Millennials are your next big insurance client segment, and they shop differently from the generations that preceded them. Think digital and due diligence.
A Gallup study indicates insurers can make headway using five basic steps.
1. Leverage relationships—Members of older generations and other family members who have positive interaction with your insurance organization can influence your reputation with the millennials they know. Consider incentivizing referrals.
2. Privacy—Millennials are adamant that their information should be held securely, so emphasize your attentiveness in this area.
3. Be nimble online—This generation wants access, convenience and speed. Providing functionality for buying or changing policies online could increase your sales and retention.
4. Information is key—Millennials want to get answers online, and they don’t want to wade through jargon or many Web pages to get to information or to accomplish a task.
5. Make it easy—Businesses that make account management, payment and policy access easy will attract and hold younger clients.
In a complicated industry facing challenges from hackers, competitors and regulation, those who master marketing to millennials may find they have a leg up as the industry evolves.