The study also has found a noticeable trend among younger consumers who are turning to online communication channels when evaluating life insurance options.
These findings are consistent with PYMNTS Intelligence research, which shows that while younger adults are more likely to have auto and health insurance, more than 60% of Gen Z and Millennial consumers are planning to purchase one or more types of insurance over the next 12 months, with nearly half are considering life insurance.
One of the important changes that digital platforms are bringing to the life insurance industry is simplifying the purchasing process. Websites and mobile apps offer intuitive interfaces to guide users through the purchasing process.
Moreover, with just a few clicks, consumers can compare insurance companies’ offers, evaluate different policy options, and make informed decisions about their coverage.
Even though Gen Z and Millennial consumers prefer online, they still value the advice and expertise of financial advisors. Specifically, nearly half of every demographic group values the expertise of financial experts when making their final insurance purchase decision. This preference is driven by widespread misunderstanding of insurance products among young consumers.
In conclusion, digital platforms are changing the life insurance industry by simplifying the buying process for consumers while providing agents with cutting-edge tools and technology. This combination of technological innovation and professional expertise allows the industry to better meet the evolving needs of today's consumers.
Source: https://www.pymnts.com/insurance/2024/life-insurance-agents-go-digital-to-connect-with-young-buyers/
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