How many Millennials does it take to change a light bulb? And are they adequately covered?
Despite all the Brexit bluster, more than a 100,000 business entrepreneurs decided 2016 was the right time for a start-up – that’s 4.3% up on the previous year according to the Office of National Statistics. In years gone by, much thought, reputation and capital was required for such a venture, but not anymore, it seems.
Millennials (also known as Generation Y, Generation Me, Echo Boomers, Peter Pan Generation) are the demographic cohort following Generation X. Consisting of individuals born between 1982 and 2004, this much maligned, but largely creative bunch need little more than an idea, a laptop and a coffee shop with Wi-Fi to get their new money earner underway.
Part of the current problem is that those insurers who have made the digital leap are still heavily restricted by the limited form filling platforms they provide, that lack the creativity to embrace the level of niche involved to attract this source of profitable new business.
On the face of it, the industry requires a total revolution to refine products to provide cover specifically designed to fit the needs of the millennial e-trader with a customer experience this particular demographic can relate to. If they don’t, somebody more enterprising will… in a coffee shop somewhere, probably crowdfunded.
At Aston Charles, we are currently looking after the insurance and financial services recruitment requirements for some highly entrepreneurial fintech companies who are helping to bridge this gap. We are very excited to see how the industry develops from here on.
So, how many Millennials does it take to change a light bulb? Answer: Why should the light bulb change? Surely it's the insurance industry’s outlook that needs to change? And, in the meantime, do they have adequate cover? In all probability….they do not.