Insurance Insights

August 24-30, 2015

Educating millennials about insurance

By Allen Kerr

I recently returned from Chicago where my staff and I participated in the National Association of Insurance Commissioners (NAIC) Summer meetings. Among the various topics of our meetings, including the important issue of cybersecurity, was lengthy discussion on the need to encourage millennials to get informed about insurance options.
To give millennial outreach a nation voice, NAIC has partnered with actor RJ Mitte – whom some of you may know as the character Walter White, Jr., in the acclaimed Breaking Bad television series – to promote NAIC’s “Insure U” consumer education campaign.
Mitte, who addressed the opening session of the NAIC meetings, knows the importance of different types of insurance needs through his own life, which includes his diagnosis with cerebral palsy, being in car accidents and having his home broken into. Furthermore, Mitte’s grandfather owned an insurance company. In speaking to our group, he identified some obstacles our industry faces when trying to communicate with the millennial generation, including:
• Perceived invincibility: Twenty-somethings often assume they have all the time in the world and "bad breaks" won't happen until they are older.
• Undervalue possessions: Many millennials assume they don't own anything worth insuring. Unfortunately, they are often surprised by how quickly the costs of a few personal possessions such as a TV, iPad and guitar can add up if you have to replace them.
• Procrastination: Young adults have every intention of looking into insurance, but often don't get around to it until it's too late.
It is important that we give our younger generations every opportunity to start their adult lives on the right foot. I encourage you to pass this information on to millennials who are in your family or your workplace. For even more tips and tools to help consumers navigate insurance issues for every life stage, please make sure to visit www.InsureUOnline.org. Additionally, if you have any specific questions, please do not hesitate to contact your Arkansas Insurance Department.
It is my pleasure to continue to serve you as your Insurance Commissioner. For more information on the Arkansas Insurance Department, please visit http://insurance.arkansas.gov, follow us on Twitter at http://twitter.com/ARInsuranceDept and Facebook at http://www.facebook.com/ArkansasInsuranceDepartment.
Allen Kerr was appointed Arkansas Insurance Commissioner on Jan. 13, 2015, by Governor Asa Hutchinson.