An Opportunity for $3.6 Trillion in Insurance Sales

October 1st, 2014

We live in a digital age. Today’s grammar school children have abandoned paper for iPads. They are skilled in navigating the Internet to do their research, and they now read e-Books. They communicate with teachers through email. Little paper is left in their daily education process. Everything has been simplified and streamlined in what has become a digital world.

As an industry, we are making progress, but the sad fact is that we still have far too much paper and complexity in the process, especially when you consider Generation Y is clearly the most underserved segment in the market place and most techno-savvied demographic group today. This opportunity represents $3.6 trillion in insurance sales.

Transformation is the most likely path to sustained, long-term growth. The way to reach Generation Y is through technology and simplified products. This younger generation needs interactive, easy-to-navigate, multi-media direct-to-consumer sites. They do not want a lot of human interaction, and they want to be able to request electronic anything and get it when they want it and how they want it.

Recently, a Generation Yer reached out to what will remain an unnamed carrier. This is the actual communication that was sent:

“Today I called your customer service department to obtain a digital copy of my life insurance policy. To my shock, your representative alleged that does not have the ability to do that. The digital age has been around for more than a decade now. Your being so out of date with such a basic thing makes me wonder if you’ll be around to service my policy when the time comes. How is addressing the problem?”

Adapt or perish comes to mind. As an industry, we are challenged to adapt to the changing times. It seems to me that we really do not have a choice. What I don’t understand is what is taking so long.

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