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:
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.