Gen Y Looking For That Human Connection

When it comes to serving Generation Y, or the millennials, a number of myths abound. One of the most prevalent is the notion that millennials want to conduct all their business transactions online.

When it comes to buying life insurance and getting financial advice, millennials are looking for a human connection. That was the word from two Generation Y members who also work in the financial services industry.

David Fine and Daria Lee Sharman of Pacific Life discussed opportunities for serving affluent millennials during the LIMRA Distribution Conference.

Millennials value human interaction, especially when it comes to complicated transactions such as buying life insurance, they said.

Not all millennials are drowning in student debt, underemployed and living with mom and dad, the speakers said. Many are beginning to accumulate wealth and are in need of financial advice.

Fine and Sharman described four groups of millennials as they related to life insurance and financial advice.

Puddle Jumpers are focused on getting to their next goal, whether it is buying a house or paying off student loans. They are reluctant to tie up their money for long periods of time.

Naïve Followers know little about finances unless a need or an opportunity is brought to their attention. They need a trusted advisor who can be their financial friend.

Nest Builders are hands-on strategists who thing long term. This group represents the biggest opportunity for professionals who want to serve them but this group also is the most challenging in terms of winning their trust.

Adventurers are risk takers who want to fuel their passion. They want something that is perceived as unique and they are the group most willing to accept high financial risks in return for high returns.

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].

© Entire contents copyright 2017 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.