Manuel Heuer

Manuel Heuer

Chief Operating Officer

Young Adults’ Interest for Life Insurance Skyrockets – Implications for Carriers

Greater health risks amid the pandemic have prompted many young adults to take the leap and purchase life insurance plans. In 2020, life insurance applications increased by 8% for people under 45, and 2021 saw them rise another 3.4%.

As more young adults apply for and purchase life insurance, they create an opportunity for life insurers to market to them more effectively and fulfill the needs of a broader demographic. Using dacadoo’s digital health engagement platform (DHEP) with Wheel of Life™, insurers can understand and apply the best approach to young adult life insurance.

Why Are More Young Adults Purchasing Life Insurance?

Throughout the pandemic, COVID-19 has indiscriminately affected people of all ages. Many people have lost loved ones to COVID, leading them to consider purchasing life insurance earlier than they planned. More young adults are worried about their loved ones’ financial situations in the face of their loss, and life insurance gives them a feeling of safety in knowing that their loved ones won’t have to carry the burden of end-of-life expenses.

Additionally, many people have jobs that regularly expose them to COVID-19, including first responders, teachers, and service workers. More people want to protect themselves and their loved ones from that elevated risk by purchasing life insurance.

Showing Customer Care through Digital Health Engagement: #KnowYourHealthScore

Customers want to know that their insurer cares about their health and wellbeing, especially during a pandemic. So as they search for the right life insurance policy, consumers evaluate insurers on many factors beyond cost, including how their insurer serves customers.

dacadoo’s DHEP with Wheel of Life™ shows customers that their insurer is invested in their health, encouraging more young adults to engage. dacadoo takes a holistic approach using personalized goals, showing customers the advantages of leading healthier lifestyles and how it impacts their future. When young adults recognize these advantages, insurers see increased time spent on their apps and websites, enhancing customer engagement and retention.

The Wheel of Life™ identifies seven different areas that contribute to health and wellness and combines them to create the dacadoo Health Score. For insurers, this means setting their company apart by building a relationship with customers.

Insurers can engage customers with KYHS = #KnowYourHealthScore. This approach goes beyond predicting and preventing and uses digital health tools to help customers learn how to take care of their physical and mental health while keeping track of their progress. Customers then feel that their insurer is working with them using a transparent system that keeps them updated with their policy and health.

New Market Opportunities for Life Insurers

With increased interest in life insurance for young adults, insurers can promote their brands with #WeCare. dacadoo’s DHEP with Wheel of Life™ helps insurers take a proactive approach to insurance by showing customers their health potential.

When brands demonstrate that they care about their customers using dacadoo’s platform, young adult customers know those brands consider their needs. As a result, this growing demographic feels safe with their insurer.

With an app that lets them keep track of their health in coordination with their insurer, companies create efficiency through proactivity, leading to a higher ROI for insurers when they see higher engagement, increased website page views, and more time spent on their apps with dacadoo’s DHEP.

With value-added services like dacadoo’s DHEP with Wheel of Life™, insurers can more accurately target the young adult market and encourage them to purchase life insurance and continue engaging with their health over time. This approach makes it easier for young adults to find the right life insurance policy and provider while connecting insurers with customers, collecting accurate data, and taking a more comprehensive approach to insurance.

Contact dacadoo today to discover how the DHEP can help insurers target young adults looking for life insurance!

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