Someone said, “the only thing worse than reading about insurance is writing about it” Yes, insurance is boring but has its benefits. The core of the world’s economies is unable to exist without insurance. Every construction site, cargo-ship, shopping center, airport, and car is insurance at work but when it comes to industries that are considered as old and boring, our dear insurance is at the forefront.

Walk into any school classroom and ask the students, “which of you know what insurance is about and who will like to work in an insurance company?” then see how many students raise their hands or really know insurance. There is little awareness of insurance as an occupation, plus only a few companies promote the interesting work opportunities in the industry. This is where the stale and boring reputation that has existed for decades originates from even amid a few rapid changes in the industry.

And you ask… What changes exactly?

For example, for decades, a primary asset of insurance firms has been their massive network of agents penetrating the mass market but today with internet access, websites are cutting down the costs of middlemen. An example is the www.chiplc.com website, which is fully automated to provide insurance service to visiting prospects… Ranging from getting quotes to making claims without manual interventions.

Also, the use of A.I (Artificial Intelligence) is another milestone. Few companies have commenced the use of chat-bots with AI capabilities for customer service enquires. For instance, the chat-bots on our Facebook page engage customers online, real-time, 24/7. This solution offers a human-like and real-time interaction to our customers. It learns past interactions to offer more relevant and timely solutions that are simpler for customers to use. Helping us digitalize the mobile insurance process. These are only a few of the interesting trends as there are more in the industry. To avoid blowing our own trumpets, we decided to ask a few people on how we can bring even more vibrance to our beloved industry, and we asked: How do you make a century-old Industry/Topic like insurance look “cool”?

We took a sample set from a few Millennials” (Age Group born from the 1980’s to 2000.)

From the responses, we got a few that seemed to capture their needs, and they include:

1. Insurance is boring because I don’t think it’s real, so sharing stories on clients/customers who got compensated will interest me a lot.
2. Be unexpected not just the regular. Make innovative products targeted at us, provide value through technology, make people’s lives easier.
3. Drive meaningful conversations, talk about things people in your industry people don’t talk about.
4. Merge lifestyle with insurance.

In summary, with the average Millennial’s attention span being a little longer than a goldfish’s own, our dear industry’s makeover may not be so far away but will require a healthy mix of their interests… Digital, Lifestyle, and Value. So yes, insurance may still be boring but there’s nothing wrong with boring especially when boring has its benefits.