Peter Dziedzic’s Post

This report should be a big wake up call for the life insurance industry. J.D. Power is out with their 2024 Individual Life Insurance Study, and it is full of some really eye opening statistics. 👉 29% of life insurance customers say they “strongly agree” their insurer makes complex policies simpler. 👉 61% say their agent or advisor explains things in terms they can understand (that number falls to 57% for Gen Z respondents). 👉 Fewer than three-fourths (72%) of life insurance customers say their policy completely meets their future needs. These numbers should be 100% across the board. But the life insurance industry consistently aims to make things more complicated for the sake of looking more sophisticated or, at times, to create a bit of smoke and mirrors. Rather than binders full of endless jargon and illustrations designed to look more complex than need be, the industry should focus on providing clear, direct, and easily understandable materials that allow customers to make better decisions. Education should also be a key focus for producers and carriers. Too many jump right to making the sale without giving the consumer the materials and background they need to understand proposals and feel more confident in their decision making. #lifeinsurance https://lnkd.in/eH8U6jT5

Our Life Insurance Strategies Group Tier One update for October was released this week. In this edition: 🎙 Jay Judas interviews Matt Schiff of Schiff Executive Benefits; ✍ Our blog examines a potential strategy for real estate and other investors; and 🎥 Our video (filmed in Guernsey) talks about offshore life insurance jurisdictions. You can check it all out by clicking on the link below. https://lnkd.in/eSUnND_s #lifeinsurance #newsletter

Your business depends on referrals from satisfied clients sharing their positive experience with friends? You may have to rethink your strategy. The 2025 Consumer Trends Report from Qualtrics has some really fascinating data that provides insights into today's consumer. What I found most interesting: 👉 Clients are more likely than before to leave after receiving poor experience. 👉 On a related note, they are also less likely to communicate when something bad happens. Meaning you may lose a client and never really know why (or be able to fix an issue). 👉 On the flip side, clients are less likely to share experiences with their friends and family - that includes positive experiences. Hence the issue with relying on referals. 👉 And while consumers are wary of AI and concerned about breaches of privacy, they are also seeking more personalized service. You can take a look at all the data below. https://lnkd.in/ep9w_cie

A newish trend in the clients we are seeing at Life Insurance Strategies Group with regards to our consulting clients? More and more owners of plumbing and HVAC businesses. Everyone assumes our clients are all Silicon Valley founders or finance gurus, but increasingly we are seeing folks who created, built and then sold a business involved in the trades. This article from the The Wall Street Journal explains the rationale behind some of that. Plumbing and HVAC businesses are a hot target for PE firms these days. https://lnkd.in/eDCvt8MQ

Talk about an easy way to gain customer loyalty on social media. Yesterday, Jay Judas and I visited the F1 Arcade in Boston to celebrate our anniversary. I posted a photo on my Instagram story tagging them. Well, within minutes they had DM’ed me a quick note and shared my story to their stories. Quick, easy and cheap - but effective. I had a great time, and this made it that much nicer. And now I’m telling this story here, which is essentially free publicity for them, extending the impact of this small gesture. Just really smart. #socialmediamarketing #casestudy

Yes, this is a business post. 16 years ago today was the happiest day of my life. That’s the day Jay Judas and I tied the knot. On that day, Jay promised that our life together would be a grand adventure - and boy has it been! Part of that adventure has been working together - including launching and running Life Insurance Strategies Group. (See, business related). I can’t imagine anyone else I would rather be with on this ride. I can’t wait to see where life takes us next. #marriage #anniversary

Hard or soft luggage? I’m on the road today, so thought this article could start a fun debate. For the record, I’m a fan of hard. I have an Away hard case. Bonus - I bought a set of their travel cubes and it was a game changer. https://lnkd.in/edxNvB8p

Have we reached peak longevity? If you've been to a life insurance industry conference the past few years, you have surely seen a presentation on longevity. So I read this article with great interest. The main takeaway? "The data suggests that after decades of life expectancy marching upward thanks to medical and technological advancements, humans could be closing in on the limits of what’s possible for average life span." Another interesting nugget - rather than more people living to 100+, we are essentially dying in a more compressed time frame. Now, average life expectancy is expected to top out at 84 for men and 90 for women. Of course, I would be remiss if I didn't raise the point I always do when speaking of longevity. As a society, we need to do more to talk about what these longer lives mean in terms of preparing financially and for the long-term-care needs longer life is likely to create. https://lnkd.in/eZp_eWK3

This is a small, but hugely satisfying, change by YouTube. No more having one video you can use across all other platforms and then having to do a special YouTube Shorts edit. (And h/t to Troy Assoignon for being the first person I saw noting the change). https://lnkd.in/e_3NwcRm

First we had Billy McFarland announce a new music festival (a Fyre Fest 2 if you will). Then Anna Delvey appeared on Dancing with the Stars. Now Adam Neumann is getting back into the shared office game. His new company, Workflow, is a new, updated version of his former company, WeWork. And he is building it out in conjunction with his real estate company, Flow. Neumann also claims he learned lessons from his first go in this space, saying he will go slow and that his VC investors will help keep him in check. Definitely makes you think about what F. Scott Fitzgerald meant when he wrote, "There are no second acts in American lives." Also makes me wonder what Elizabeth Holmes and Jen Shah are working up together in the jail they are both at. https://lnkd.in/eiE5QwCw