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Actuarial Society 2016 Convention 23 – 24 November 2016
GEN A - Z: WHAT IMPACT WILL MILLENNIALS
HAVE ON THE FUTURE OF INSURANCE?
Adriaan Rowan, FASSA
Actuarial Society 2016 Convention 23 – 24 November 2016
They include the cohort of lives born between 1981 – 2000.
#WhoAreMillennials
Generation Y
20 – Somethings
Echo Boomers
Generation Next
Boomerang Generation
The Selfie Generation
The Global Generation
BORN FREE
Actuarial Society 2016 Convention 23 – 24 November 2016
How importants are Millenials?
Actuarial Society 2016 Convention 23 – 24 November 2016
Flexibility & Choice
‘What I want, when I want it’
Personalisation
‘Fits my personality’
‘Dedicated to my wellbeing’
Digital Social Connection
Social Connection and Social Responsibility
Convenience
‘on the go generation’
‘here and now’
all in one product
What do the Millennial$ Value
Actuarial Society 2016 Convention 23 – 24 November 2016
#MillennialMarketing
5
• Internally the project was called ‘Project Connect’
• Coke created the font ‘You’ to write their consumers’ names
• Teamed up with Twitter to create the largest virtual cheers
Actuarial Society 2016 Convention 23 – 24 November 2016
25%23%
13% 12%
8% 8% 7%5%
You do not thinkyou need it
No dependants No mortgage Cover providedthrough work is
sufficient
You wouldrather spend
your disposableincome
elsewhere
You wouldrather investyour incomeelsewhere
Unsure how topurchase life
insurance
Too expensive
#TheyAreNotBuyingIt
6
Actuarial Society 2016 Convention 23 – 24 November 2016
What Triggers buying insurance
r
Actuarial Society 2016 Convention 23 – 24 November 2016
Buy insurance @ 1st and 2nd child
0%
5%
10%
15%
20%
25%
30%
35%
25 30 35 40
Females buying within 12 months of Birth
1st Child 2nd Child
0%
5%
10%
15%
20%
25%
30%
35%
25 30 35 40
Males buying within 12 months of Birth
1st Child 2nd Child
- Buying after birth a trigger point, but period leading to birth also important
- For 30-35 year-olds, 40-50% of policy purchases corresponds to the birth of child
- Females buy polices after the child is born; Males buy polices before the child is born
Actuarial Society 2016 Convention 23 – 24 November 2016
Buy insurance @marrying
o For Young men, 35% of purchase is
close to time of marrying
o Only 35 year old woman old buy
insurance near time of marrying
o Marrying is not a strong trigger
o Females mostly buy long after they
married
o Younger men do buy before or close
to getting married
0%
5%
10%
15%
20%
25%
30%
35%
40%
25 30 35 40
Percentage Buy within 12 months of Marriages
Females Males
Actuarial Society 2016 Convention 23 – 24 November 2016
#Potential_Triggers
More work needed
Actuarial Society 2016 Convention 23 – 24 November 2016
What new solutions are out there?
Actuarial Society 2016 Convention 23 – 24 November 2016
So how do we sell to Millennials?
Actuarial Society 2016 Convention 23 – 24 November 2016
So how does P2P work? It is based on a “Shareconomy Approach”
#P2P - Peer to Peer
Members
pay a
Premium
Members
get their
remaining
money
back - Small claims are settled with
pool money
- Decreases the
cash back to the
policyholders
Insurance pays
claims larger than the network
support
Group
Insurance
costs
Group’s
premium
pool
Actuarial Society 2016 Convention 23 – 24 November 2016
Used to be called an EXCESS
Now called….
#P2P
Actuarial Society 2016 Convention 23 – 24 November 2016
#Conclusion
• The millenial are coming to an industry near you
• And they will only buy it…
• When they feel they need it
• As part of a group of peers
Actuarial Society 2016 Convention 23 – 24 November 2016
#ThankYou
• Now you can go back to playing on your smart phones
• And email me any questions at [email protected]
