30/life-insurance-content-what-is-life-insurance/
• https://thorcollc.com/2021/11/30/life-insurance-content-what-are-the-reasons-businesses-purchase-life-insurance/
• https://thorcollc.com/2021/11/30/life-insurance-content-what-are-the-reasons-families-purchase-life-insurance/

I will continue to post these to this blog.