“Why do the cell phone companies only make small cell phones?” asks a friend who works with older senior citizens. “My clients want to use the phones and they are capable of handling the technologybut the handsets are just too small for most to use comfortably!”
In her view, the cell phone companies should be a little more senior-friendly. This got me to thinking: Maybe the insurance and financial sector should be that way, too.
But wait, you say, the financial sector already has done a lot of work on reaching out and touching seniors. And you are right.
Some firms now print product brochures, mailings and promotions aimed at this market in larger typeface. A few print larger-type actual contracts, too. Some have special product lines earmarked for seniors. Some have senior-style seminars and other types of online and offline education programs to help this group learn more about their financial health. Some insurers provide advisor seminars on senior issues. And third-party providers are coming out with certification and designation programs geared to educate professionals who work in the senior market.
A pat on the back to all these players. No, give em 2 patsone for studying up on the market and the other for responding.
Actually, some industry players should get 3 pats. The third is for the handful who chose to move forward in the senior market when it was distinctly unpopular to do so. As you may recall, up until about 5 years ago, there was a lot of hurry-up-and-wait talk about entering the senior market. The word was: “Go slow, because we dont know” what will happen.
You dont hear that any more. As noted, some firms are making strong moves into this market.
So, whats the problem? Simply stated, more needs to be done. The need for income planning products and services is a case in point. So is the need for revamping asset allocation tools and presentations to be senior-friendly.
And, if youre going to do stochastic modeling with seniors, heaven help you if you talk to them stochastically. (Better: Learn how to present and talk about the model findings in ways seniors can easily grasp. If its not easy to get, dont do it.) Or, how about finding senior-friendly ways to educate seniors on using accelerated benefit features in their life policies? This list could get long, fast.