Sponsor (Oct-Dec 1962)

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85 Billion 80 70 60 50 40 30 20 10 Why life insurance companies need new marketing ideas '52 '53 '54 '55 '56 '57 '58 '59 '60 •61 Shown above are life insurance purchases in the U. S. Despite the fact that sales ol life insurance in the U. S. have risen for the past 10 years, there is unmistakable evidence that the rate of climb has been levelling off recently. With more than 50 companies competing for sales, each must find new, creative marketing techniques SPECIAL INDUSTRY REPORT NO. 2 INSURANCE: Why radio can help mj£!BUi3nBKMr~' IMHHflPfflHHMMi ** Life insurance faces plateau problem ** 50 companies in fierce sales competition ► "Quality-trust-protection" wearing thin ► Spot radio offers unique opportunities With policy sales running over a whopping $80 billion rate last year it may seem slightly absurd to many hard-pressed manufacturers to talk of the marketing "problems" of the life insurance industry. Yet to thoughtful sales executives of the giant insurance companies their own marketing dilemmas are fully as complex, and considerably more sizeable than those faced by purveyors of soap, cigarettes, razor blades or automobiles. Contributing to insurance company headaches are such factors as: 1. Policy sides plateau. Though sales of life insurance policies continue to rise each year, the rate of climb has been slacking off noticeably since 1957 (see (hart above) and there is evidence that sales are heading toward a plateau. 2. Fierce competition. More than 50 major companies are competing for the country's life insurance dollars and though the leaders are huge and powerful, even the smaller companies have substantial assets. 3. Product similarities. Though insurance companies offer and feature a wide variety ol policies, the lad is that it is almost impossible lor a in one of them to achieve am teal "product superiority" ovei competition and rates are often established by law. 4. Personal selling. The individual salesman remains the ke) figure in life insurance marketing and there are no signs that the "distribution revolution" which has reduced the importance ol personal selling in the food and department stoic fields cm ever be ol major consequence in life insurance 5. Industry conservativism. Despite the tact that it laces jet-age -ales problems, life insurance remains perhaps the most conserva SP0NS0R/1 OCTOBER 1962 39