Phase Out Paramedical Exams, Phase In Life Insurance for Millennials
Report Summary
Phase Out Paramedical Exams, Phase In Life Insurance for Millennials
To win Generation Y, insurers need to simplify the life insurance underwriting process.
Boston, July 1, 2014 – Despite increasing demand for life insurance across generations, the number of policies has diminished in the last decade. Millennials want to buy life insurance via simple transactions and learn about these products from people they trust, but outdated underwriting processes and ineffective marketing continue to get in the way. Recognizing a need for innovation, a few life insurance companies and technology vendors are creating game-changing underwriting approaches to make life insurance products that millennials want to use.
Based on a Q2 2013 survey of 1,242 U.S. consumers, this Impact Note details millennials' preferences related to researching and buying life insurance. It also reviews the latest underwriting technologies and presents a next-generation value proposition for life and health insurance products.
This 29-page Impact Note contains 11 figures and five tables. Clients of Aite Group's Life Insurance service can download this report.