Tuesday, Jul 23, 2024

Insurtech for elderly people: how can insurance companies leverage it?

Insurtech for elderly people: how can insurance companies leverage it?

One of the tasks on insurtech companies’ to-do lists is finding ways to reach out to elderly people. This generation is still not 100% confident in using technology and the services it opens up.

And they’re an untapped market, because insurtechs are focusing a lot of their efforts on millennial audiences who are already in tune with social networks, and are expert users.

That fact of the matter is that elderly people are using smartphones more and more and the digital gap is narrowing. The simple systems mobile devices now employ make them easier for people who struggle to get on with technology to use.

In insurtech, elderly people taking a punt on technology represents an opportunity for the insurance industry to reach them. It’s a way of reaching out to them, to offer services tailored to a client base which – generally speaking – has much greater buying power.

When it comes to dealing with elderly people and helping them navigate the world of insurtech, it’s vital to have a strategy. Companies that don’t have experience dealing with this customer group can find themselves confronting failure: having a great product on offer is no guarantee of success if you don’t think about the people you’re targeting. What three things can help the insurance industry connect with elderly people?

Giving these customers a great user experience is the first step. For starters, elderly people see technology as something that’s difficult to use, as something that generates mistrust – and this means they don’t carry on using it. To tackle this issue head on, companies need to offer information in a simple format that works for elderly people. Everything, from organization’s site to the apps they offer their services through, needs to function simply so that the technology doesn’t become a barrier for entry for this generation. It’s also important that companies are ready to listen to any issues that may arise along the way – and to respond to them effectively.

The second step is generating the confidence in customers to take the plunge and use your services. Elderly people value trust, it’s a trait that carries much weight for them, and this is only magnified when it comes to financial matters. One way companies can inspire this confidence is by having a presence on social media, forming a positive reputation for the organization which will help generate trust amongst this audience. If insurtechs show how they work across these media it will help foster trust in older people, which is a key factor when it comes to drafting a strategy on targeting this customer group.

Social networks are for elderly people too. According to a study entitled ‘Loneliness in Elderly People’ from the Association of Comprehensive Services for Active Ageing (Asociación Servicios Integrales para el Envejecimiento Activo (SIENA)) and promoted by Fundación Mémora, 44% of people over the age of 65 use social networks; mainly Facebook and WhatsApp.

As an company, reaching out to elderly people can be a complex task. You need to plan a strategy in which the customer is the protagonist, so that they feel listened to – and will in turn put their faith in the company. Insurtechs have the responsibility to look out for elderly people, by offering them services that are tailored with them in mind.


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