Hispanics comprise almost 17% of today’s U.S. population. This demographic represents the most significant population trend in Americans under 65 in the next 20 years. This isn't just a population trend, your sales depend on recognizing the cultural shift happening underneath your feet. Enrollment strategies for both core and voluntary benefits should be adjusting to meet the needs of the dynamic customer base. Is your organization prepared to accommodate their insurance needs?

Here are three things you need to know about the changing landscape of the insurable American.

1. Population growth

The Non-Hispanic white population continues to maintain the majority today at over 50% but according to the latest U.S. Census data, Hispanics are projected to surpass 30% of the population by 2060. However, the increased marginal growth in the past five years lead others to estimate the Hispanic majority will arrive much sooner than expected. Between 2000 and 2010 the Hispanic population grew over four times the national average.
Now think strategy. You may hope that the days of toxic business mantras like "Well that's how we've always done it" have gone out the door, but all too often they are lurking in the corner offices of executives who will rely on past practices yielding past results. As a broker it's your responsibility to understand and learn your future customer base. Information on your customer base is the key to controlling your success. 

2. An underserved population

According to the Department of Health and Human Services, in a 2014 study, on average 1 in 4 eligible Latinos are uninsured. Remarkably, millennials have a much higher uninsured rate relative to their portion of the Latino population. Latinos between the ages of 18-30 make up 30% of the Latino population but nearly half the eligible uninsured rate. 

Your next question should be, where are these eligible uninsured? They happen to reside in the same states with the largest purchasing power. More than half of the nation’s 10.2 million eligible uninsured Latinos live in California or Texas, according to HHS.

3. A reluctant buyer

Now we know there’s a huge market for Hispanic insurance growth, but why is there a huge disparity in the eligible uninsured? A 2013 Insurance Barometer Study found that 75% of Hispanic household decision makers believed the cost of life insurance to be too high. This statistic can be interpreted as cost but savvy brokers know it's more indicative of value. The statement can also read, 75% of Hispanic household decision makers currently do not see a positive cost-benefit analysis. 

Freund, CFP, ChFC, CLU, is president of Common Census, Inc. Reach him at daniel.freund@commoncensus.com.


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