Growth remains elusive for US life insurance companies. Still, a greater-than-ever need for insurance and retirement products is fueling high potential for the US market—estimated by Accenture to be $766 billion by 2020.

So, where might life insurers best find growth?

My colleague, Patrick Lyons, recently answered this question in a new life insurance distribution report. He identified four key “white space” opportunities for life insurers, drawing on Accenture research and analysis of industry, US Census and Society of Human Resource Management data:

Register to download the report.

• Middle Market: approximately 52 million households of annual incomes between $35,000 and $100,000 with four percent of life insurance ownership.
• Baby Boomers: half of some 75 million consumers nearing retirement who lack the information they need to prepare for retirement.
• Millennials: 40 percent of about 80 million digital-savvy consumers are strongly determined to pass along wealth.
• Small business employees: 70 percent of more than 40 million employees (about one-third of the workforce) without retirement plans available through their company.

In addition to the growth possibilities within these four segments, two cross-demographic segments should influence life distribution decisions toward growth:

• “Non-stop” customers: buy products through a continuous process of consideration and evaluation, accessing a wide range of physical and digital channels.
• Digital Generation or “Gen D”: some 75 million active investors who use online, mobile and social technology in creating and protecting wealth.

Read the full report, Changing the Distribution Dynamic: Strategies for Increasing the Value of Distribution in Life Insurance.

In my next blog, I’ll outline a five-step strategic approach life insurers can adopt to optimize their distribution models, more effectively engage customers and capture the growth opportunity.