The document summarizes a team's research and recommendations for how an insurance company can redefine its language and messaging to appeal more to millennial customers. It discusses millennial behaviors like relying on online content and user reviews. The team recommends focusing on family protection, using simpler language and terminology without jargon, and providing an accessible website or app for easy navigation and application. An example infographic is suggested to combine these concepts. Further research like interviewing more experts is proposed to identify gaps and inform the sales process.

1. Redefining the Language of Life Insurance:
How to Reach Millennials
Cassandra Vidal
Juan Illingworth
Nathan Joseph
Peixiong Zhao
Robert Reid
Samantha Yang

2. Table of Content:
1. Defining the Challenge
2. Approach, Process, and Timeline
3. Previous Year’s Key Takeaways
4. Hitting the Trifecta
a. Key Context
b. Language and Tone
c. Message Presentation
5. Example Infographic
6. Final Recommendations
7. Conclusion

3. Defining the Challenge
Problem:
The current language used by Penn Mutual doesn't resonate with its millennial audience.
Cause:
Penn Mutual is an old company, been around since late 1800s. The message from Penn Mutual might be one-
sided because Millennials don’t typically consider to research life insurance.
Answer:
Use more "millennial appropriate" diction/tone, message delivery method (visuals), and content to help them
get on board to purchase or to simply understand life insurance.
Net Benefits:
Our answer maybe the best available because we referenced actual Millennials for their opinions and have used
our findings to support our solution.

4. Process and Timeline
Delivery Stage / Activity / Task
January
2016
February
2016
March 2016 Target End
Phase 1: Kick-off & Scoping
● Meet with representatives with Penn Mutual to determine problems, expectations, and goals
● Review Project Brief & supporting documents
(including LIAM Definitions, Language of Life Video Series, “To Be Insured” &” Language of Life”
whitepapers, website)
● Draft the Statement of Work & Submit to Professor Kruz
January 25th
Phase 2: Research
● Review Client/Instructor feedback of draft Statement of Work
● Develop a Problem Statement
● Research & conduct a literature review of applicable secondary-sources
● Conduct an environmental scan of competitors approach to the Problem Statement
● Determine information gaps
● Schedule interviews with internal staff & request additional data from the client (as necessary)
● Send finalized Statement of Work & receive client approval
February
7th
Phase 3: Gather, Organize, & Analyze Data
● Interview select Penn Mutual participants
● Collect & review additional data (if applicable) from Penn Mutual
● Aggregate Notes & Develop Key Themes/Trends
● Complete Data Analysis
February
24th
Phase 4: Assessment Completion & Solution Development
● Summarize findings and elicit feedback from Penn Mutual
● Complete a brainstorming session on potential solutions
● Develop alternative language/terminology
● Develop a strategy on how to effectively utilize new terms
March
10th
Phase 5: Reporting
● Deliver report with recommendations on communications language strategy redevelopment
● Offer a set of alternative life insurance terms
● Provide an example of how to apply strategy and alternative terminology recommendations via new
collateral
● Conclude engagement
March
13th

5. 1. Onboarding Experience: Millennials prefer highly technology centered, direct, and simple forms of
purchasing. They want to be in control of the pace of the experience.
2. Trust: Increasingly finance conscious Millennials are mindful of their expenses. They expect the highest
standard of a company with a solid foundation, projecting an air of good financial health.
3. Knowledge: Millennials are not entirely aware of the value of a life insurance policy.
Solutions:
● All about creating engagement
● Having strong online presence
Previous Year’s Key Takeaways

6. Hitting the Trifecta:
What Millennials want to hear, how they want to hear it and how to show it.
Key Content
Language
and Tone
Message
Presentation
Attention grabbing
and informative,
but no resonance or
connection to Millennials.
Relayed information,
but no visual
stimulant to evoke
action.
Entertaining, but
useless without the
proper information.
Best combination of
call to action visuals,
provocative language,
and informative
content.

7. Key Content: Content to highlight, that insurance sales representatives* would want to
tell Millennials and that Millennials would want to know about.
*Sources:
Qualitative
interviews with
Penn Mutual
sales reps.

8. Language and
Tone: - “White Paper: The New Language of Permanent Life
Insurance” by Maslansky + Partners
Issues:
• Focused on permanent life
insurance
• Only interviewed high net
worth professionals and
financial professionals
Takeaways:
• Casual language
• Highlight protection/family
• Focus on value added

9. Language and
Tone:
Image: Word cloud created from all main pages of Penn Mutual’s website.

10. Language and
Tone:
The diction and tone that resonates the most with Millennials to
effectively communicate and express a message
Simplicity: 3.7 vs 4.2
Penn Mutual’s explanation vs our
translation
Personable: 6.3
Relevant financial questions
Family Ties: 6.1
How important is protecting your
family members?
Jargon: 3.3
Terms such as “multi-functional
tool”
Insurance: 3.5
“Provided with protection plus
more”
Lengthy: 3.7
Penn Mutual’s explanation

11. Language and
Tone:
“Life insurance helps protect your loved ones if you are no longer here to
provide for them.”
Met-Life
“Life insurance provides protection for you and your loved ones, while also
helping preserve your wealth or supplement your retirement income.”
Lincoln
Financial
There are two basic types of life insurance to plan for life’s needs and goals,
term life and permanent life. An easy way to understand the difference is to
look at the names themselves. Term is a time-based solution similar to
“renting” – as it runs out on a given date. Permanent is a lifetime solution
similar to “owning” – as it stays with you, grows in value and can used
throughout your life.
Penn Mutual
Insurance from New York Life does more than you might think—from
safeguarding your life savings to covering a child’s college tuition, or protecting
your own retirement plan. We invite you to explore the policies we offer, to
determine the best option or combination of options for you.
New York
Life
Insurance
Common Life
Insurance Language

12. Language and
Tone:
Current Language Changed Statements
“Life insurance helps protect your loved
ones if you are no longer here to provide
for them.” -METLIFE
Life insurance takes care of your family
when you’re not there
“Insurance from New York Life does
more than you might think—from
safeguarding your life savings to covering
a child’s college tuition, or protecting
your own retirement plan.” - NYL
We are a well-established, reliable, and
family oriented company that can care of
your family
We invite you to explore the policies we
offer, to determine the best option or
combination of options for you.
We are personable company that will
help you have the best option possible
Implemented example of changed language

13. [1]
Message
Presentation:
Millennials needs are addressed by search engines or
retailer website or app
Millennials rely heavily on online content to gather
information or Do-It-Yourself strategy
’I want it fast, and I want it now.” U.S Millennials are
all about instant gratification. They put a premium on
speed, ease, efficiency, and convenience in all their
transaction”[2]
BEHAVIORS #1
1
2
3
Millennial Background

14. [3]
Message
Presentation:
User generated opinions
are more relevant in
making decisions (i.e
Yelp, Tripadvisor)
More trust over
recommendations from
strangers have increased
from boomers to
millennials
BEHAVIOR #2
1
Millennial Background
2

15. Message
Presentation:
Millennials often have trouble forming personal
connection with life insurance companies
Life insurance commercials that portray a negative life
event such as death or illness most often resonate
with Millennials that were interviewed
Millennial described the company to be caring,
personable, reliable, and approachable when they
resonate with advertisements
BEHAVIOR #3
1
2
Qualitative Study/Interview
3

16. Message
Presentation:
Provide a simple, accessible, and self-guided website
or app that millennials can easily navigate and apply
for life insurance
Display online reviews and statements from existing
users to show brand’s credibility, which can affect
millennial’s purchasing decisions
Use simple language that is easily understood without
further clarification
Guideline for Presenting to Millennials
1
2
Summary
3

17. Message
Presentation:
Website and model that adapts to Millennial’s behavior
and language
Contains simple language without explaining the
underlying details
Simple interface with quick and easy application
All-in-one knowledge center
Haven-Life
1
2
3
4

18. Example
Infographic:*
*Here we will show an example infographic that uses all of the concepts
Previously mentioned. It is not done yet.

19. Final
Recommendations:
Message:
• Cover the basics of life insurance
• Emphasize the value added, the relevance to Millennials and “family protection”
• Easier accessibility to this information → upgraded website
Language:
• Use simple terminology and more casual terms of language
• Avoid typical life insurance jargon and long “beat-around-the-bush” language
Presentation:
• Realistic applications
• Serious and emotional → focus on personal connection with consumers

20. Suggestions for Further
Research
• Employ a copywriter with knowledge of millennial audience
• Interview more salespeople/experts to identify gaps in the life insurance sales process

21. Thank you.
Cassandra Vidal
Juan Illingworth
Nathan Joseph
Peixiong Zhao
Robert Reid
Samantha Yang

22. [1] - https://www.agencynation.com/how-to-sell-insurance-to-millennials/
[2] - https://www.bcg.com/documents/file103894.pdf
[3] - http://blog.bazaarvoice.com/2012/01/24/infographic-millennials-will-change-the-way-you-sell/
References