Tag: Jeremy Bill

Insurers Must Reach Millennials and Gen Zers. Here’s How

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2022/09/12/insurers-must-reach-millennials-and-gen-zers-heres-how/

Excerpt:

Based on the widely used Pew Research definitions, the millennials are turning 26 through 41 this year, and Gen Zers are turning 10 through 25.

More than half of Gen Zers ages 16 through 24 are already in the workforce.

It’s time for carriers to innovate rapidly to respond to the buying preferences of members of these generations.

…..

As an example, if the target customers are millennials and Gen Zers who need a simple term life insurance solution, you may want to focus on instant decision underwriting and lower face amounts to meet the most basic needs.

This approach could mean that many historical riders and features are actually not necessary.

It likely also means that the tools used in underwriting need to focus on information that is available instantly as opposed to traditional methods that could take weeks or even months.

Author(s): Jeremy Bill

Publication Date: 12 Sept 2022

Publication Site: Think Advisor

Life Insurance Has an Inclusivity Problem

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2022/06/10/life-insurance-has-an-inclusivity-problem/

Excerpt:

Modern underwriting approaches and distribution methods, often spearheaded by insurtech companies, unlock unique, data-driven insights that enable the industry to understand who they’re serving well — and where they fall short.

The industry can use these insights to adopt a more personalized, progressive approach to product design, underwriting, and distribution to reach specific populations with coverage options and pricing that suits their unique needs.

For the LGBTQ+ community, historical rules and underwriting approaches around mental health could make coverage unattainable or unaffordable.

For example, while our survey didn’t ask respondents about treatment for mental health, the cost of health care in general was a primary concern for nearly 70% of respondents.

A study published in the National Library of Medicine found that LGBTQ+ people used mental health services at 2.5 times higher rates than heterosexual or cisgender individuals.

Additionally, studies have found that they are two and a half times more likely to experience depression, anxiety, and substance abuse — items that are all considered in the underwriting process for life insurance.

Since many in the LGBTQ+ community struggle with mental health concerns, we must find better ways to understand the situation and evaluate the risk holistically.

Author(s): Jeremy Bill

Publication Date: 10 Jun 2022

Publication Site: Think Advisor