He urges: “This is precisely where technology can be used to reach out to younger generations and promote the benefits of protection to these customer segments much more in the future.”
Many protection providers see it as an opportunity, rather than a simple box ticking exercise.
Mark Cracknell, head of protection distribution at Aviva, explains: “We have got to react to those market changes and say, this segment of the population has a different buying need and therefore how do we service that.”
He reveals the company is “constantly talking” to advisers about how it evolves the technology being used.
“We need to make it as easy to deal with Aviva as it is to deal with Amazon, and as easy as it is to use your iPhone,” he claims.
If the protection industry can do that, it should have no problem attracting and retaining millennial clients.
eleanor.duncan@ft.com
