There is a great deal of talk and published research about the next two generations, Generation Y (more popularly known as Millennials) and Generation Z. Reaching these generations requires a different approach (often digital), but with Millennials expected to make up 75% of the global workforce by 2025 (according to Deloitte’s Millennial Survey 2016), insurers have to find a way of attracting their custom.
Millennials and Generation Z have grown up fully immersed in a technological world. The internet, social media, instant chat, online payments etc., are all the norm. Therefore there is a high expectation that this is how they can interact with insurers – if they can’t, they’ll find some other insurer who can meet their needs. They also tend to want a more personalised offering, therefore tailoring products will be key (Time magazine called them Generation Me Me Me!).
However it’s not just about how you interact – another shared characteristic is an appreciation of social values – so understanding the core values of a business they’re potentially purchasing products from is important.
It’s a hard generation to crack – according to research from insurance start up Back Me Up, less than one third of Millennials believe insurance is necessary, and only 12% believe it is good value. But as said by Keith Stonell from Guidewire at the Innovation in Insurance Conference in November: “Millennials want to feel special and tailored to rather than thrown into a bucket with everyone else. To enable this to happen, the customer has to be at the centre of the business, rather than the policy. If we satisfy the Millennial market, we will satisfy all of our customers”.
The service you deliver is integral to the success of your business. With the right technology, we can help you to heighten your customer experience, improve underwriting performance, and streamline processes.
