Are millennials interested in life insurance?


Read more: LIMRA investigation reveals impact of COVID-19 on life insurance in Canada and United States

Michael Stocks, vice president and chief rating officer at Empire Life and presenting sponsor of Life and Health Advisor of the Year at this year’s Insurance Business Canada Awards (IBCA) told Insurance Business that before the pandemic, Millennials were the least likely demographic to buy life insurance.

“Historically, millennials have decided to take life insurance into their own hands, but that sentiment has changed,” Stocks said.

Regardless of age, COVID-19 has forced Canadians to think about their own mortality and for the first time in 10 years, the LIMRA study has shown that life insurance is more of a financial concern than costs subsistence.

With an increase in purchasing intentions, the industry was not prepared to meet the demand for life insurance. The processing of life insurance was initially hampered, but improvements in electronic applications allowed advisors to meet client needs.

“As an organization, we focus on middle income Canadians, that’s where sales started to take off,” said Stocks. “A number of carriers, including ourselves, have increased our non-fluid requirements to allow more people to close sales and, as we have digital tools and practices to close sales , many advisers came to see us because our services were already available. . “

According to Stocks, Empire saw its business double in the first half of 2021, and the technology enabled strong growth in the fourth quarter of 2021.

“With an increase in demand, we have had to implement more processes to have service level standards where they were before the pandemic,” Stocks said. “We have done a number of things technologically, such as implementing automated underwriting and onboarding new talent. ”

Read more : Insurer launches advanced underwriting platform for life insurance

“From a processing perspective on the customer service side, we have introduced automated processing that works 24 hours a day to help with speed and efficiency so that we can complete transactions within seconds,” he said. -he adds.

Empire is constantly looking for improvements and its 3D strategy increases the overall value of the company.

“We focus first on distribution and on how we can support our partners and meet their needs. The second part is the digitization and exploitation of technology to improve efficiency for customers, and finally the data, focusing on how to satisfy the customer to grow our business profitably.

Many Canadians believe life insurance is more expensive than it is, and Empire is also working to dispel this myth and provide advisors with educational tools to correct this.

“Our priority is to support individual advisers, but we also want to put the tools in place for people who want to do research online,” he said.

“We try to put content on our website for those who want immediate answers when considering life insurance,” noted Stocks. “Meeting expectations to improve the process is essential to help keep our industry up to date.”

Find out who went above and beyond for their clients at the IBCA Virtual Ceremony on November 17-18.

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