OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, Peter Tedone, president and chief executive officer, Vantis Life Insurance Company (Vantis Life), said the company is developing new ways to reach younger customers through the distribution channels that they prefer to be reached. Click on http://www.ambest.com/v.asp?v=tedone617 to view the entire program.
“The insurance industry has to look at new ways to reach these individuals,” said Tedone. “This Millennial generation is not sure how to access life insurance, and they do not like the process they see when they do access it.”
Tedone added that none of the traditional ways of buying insurance appeal to technology-oriented Millennials today.
“This is why you have the advent of new sorts of initiatives, such as accelerated underwriting and technology-based applications. These are much more in sync with what Millennials want to see.”
Tedone believes it is important to recognize that Millennials are not a homogenous generation that all think and act alike. “There are many subcomponents to the generation, and the insurance industry has to understand that first and foremost,” he said.
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