The irony, when I was skimming through this article I saw that it was about life insurance (became slightly bored) and then somehow caught number nine on the list...'easily bored'. As a Gen Y(er) I can't argue with anything on that list and while they aren't all flattering descriptions I think they offer a great insight on how to target this demographic. We do tend to engage our parents in daily conversation about tasks large and small, but has the executive ever thought we might just be willing to listen to our parents about life insurance? I don't expect that I will pick up the phone this weekend to call my dad and ask who his insurance guy is, even though it seems antiquated to call a human being to buy insurance instead of just buying it online, another generational gap. But if my dad called me on Saturday and told me I could get some life insurance coverage for cheap through his plan that ran until I was thirty five years old where I would need to then transfer the plan to my own account, I would listen.
You already know the answer to the question...'how do we talk to Gen Y', it's through our parents. Now you just need to figure out how to reach the parents to reach the kids. This way we get good solid information, or even a 'starter' life insurance plan to ease me into the idea of the necessity of life insurance. Then a few years down the road when I am married or have my first kid suddenly it seems much more necessary and I already have a head start.
Gen Y; Are You Looking At Them As Your Customers Or As Your Kids?
Categories: News, Rumors, Gossip, & Trends Innovation Discussion Financial Services New Products, Services, and Business Models Innovation Community Ideas
It shouldn't be a shock to anyone in the life insurance world when I say that echo boomers (aka Generation Y, generally those under 30) are not a primary target and, to an extent, ignored by companies altogether.
When I ask executives why (or Y not?) I tend to hear responses like, “well they don’t have any money”, or “they can’t get out of their own way financially”, or “they just don’t think about their own mortality enough to take any action”.
These sounded like great reasons for many years. Today the life insurance industry remains in a state of relatively flat growth, with fewer households owning life insurance, and the regulatory environment putting the whole industry under attack. With all of that going on, one must wonder where the growth is going to come from, and once again, we are back to looking at the why of Y. 
I have observed some universal parenting trends that have been widely written about, particularly in the boomer generation. Boomers dealt with their own issues with authority by becoming friends with their kids and raising them differently than they were raised. They had trouble letting go of them as they grew up, often being labeled “helicopter parents”, hovering like a hawk and being involved in everything in their lives. Taking over. Taking control. Is that because boomer parents don’t trust their kids? Is it because they haven’t let them grow up? Is it because they really don’t want them to?
It is worth noting that, in my experience, the executive answers above come from boomers.
I believe many boomer executives fail to take Gen Y seriously because boomers view them as their own children rather than future customers.
Does that seem possible? And if it is, does it seem like a more emotional than rational response? More importantly, is the current world-view sustainable? Certainly not forever. Gen Y is a very concerned, socially conscious group of young people. Eventually they will grow up. But who will rise to the occasion of provising a product to match their unqiue perspective? It's an innovation challenge ripe for the picking - and life insurers should be starting now.
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Adam...you have no idea how helpful your comments are. The candor is so much appreciated and obviously the insight is what we must listen to. I have a question...what were you hoping the article was about? Just general boomer/gen Y stuff or something more specific? Your ideas are excellent, thank you!
Maria,
Glad you found my comments informative. I try and read most of the blog postings on here, but specifically I find Gen Y/ Boomer discussions very interesting. (Without any hard evidence) I would assume that these two generations have the biggest gaps in social and technology trends since the industrial revolution and perhaps ever. With many of the titles we are given, including the 'entitled generation', I believe that we will have a lot of say (with voices and spending) on the future of many industries.
As an antidote to how far we have come in just the past 15 years, as a seventh grader I took a computer programming class where we wrote ten lines of code to get a rocket (made up of green numbers on a black screen) to move off the screen (take off). Now I would venture these same age kids could be learning minor flash, web design, java script type applications with no problem. What that means is that in five years these high school graduates will have a basic understanding of many SEO, Web development, social media, etc techniques (skills that many Gen Yers need on their resumes to get jobs in marketing now, but may not have) before they even enter college let alone the work place. So in the span of 20 years the market has made industries such as ecommerce and web development from a highly specialized field to a hobby for 20 year old college kids to start in their dorms (facebook). No disrespect to experts in those industry, but even now we see websites that let the novice graphic designer, t shirt designer, or web developer compete with the big boys by under bidding or providing free design work in exchange for royalties.
These same kinds of trends will begin to lap into other industries, but who knows what shape they will take. People will buy a car from half way across the country with never test driving it, over the internet today. Who knows what they will be buying over the internet in ten years. "Buy a house without ever leaving your apartment. Online lawyers, real estate agents, mortgage brokers, and title writers will handle everything for you and send you the keys!"
Great points, very "future" oriented. Some may be overwhelmed by such thoughts, however younger folks just think about it as normal, next...
Once again, thanks for such thoughtful comments!
View unverified member's comment - posted by ahmed


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