A statement from the insurer says it believes its role in the industry is bigger than just providing products and that it has a role in “…supporting a sustainable industry, in educating clients and advisers and supporting them personally and in business.”
The company has partnered with Core Data on the report because it identified a challenge brought on by Covid-19 – as lockdowns happened across the country advisers found themselves over-servicing existing clients while struggling to acquire new ones.
“We wanted to support new acquisition as a means to help support their businesses.”
Sean McCormack, Managing Director and CEO of Integrity Life, says that risk advice has never been more challenged.
“There are many questions. Two of them are: How can I attract insurance clients in the millennial demographic? And how can I do it profitably?
“Efficiency of risk advice and attracting new clients must be intertwined. This research… helps to make progress on both fronts.”
The company says that the report compiles existing research on the habits and preferences of millennials with a focus group to help bring the data to life.
It also includes ideas and areas to explore for practice managers and advisers to shape their offerings to appeal more to this cohort.
Are Millennials Even Profitable to Service?
The statement adds that the company knows that writing risk is becoming an even more significant challenge on small cases, where the compliance requirements are the same as writing a large case “… but what we highlight in this report is that Millennials are up to 40 years old, they are a large cohort that spans a wide range of ages, and they may not be who you think they are.”
“Additionally, as the dominant workforce, they are creating the expectations on which advisers and their offerings will be compared. So, it’s worth getting across how they think and behave.”
Integrity Life also believes there are opportunities to change the way some practices operate that will drive greater efficiency, thereby reducing operational costs and increasing profitability, while also appealing to how this cohort prefers to engage with financial services.
Click here to download the research paper.