Millennials like to have lots of choices, even more than Americans of any previous generation; and that's really saying something since this was a nation founded on choice. And even though "customization" was in vogue before the younger half of this aged 18-37 generation were even born, it is clear that young adults and teenage consumers have taken the idea of getting exactly what they want to a whole new level. As far as just about every product category goes, there are far more choices now than there were just 10 years ago.
Even stodgy old insurance companies are getting into the act. Travelers Cos. is one of the nation's largest and oldest insurance providers, and marketers there have unveiled a rather innovative new program with myriad options designed to attract not only the large thirty-something contingent who are settling down, getting married, buying houses, etc., but also the younger crowd.
Homes, cars, weddings, cellphones, jewelry, travel insurance for canceled flights, and car breakdowns, are all on the table at Travelers. But a new program called "Traverse" is perhaps the most interesting part of the service because it involves renting. Not only can people get renter's insurance, but rather than having to get new insurance every time they move, the policy goes wherever they decide to rent. Prices range from $8 to $30 per month depending on what is insured and there are no deductibles.
Indeed billions of have been spent recently on what has been called "insurance tech", as the insurance industry copes with a changing technological environment. And offering an increased array of digital-based services in addition to more customized product options is part of an effort by many of these large, heavily-regulated companies to become more consumer-friendly and fend off efforts by start-ups eager for market share. Their efforts have only just begun. Stay tuned for more.
Discussion: Do a little research on Traverse. Does this product appeal to you? Why or why not?
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