Life insurance demands
INSURANCE
( incl . Open banking ) to help guide their decision-making .
“ Aside from an in-person adviser , financial apps are in an ideal position to best demonstrate where a users ’ financial liabilities lie , through the sheer amount of personal data these apps have access to and significantly , mobile technology ’ s ability to personalise information to an individual ’ s needs .”
Vanek says that personalising information to the individual helps people better understand their needs , by educating and equipping them with the knowledge they need to get the right protection in place for them and their families .
Some sites are already adopting integrated human and digital expertise to cater to the “ complex needs ” of customers seeking protection products , with Anorak doing so in the life insurance space in the UK .
Safeguarding the future But the past 18 months have been a game changer for most people globally in terms of considering mortality - and dependents they might leave behind . Vanek says the uncertainty of the pandemic and the additional financial strains this has put on the average household , has resulted in a boost for the life insurance sector .
“ Users are looking to financially safeguard their future . Among millennials and younger earners in particular , we ’ ve seen a 40 % increase in 25 to 44-year-olds with no life cover who are now considering cover in a bid to ease worry over their financial liabilities should something prevent them from earning .”
Vanek also points to a spike in distributor interest from existing financial services providers looking to offer “ embedded insurance advice ” as part of their app services .
Life insurance demands
A recent data analysis report by the insurer William Russell found that there are more than 10,000 Google searches on life insurance in the UK annually . The most popular search for life insurance globally is ‘ life insurance for parents ’ with over 44,000 searches . Demand and interest in the market is not necessarily the problem .
Inez Cooper , founder of the international insurance company , William Russell believes customers need clearer education on policies before they embark on buying cover . She advises , “ Educating yourself of the different products out there when it comes to life insurance policies is always a good first step .
“ There are some key moments in life when you should consider having life insurance such as getting married , buying a home , having a child or moving abroad . These all usually require large expenditure and can be life changing circumstances , so it ’ s good to have financial protection in place .”
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