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."