Unlocking the Millennial Market for Life Insurance and Annuities

The life insurance and annuities (L&A) industry is at a crossroads, with the millennial generation poised to inherit $90 trillion over the next two decades. Despite this unprecedented opportunity, outdated processes and legacy technology have hindered the industry’s ability to meet millennial expectations. These younger consumers, accustomed to seamless digital experiences, demand transparency, education, and accessible tools to make informed financial decisions independently.

Transitioning to a customer-centric, technology-first approach is essential for insurers. Emerging technologies such as AI, blockchain, and smart contracts can streamline operations, enhance security, and accelerate product launches. For example, automation has reduced annuity application processing times from 30 days to just six days, enabling insurers to respond quickly to market trends.

Millennials place high value on guaranteed income in retirement, with 93% recognizing its importance, yet only 9% of Americans currently own annuities. With scalable, user-friendly solutions, insurers can integrate life insurance and annuities into broader financial strategies, driving engagement while addressing consumer needs for stability and transparency.

By adopting innovative platforms and prioritizing interoperability, the L&A industry can not only meet but exceed the expectations of this critical demographic. The time to act is now, as the potential to reshape the industry and secure long-term relationships with millennials has never been greater.