In order to make life insurance plans of interest to Millennials, Sovereign launched a new service called Simple Life that's targeted at a younger demographic.
Simple Life is a digital product that features an easy application process that's ideal for young New Zealanders who are healthy and do not want to spend time shopping around for best prices for life, loan, rent or redundancy policies. Even so, the insurance products can be tailored to suit individual needs.
Sovereign's James Perrin notes: "Many Millennials have a bullet-proof attitude and believe nothing is going to happen to them and/or perceive insurance and financial planning as complicated or boring which can result in it falling short on the priority list and being put off for 'another day.'" Knowing that Millennials appreciate instant gratification, Sovereign's Simple Life entices users with an interface that begins with: "Insure your life with a click of this button."
Millennial-Targeted Insurance Plans
Sovereign Offers Life Insurance Plans for Young Consumers
Trend Themes
1. Millennial-targeted Insurance Plans - The industry can disrupt the insurance market by offering easy-to-apply and customizable insurance plans that can cater to young consumers' individual needs.
2. Digital Insurance Products - The trend of providing easy online application processes and interfaces can provide an opportunity to disrupt the traditional insurance industry.
3. Instant Gratification Insurance - The need to cater for millennials' preference for instant gratification can spark the development of other digital and personalized insurance products to disrupt the industry.
Industry Implications
1. Insurance - The insurance industry can benefit from creating products that cater to millennials' needs and preferences for convenience and personalization.
2. Financial Planning and Management - The trend of digital and customizable insurance products can be expanded into other financial markets, providing an opportunity for disruption in the sector.
3. Technology - The trend towards digital insurance products can be further developed through the use of innovative technologies such as AI, blockchain, and IoT, which can enhance personalization, security, and customer experience.