Page 43 - The Insurance Times February 2025

Social Media Campaigns: Time-Sensitive Discounts:
Promote life insurance through relatable content on Offer discounts for millennials who purchase policies
social media platforms. Collaborate with influencers within a specific timeframe to encourage action.
who resonate with millennial audiences to build trust Highlight Unpredictability:
and authenticity.
Use real-life examples of unforeseen events to stress
the importance of early financial planning.
3. Emphasize Affordability
Highlight Cost Benefits: 7. Personalize the Experience
Show the affordability of purchasing life insurance at a Tailored Messaging:
younger age through clear comparisons and calculators.
Use data analytics to segment millennial customers and
Flexible Payment Options: deliver personalized marketing messages addressing
Offer monthly premium payment plans to make policies their unique concerns.
more accessible. Introducing "pay-as-you-go" or sub-
Interactive Tools:
scription-based models could also attract millennials.
Provide interactive tools, such as online calculators, that
Discounts for Healthy Lifestyles: allow millennials to estimate the coverage they need
Tie premiums to fitness habits using wearable technol- based on their financial goals.
ogy. For example, reward millennials who maintain Wellness Add-Ons:
active lifestyles with lower premiums.
Offer wellness benefits like mental health counseling,
4. Focus on Immediate Benefits gym memberships, or telemedicine services bundled
with life insurance.
Living Benefits:
Promote policies offering living benefits, such as loans
against policy value, or coverage for medical expenses. Success Stories around the world
Ethos (U.S.) - No Hassle Life Insurance
Debt Protection:
What They Did:
Highlight how life insurance can cover student loans,
mortgages, or personal debts, protecting co-signers or o Ethos simplified life insurance by eliminating medi-
family members. cal exams for most applicants and offering fully digi-
tal processes.
Savings Component:
o They used AI to provide instant quotes and approv-
Introduce hybrid products like ULIPs (Unit-Linked Insur-
ance Plans) or endowment policies that combine pro- als, catering to the millennial need for speed and
tection with savings or investment options. simplicity.
o Their marketing emphasized ease of use and trans-
5. Build Trust and Credibility parency, combating the misconception that life in-
Customer Testimonials and Success Stories: surance is complicated.
Share real-life stories where life insurance has helped Impact:
individuals during unexpected situations. o Ethos became one of the fastest-growing InsurTech
Transparency in Claims Processing: companies, with a high customer satisfaction rate
Showcase the insurer's claim settlement ratio and and significant traction among millennials.
streamline the claims process for faster payouts. Lemonade Life Insurance (U.S.)
Certifications and Ratings: What They Did:
Highlight endorsements from regulatory authorities like o Lemonade introduced a subscription-based life in-
IRDAI or third-party consumer review sites to build trust. surance model, offering term life policies with flat
monthly rates.
6. Create a Sense of Urgency
o Their mobile-first platform simplifies applications,
Cost Advantage of Early Purchase:
and policies are issued in minutes.
Emphasize how buying life insurance early locks in lower
premiums for the long term. ݱ²¬·²«»¼ ·² °¿¹» ìî

The Insurance Times February 2025 39