For decades, diversified insurers have doggedly pursued the Holy Grail: getting customers to purchase from them multiple types of coverage.
Success has been elusive, and a recent study by LIMRA, a financial-services research group, offers a surprising explanation why: Many consumers don’t have a clue their insurer even offers other products.
Only 48 percent of consumers surveyed by LIMRA were aware that their multiline insurer offered life insurance. The study also found that one in three people who purchased life insurance from a company other than their auto insurer did so because they didn’t even know their auto carrier sold the product.
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