Editor’s note: This article first appeared on HavenLife.com and is reprinted here with their permission. Click here for the original post.
Millennials are constantly looking for the latest and greatest tools for managing their lives, whether it’s paying and organizing their finances with Venmo, or tracking their daily fitness routines with FitBit. It’s all about staying innovative, finding easy ways to multitask and seeing immediate benefits. Unfortunately, when it comes to thinking about the long term, millennials are the most underinsured generation alive today.
This statistic isn’t too surprising, considering millions of young adults move home after college and stay on their parents’ insurance plans for as long as possible. Additionally, just try reading through a renter’s or homeowner’s insurance contract. It’s difficult to comprehend all of the information, even for people who work in the industry, let alone a young adult who may not even be in the consideration phase of purchasing insurance. To help ease the process for first-time insurance buyers, it’s important to address some of the best ways the industry can better serve millennials.
1. Be where they are: online.
As Woody Allen said, 80 percent of success in life is just showing up. When it comes to the life insurance industry, showing up means offering prospective buyers a platform that is easily accessible at any time and at their leisure. Recent studies reveal that more than 35 percent of millennials would buy everything online if they could, so it’s especially important to free them from the typically time-consuming and confusing process that currently exists. At the end of the day millennials value convenience. Having insurance options available online gives them an immediate sense of gratification knowing they are able to research and purchase needed protection at the click of a button.