Millennials, misconceptions and modern technology

by Lindsey Amaya on May 9, 2019

Our Director of Development Engineering, Eric Saul, recently had the opportunity to speak at the 2019 Association of Home Office Underwriters Conference (AHOU) in New Orleans. As a technology professional for more than 20 years, he has seen how consumer behaviors drive innovation and improvements in technology. Now, with more millennials than baby boomers as primary consumers, Eric delved into some of the behaviors of this large generation and how their expectations and experiences can be leveraged to take the life insurance purchasing process to the next level.

Specifically, Eric explored four key traits of millennials and how they may affect their engagement and commitment to the life insurance journey:

  • Millennial misconceptions about life insurance
  • Millennials like to be informed
  • Millennials are connected
  • Millennials expect instant gratification

Minimizing the misconceptions

Millennials are the largest generation in history, yet half of these individuals do not own life insurance. The 2018 LIMRA and Life Happens Barometer study reported that 51% of millennials do not have life insurance. Furthermore, millennials are overestimating the cost of life insurance, sometimes by nearly five times the actual cost.

millennials without life insurance

Misconceptions may also be why individuals drop out in the life insurance process once they have started. An ExamOne client recently shared their internal study of drop-off activity as applicants moved through the process and discovered the majority dropped off at the paramedical exam. By making the process easier with scheduling enhancements and convenient exam options and  locations, drop offs  may be alleviated. Our data shows an 89% completion rate for millennials who complete their paramedical exam at an in-center location.

Millennials like to be informed

Many millennials are 57% of the way through the buying process before they actually involve the seller. When it comes to the life insurance process, many still do their research before engaging with a life insurance agent or advisor. Because of their desire to be informed, millennials may better understand how preferred statuses are determined and may be more inclined to not disclose some of their medical conditions and/or smoking status.

In a 20-year comparison study conducted on ExamOne life insurance applicants, tobacco use by millennials declined by 9%. On the flip side, tobacco non-disclosure has gone up 6% and continues to be slightly higher than the 35+ age group. 

Diabetes raises another concern for this generation. For ages 18-38, non-disclosure fluctuates between 60% and 85%. Members of this generation may not have been tested and/or diagnosed with diabetes – ultimately causing a high non-disclosure. They may simply be unaware they have this condition.

diabetes non disclosure

Millennials are connected

In a not-so-surprising statistic, 5 billion people around the world have the ability to text. Looking at just the millennial generation, this group is considered texters, not talkers. Text messaging is their #1 preferred business communication channel. Additionally, 75% of millennials think text is a helpful way to receive appointment reminders, as well as surveys and promotions.

In 2019, ExamOne will launch our texting initiative. This service will provide a scheduling outreach program that includes exam reminders and confirmations, designed to help increase completion rates. Another added convenience will be providing an online option for applicants to complete their personal history interview. The online interview platform will leverage existing medical history scripts and will allow the applicant to complete their interview at a time that is convenient for their busy, on-the-go lifestyle.

Millennials expect instant gratification

Consumer behaviors have changed the way businesses work today. From Amazon Prime to grocery store delivery and saying, “Alexa®, order me paper towels,” instant gratification has become a quintessential part of how businesses structure their platforms.

By working together, we can provide millennial consumers the modern technology they desire to help keep them engaged, informed, connected and ultimately protected with life insurance.  

Innovating with a customer focus

by Eric Saul on January 29, 2019

Staying customer-focusedConsumer habits are a key driver in today’s business strategies. If a business is slow to adapt to changing trends, they must be prepared for someone else to do so. A popular graphic illustrates this reality, ultimately concluding that technology by itself is not the disruptor. Not being focused on your customer is the biggest threat to any business. 

The article, “Advisors and Technology: Crossroads of a New Frontier”  by Michael Babikian in the November issue of InsuranceNewsNet Magazine emphasizes the importance of being customer-centric. My “aha! moment” came when I read: “Instead of taking an inside-out view, it’s time to look from the outside in, meaning from the consumer’s standpoint. True customer centricity can’t exist until the effort is made to understand what customers actually want and need — and that applies to everyone in the supply chain.” And that is what our team hopes to do in the upcoming year.

Author Babikian, provides a few elements of customer centricity that are important to consider. These include ease of use, added value and infrastructure. We are prioritizing our roadmap initiatives that help enhance the customer experience and take each of these fundamentals into consideration.

Leveraging technology to simplify scheduling

Our development team has been diligently working to enhance our scheduling platform, ScheduleNow™. This year, you will notice a real-time calendar that includes examiner availability in the zip code you have specified. Additionally, ScheduleNow will have the capability to integrate with various platforms to allow for applicant engagement, including self-scheduling the life insurance exam.

Improving completion rates with technology

To be truly customer-centric, it’s important to identify opportunities that offer flexibility and convenience. We have conducted medical history interviews over the phone for decades. Now, we are expanding our reach to offer online interviews. This will allow applicants to complete their medical questionnaire at a time and place that is convenient for them.

Our team will share more details as we progress with our 2019 initiatives. In the meantime, if you would like to schedule a virtual meeting to view some of these features, please contact your Strategic Account Executive.

About Eric

Eric Saul is Executive Director, Software Engineering and Design, and leads a team of technology professionals responsible for application development and solution delivery in support of ExamOne’s growing business services. He works across the ExamOne divisions ensuring technology solutions fulfill business requirements and meet customer needs. Eric brings extensive experience in consumer design, innovation and agile methodology.

Most recently, Eric led several projects and teams for the Quest Diagnostics wellness division. Prior to joining Quest Diagnostics in 2010, Eric held software development and leadership roles for the largest corporate credit union in the United States, delivering technology solutions to provide mission critical payment services for credit unions across the country. Eric graduated from Missouri State University with a Bachelor of Science degree in Computer Information Systems.

IT leader brings extensive experience in consumer design, innovation and agile methodology

January 23, 2019 Brokers

Meet our IT leader, Eric Saul Executive Director, Software Engineering and Design Eric leads a team of technology professionals responsible for application development and solution delivery in support of ExamOne’s growing business services. He works across the ExamOne divisions as an innovation-focused servant leader, ensuring technology solutions fulfill business requirements and meet customer needs. Prior […]

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