Industry Brief: Life Insurance Multi-Part Series (part 2)

The origins of life insurance dates all the way back to the ancient Romans back in 100 B.C, however, in the United States, life insurance can be traced back to 1759. In the period between 1787 and 1837, twenty- six companies offered life insurance to the public, where the industry took form and evolved into what we have today. The life insurance industry has since flourished and tried to accomplish many things over the centuries, such as protecting loved ones, gaining from tax benefits, enabling wealth transfer, and for financial planning purposes. These core reasons continue to persist today and drive the life insurance industry. This report will take a multi-dimensional look at the insurance industry for those seeking an understanding. Matters such as why people buy life insurance, the type of products that exist in the marketplace, the technology ecosystem that has been developed, and other critical matters. This is the first in a multi-part series looking across the industry from these perspectives. The series will address topical areas such as the Industry, Life Insurance Technology, Distribution Models, and the Future. We recommend the series be read in its entirety.