From start-ups to big brands, businesses are now offering customised services that cater to the individual needs of each client. For example, Netflix provides recommended series and movies to cater for the individual tastes of viewers. Music apps compile customised playlists based on your previous downloads. Food delivery apps also show you top food choices based on your previous orders. So if personalisation has become such an integral part of communicating with consumers across different industries, why hasn’t the life insurance space evolved too?
Studies show that millennials have a spending power of $2.45 trillion globally. Despite many people’s general concerns about this generation, when it comes to the financial space, millennials are the most open to learning about financial services. They prioritise protection planning, as they are concerned with protecting themselves and their families.
Insights further prove that millennials want personalised, transparent advice that is going to move the needle on their current financial situation and they are willing to pay more for products that enable them to do so. The insurance industry should be tapping into this market with personalised and customised solutions for each individual. It is only through acknowledging that people all have different needs at different stages in their lives that we will be able to turn life insurance into something more relevant for today’s consumer.