Risk Insights – Vol. 19, No. 2 – Summary
Appealing to Millennials – Think Smart, Not Hard
by Marissa Valente
The challenge for insurers is to understand this important population group and engage with them as consumers. The question is how the industry can become better at helping young people who want to buy insurance products that suit their needs. Millennials possess specific attitudes and behaviours that call for a fresh approach to marketing financial services – especially Life and Health insurance products. It follows that insurers must understand Millennials’ preferences to gain their business and loyalty. Key to this challenge is Millennials’ use of technology, their collaborative nature and their relatively low levels of financial literacy.
Get Insured? Generation Y asks “Why?”
by Dr. Marianne Kutzner
Asking the question “Why?” embodies one of the dominant traits of a generation that systematically challenges traditional norms and values. Gen Y members, also known as Millennials, are “digital natives” because they were the first to grow up with Internet and mobile phones, and they feel at home in virtual worlds and on social media. Life and disability insurance, and even long term care and pensions, are entering their fields of vision for the first time. Gen Y is an attractive market for insurers keen to provide them with products that help forge long-term financial relationships. Life insurers must exercise caution if they are to avoid joining the list of industries losing contact with the young generation.
Appetite for Life Insurance – A Survey of UK Millennials
by Manraj Purewal
Millennial adults appear in no rush to buy Life insurance despite grasping the importance of a stable financial future. While many Millennials would benefit from doing more and earlier financial planning, insurers wishing to attract them face a challenge. Survey participants were asked questions about the overall appeal of Life insurance and their willingness to disclose personal data to obtain it. The combination of new technologies and the attitudes of this generation of 18- to 40-year-olds will likely stimulate new developments in the insurance industry. As people become aware that sharing personal data could benefit them, perhaps what the Life industry once considered unattainable or intrusive may become commonplace and accessible.