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As per a study reported by a reputed global network of firms, insurance companies need to take note of some pertinent demographic shifts as they plan to grow in the coming decade. Some important facts they should take into consideration are:
• Percentage of white non-Hispanics – It is 69 percent currently, down from 83% four decades ago. Thus, it is important for insurers to drive sales in some multicultural markets as this is critical to their success.
• Timing of adulthood – Compared to 2008, people have become reluctant to take responsibilities of adulthood early. Thus, life events that drive taking them to take life insurance (such as marriage and having a baby) are delayed.
• Demographics of marriage – Only 60% of the population in the age group 30-44 years is married, compared to 84% forty years ago. Related to this are the changes in family composition that are much different currently. For example, single parent households are 29.5%, that is 10% more than what they were in the early 1970s.
• Decision making – Females of a family are making more financial decisions nowadays compared to 3 or 4 decades ago.
Going by this study of demographic changes, it is essential for insurers to assess the coverage and customer service needs of a particular household. In order to gain a decisive competitive advantage, insurers need to focus on improving technology-enabled simplicity and convenience for their clients, and building strong relationships at the same time.
For tapping into the market segment comprising of tech-savvy customers, online policy management is indispensable. Using mobile technology is an effective way to conveniently reach multicultural markets too. Insurers providing an insurance document management application accessible through web enjoy more than one advantage in improving their growth prospects.
• Percentage of white non-Hispanics – It is 69 percent currently, down from 83% four decades ago. Thus, it is important for insurers to drive sales in some multicultural markets as this is critical to their success.
• Timing of adulthood – Compared to 2008, people have become reluctant to take responsibilities of adulthood early. Thus, life events that drive taking them to take life insurance (such as marriage and having a baby) are delayed.
• Demographics of marriage – Only 60% of the population in the age group 30-44 years is married, compared to 84% forty years ago. Related to this are the changes in family composition that are much different currently. For example, single parent households are 29.5%, that is 10% more than what they were in the early 1970s.
• Decision making – Females of a family are making more financial decisions nowadays compared to 3 or 4 decades ago.
Going by this study of demographic changes, it is essential for insurers to assess the coverage and customer service needs of a particular household. In order to gain a decisive competitive advantage, insurers need to focus on improving technology-enabled simplicity and convenience for their clients, and building strong relationships at the same time.
For tapping into the market segment comprising of tech-savvy customers, online policy management is indispensable. Using mobile technology is an effective way to conveniently reach multicultural markets too. Insurers providing an insurance document management application accessible through web enjoy more than one advantage in improving their growth prospects.
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