'Quotacy' is one of the few life insurance agencies that has figured out a way to offer life insurance quotes in a way that's attractive to Millennial consumers.
Using Quotacy is quick and instantly gratifying, with no name, phone number or email address needed to use the company's assessment tool. After filling in some basic information on age, location and gender, users are able to "see their quote differently," in terms that are more relevant to them, such as how much money dependents need to live on, or how much debt needs to be paid off. The tool also takes into account health personalized factors such as weight, height, family history and tobacco usage.
While younger Millennials who are still receiving financial aid from their parents are not likely shopping for life insurance quotes, Quotacy does appeal to an older group of Millennials who are now beginning to buy houses, get married and have children.
Intuitive Insurance Platforms
'Quotacy' Simplifies the Process of Getting a Life Insurance Quote
Trend Themes
1. Personalized Insurance Quotes - Opportunity for insurance agencies to provide customized quotes based on individual needs and preferences.
2. Streamlined Assessment Tools - Potential for development of user-friendly assessment tools that require minimal personal information to generate insurance quotes.
3. Millennial-focused Insurance Solutions - Chance for insurance companies to cater to the needs and preferences of the Millennial demographic.
Industry Implications
1. Insurance - Disruptive innovation opportunities in the insurance sector by adopting personalized quote generation and user-friendly assessment tools.
2. Insurtech - Potential for insurtech startups to develop intuitive platforms that target the Millennial market and simplify the process of obtaining insurance quotes.
3. Personal Finance - Opportunity for the personal finance industry to partner with insurance agencies and provide integrated solutions that cater to Millennials' financial needs.