Life insurance carriers are keenly aware of the "protection gap" and the millions of Americans that need life insurance coverage to help protect their families and loved ones.
Carriers recognize the potential of serving the next generation of consumers and that embracing modern technology solutions will help facilitate market expansion and increased profitability.
Yet, several challenges prevent carriers from doing so, including inflexible legacy systems, labor-intensive product and sales experiences, and perceived risks of disrupting decades-old ways of doing business.
The reality is that digital-native millennials and Gen Zers have already entered the major life stages that create a need for coverage.
Based on the widely used Pew Research definitions, the millennials are turning 26 through 41 this year, and Gen Zers are turning 10 through 25.
More than half of Gen Zers ages 16 through 24 are already in the workforce.
It's time for carriers to innovate rapidly to respond to the buying preferences of members of these generations.
Here are four ways to do that.
1. Embrace end-to-end digital experiences.
Members of the millennial and Gen Z generations grew up with smartphones, and their desire for instant-everything will not diminish.
This expectation certainly carries over into tasks related to their financial security, including creating a will or securing life insurance coverage.
To meet this expectation and secure customers, carriers must embrace sophisticated life insurance technology that powers streamlined end-to-end digital experiences without sacrificing affordability.
2. Design new products.
While, on the surface, it may seem more straightforward to take an existing product and copy it into a digital world, this approach can often result in a disappointing experience for both carriers and customers.
Not only do traditional products involve complexity not well-suited out of the box for the digital experience, but historical approaches for determining risk on existing products also may not translate well into the digital space.
For example, application questions that ask about several medical conditions in one question may be better to split into multiple questions or streamlined with reflexive logic.
Jeremy Bill is the chief insurance officer, and product design leader, at 
