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More millennials are buying life insurance digitally, according to FNB

August 7, 2018 • Finance, Internet of Things, Southern Africa

More millennials are buying life insurance digitally, according to FNB

More millennials are buying life insurance digitally, according to FNB

FNB Life has seen a significant increase in the number of millennials between the ages of 31 and 33 exclusively taking out life policies on digital channels.

Lee Bromfield, CEO of FNB Life, says “Our omni-channel strategy which enables us to service customers through various channels of their choice, including online banking and the FNB App continues to pay off as the number of underwritten life policies, which are digitally originated, continues to increase.”

Coincidentally, FNB Life generated over 10 000 life insurance quotes via digital channels during Youth Month in June this year.

Bromfield says the insurance administrator and distributor’s customer-centric and innovative approach which is tailored towards simplifying and refining the customer experience from initial contact right through to product take up has resulted in a competitive advantage.

Furthermore, the integration of life insurance within FNB’s digital channels not only resonates with our broader customers, including millennials who spend a significant amount of their time on smartphones, but affords them the benefit of a single login to simultaneously manage all their financial services and accounts.

“Our customers don’t only appreciate accessing our services through a channel of their choice, but also conveniently engaging us in a time that suits them best. Consequently, 50% of all digital life insurance quotes are currently being performed outside of traditional business hours, before 08h00 or after 17h00 during weekdays and 13h00 on Saturdays,” says Bromfield.

They also get more value through the bank’s eBucks rewards programme which enables life policy holders to earn up to 15% of their monthly premiums back.

FNB Life rewards are based on the same banking behaviour that customers currently use to earn eBucks, making it simpler for millennials to engage and earn.

The average age of customers taking up life policies through non-digital channels, such as bank branches and service consultants is currently around 37 years of age.

Edited by Daniëlle Kruger

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