Millennials shop for life insurance through digi-channels
A significant number of millennials, between the ages of 31 and 33, are using digital channels and technologies to shop for life insurance.
This is according to FNB Life CEO, Lee Bromfield, who says: “Our omni-channel strategy, which enables us to service customers through various channels of their choice, including online banking and the FNB app, continues to pay off as the number of underwritten life policies, which are digitally originated, continues to increase.”
FNB Life reports that more than 10,000 life insurance quotes via the bank’s digital channels were recorded in June this year.
“Our customers don’t only appreciate accessing our services through a channel of their choice, but also conveniently engaging us in a time that suits them best,” says Bromfield. “Consequently, 50% of all digital life insurance quotes are currently being performed outside of traditional business hours, before 08h00 or after 17h00 during weekdays, and 13h00 on Saturdays.”
Bromfield says the insurance administrator and distributor’s customer-centric and innovative approach, which is tailored towards simplifying and refining the customer experience from initial contact right through to product take up, has resulted in a competitive advantage.
“The integration of life insurance within FNB’s digital channels not only resonates with our broader customers, including millennials who spend a significant amount of their time on smartphones, but affords them the benefit of a single login to simultaneously manage all their financial services and accounts,” says Bromfield, noting that the average age of customers taking up life policies through non-digital channels, such as bank branches and service consultants, is currently around 37 years of age.