millennial

In the fall of 2018, ExamOne launched our expanded exam center network by adding hundreds of Quest Diagnostics® Patient Service Centers (PSC) to our life insurance exam network. This year we’re adding even more Quest locations to provide convenient options for life insurance applicants across the country. With access to more than 2,000 exam center locations, life insurance applicants have the convenience of choice not found anywhere else in the industry.

Exam centers deliver higher completion rates and faster turnaround times

Based on an analysis of exams completed between January 1 and August 31, 2019, those completed in-center (at an ExamOne office or Quest PSC) showed the highest completion rates and fastest turnaround times. Exams scheduled at an exam center were, on average, completed 90% of the time, compared to 73% for mobile exams. Additionally, exams were completed in less than 11 days at in-center locations, compared to over 12 days for mobile.

In-center exams compared to mobile exams

Analysis by generation

In-center exams show the highest completion rates across all generations, with 90% of scheduled in-center exams being completed among millennials and Gen Xers, compared to completion rates for mobile exams at 77% and 74%, respectively. The greatest difference in completion rates appears in the older age groups. This could be attributed to a greater sense of comfort in visiting a medical office if individuals in the two older generations visit PSCs regularly for other age-related health screenings.

Completion rates by generation

Exam center options deliver faster turnaround times for all generations in comparison to mobile, but we see the fastest results in the two oldest generations, with just 7.2 days for the silent generation. It is possible this is related to the applicant’s daily schedule when considering that many in this generation are likely retired or working part-time, while baby boomers are moving closer to that stage of life as well.

Turnaround times by generation

Interestingly, there was little to no difference in both completion rates and turnaround time when comparing gender within these generations.

Analysis by face amount

Completion rates and turnaround times also vary across face amounts. For reference, in 2018 the average face amount of policies for which exams were completed by ExamOne was $500,279, while the median was $250,000. Again, we see exam centers consistently deliver higher completion rates in comparison to mobile exams.

Completion rates by face amount

Turnaround times for exam centers are generally more than one day faster than mobile. Additionally, higher value policies are correlated with the fastest turnaround times, as face amounts over $1 million average a 10.7 day turnaround.

Turnaround time by face amount

Applicants want convenient choices

Applicant choice is also an important factor to consider when it comes to the location of the exam. Between January and August 2019, nearly 6,000 life insurance applicants completed ExamOne’s applicant satisfaction survey after their exam at an ExamOne or Quest office. Of those, 48% said they chose the in-center location because it was the most convenient place for them. Others indicated the in-center locations offered the best appointment time for their schedule (19%), or that they felt most comfortable completing the exam there (15%).

Learn more about our expanding exam center network.

In 2017, more than 174 million Americans purchased gifts between Black Friday and Cyber Monday. This year, consumers spent $643 million, up nearly 28% from last year, on cyberspending the Friday after Thanksgiving.  Millions more will be spent before the end of the year.

Shopping has become synonymous with the holidays for consumers of all ages. From older buyers being loyal to their favorite brands, to younger people doing extensive research online, seasonal shopping habits may also reflect how consumers shop for life insurance.

Let’s take a glimpse at the purchasing trends of 3 very different, yet important, generations of consumers — Millennials, Generation X, and Baby Boomers.

Who are our shoppers?

Millennials are 18-36 years old and make up the largest generation in our history at approximately 92 million. According to the Insurance Barometer Study from LIMRA and Life Happens, 51 percent of this age group does not have life insurance.

 

Generation X are 37-52 years old. These individuals are often described as the “sandwich generation” because many are responsible for both their children and aging parents. Financial priorities of living expenses and building a savings account take precedent over buying life insurance for this generation.1

 

Baby Boomers are 53-64 years old. They make up approximately half of the U.S. population and control 70 percent of the nation’s disposable income. Although they are rapidly getting used to technology, and according to ImmersionActive.com the fastest growing demographic online, they still prefer face-to-face meeting concerning their financial planning.2

Make shopping for life insurance easier

Knowing the shopping habits of these consumer groups can help all of us tailor our offers and messaging to their unique purchasing preferences. When 83 percent of all age groups rank “easy to understand” as the most important factor when purchasing life insurance, we should all take this advice when communicating to the consumer.1 The above data also helps us determine a few more “shopping tips” for these audiences:

Millennials: This group wants and needs more information on the benefits of life insurance. Approach them and educate them on the benefits and affordability of coverage. Updated 2018 data: This group continues to self educate and 54% are likely to ask social media connections for recommendations.3

 

Generation X: With competing financial priorities they like to see options. Education on cost and availability will help them make decisions. Updated 2018 data: Generation X is still placing other expenses over life insurance, 69% said cost of living expenses is the reason for not buying life insurance.3

 

Baby Boomers: They are loyal customers that are becoming more technological savvy. Relationships with these clients are important to ensure they are comfortable to seek your advice. Updated 2018 data: Don’t forget to build relationships with this group online too, a study by Google shows that boomers and seniors spend more time online than they do watching TV.

 

Today, many are still seeking the perfect last-minute holiday present. However, life insurance professionals are available year-round to help consumers of all ages find the important gift of protection with life insurance.

  1. 2017 LIMRA and Life Happens Insurance Barometer study
  2. http://www.genre.com/knowledge/blog/boomers-golden-years-golden-opportunity-en.html
  3. 2018 LIMRA and Life Happens Insurance Barometer study

 

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