Millennials: The Holy Grail to growing your life insurance business
Millennials are the largest generation in history, yet more than half of these individuals do not own life insurance. The 2022 Life Insurance and Marketing Research Association (LIMRA) and Life Happens Barometer study reported that 55% of millennials do not have life insurance.
With the COVID-19 pandemic, the value and awareness of life insurance are at an all-time high. According to LIRMA, 47% of millennials say they need life insurance. So how can you help insure the nearly 44 million Americans who are currently uninsured?
Understanding misconceptions and engaging with millennials
Statistics show that millennials are overestimating the cost of life insurance, sometimes by nearly 5 times the actual cost. In addition, according to a survey conducted by IBM iX, the cost is not even their top concern; more often, it is the confusion, complexity, and inconvenience surrounding life policies. Based on the desires of those surveyed, the opportunity is substantial, with 70 percent reporting they would be likely or very likely to buy life insurance if they better understood offerings and benefits, while 67 percent would if the process were faster or easier.
To assist your applicants in better understanding life insurance, the National Association of Insurance Commissioners (NAIC) has a consumer resource website with answers to clients’ common insurance inquiries to help them make informed decisions, including tips on naming beneficiaries and consumer insurance guides.
In addition, ExamOne is here to assist with making the process easier for the “on-the-go” lifestyle of this generation. Our data shows an 89% completion rate for millennials who complete their paramedical exam at an in-center location. These scheduling enhancements and convenient exam options and locations allow you to schedule exams quickly while giving applicants the freedom to be more involved in the process and work around their busy schedules.
The wellness generation
Millennials have a different attitude towards health than other generations. Health and wellness are a daily, active pursuit. As their life insurance agent, it is important to put less emphasis on the life aspect and establish a partnership that promotes their existing goals. Many millennials are beginning to understand the importance of life insurance, but it is not a tangible item and does not contribute to their immediate well-being. With Online Lab Results, applicants have the ability to further improve their health for their current and future protection.
Millennials and technology
In a not-so-surprising statistic, 5 billion people around the world have the ability to text. Looking at just the millennial generation, this group is considered “texters”, not talkers. Text messaging is their #1 preferred business communication channel. Additionally, 75% of millennials believe that texting is a helpful way to receive appointment reminders surveys and promotions.
Accordingly, ExamOne launched our texting initiative. This service provides a scheduling outreach program that includes exam reminders and confirmations designed to help increase completion rates. Another added convenience is providing an online option for applicants to complete their personal history interviews. The online interview platform will leverage existing medical history scripts and will allow applicants to complete their interviews at a time that is most convenient for their busy lifestyles.
Please contact your sales representative if you have questions or would like a demo of the services mentioned.
