Millennials are not Interested in Life Insurance
Toronto, ON
4
WEEKS
2017
Aug 4
START DATE
2017
Sep 1
END DATE

Increasing millennial participation in life insurance.

Insurance companies are currently struggling to engage with millennials on the topic of life insurance. According to the 2016 Insurance Barometer report, only 51% of Millennials (aged 18-35) in the United States own a life insurance policy.

The question “why aren’t millennials interested in life insurance?” is not new to the industry. The lack of interest has been analysed and attributed to a range of reasons, including:

  • A lack of financial literacy;
  • A lack of understanding of life insurance products (8 in 10 overestimate the cost of insurance)
  • A lack of dependants that would benefit from a life insurance plan;
  • Competing financial priorities such as immediate bills and large student debts; and
  • Barriers to access (a poor sign-up experience).

However, each of the above points could also be an opportunity.

In this four week sprint, the project team will work with millennials (aged 18-35) to understand their needs and expectations. The project team will seek to answer the questions “do existing life insurance products meet the needs of millennials” and, if so, “are millennials aware of, and able to access, the existing products?”.

The team will design and develop an MVP to increase millennial participation in life insurance.

 

This project is has been completed and closed for applications. See our Innovation Projects Listing for a full details on upcoming projects.

What is on the menu
Each innovation project will begin with a Lean Startup mindset followed by the phases of Design Thinking supported by a variety tools with the ultimate goal of creating a business case and a Minimum Viable Product (MVP). 
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4 Weeks to complete
 

Project Type

  • Open innovation project for Cookhouse Lab members 
  • Project team will consist of members from different insurers and reinsurers

Duration

  • Sprint: 4 Weeks 
  • Start: Aug 4, 2017
  • End: Sept 1, 2017
  • Apply by: Aug 1, 2017

Insurance

  • Insurance (all regions worldwide)
  • Reinsurance (all regions worldwide) 
  • Brokers/Advisors/MGAs
  • Life, Living Benefits, Critical Illness 

Target Group

  • Sales 
  • Marketing 
  • Product Development 
  • Business 
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