The lifestyle and attributes of this generation create new challenges and opportunities for insurers, who must transform in the digital domain and break down the barrier that separates them from the young.
Millennials, or generation Y, are today’s young adults – between 20 and 35. Compared with previous generations, they have chosen a lifestyle that includes postponing some important life decisions such as marriage and starting a family. This generation is characterized as being highly educated, tech savvy and independent-minded with strong views. Having grown up with broadband, smartphones, laptops and social media, they expect instant access to information.
- Connecting with millennials requires a new approach
- A one-size-fits-all approach will not work. Millennials want access to products and services that are, highly relevant and customizable to suit their requirements. To stay competitive, insurers will therefore have to repackage their offerings and innovate.
- Technologies like blockchain, artificial intelligence (AI) and the automation of services must become a main ally. New technology can serve a dual purpose: as an engine for business development, and attracting the millennial generation. It also allows insurers to be transparent and to properly protect personal data. This is essential, as security and privacy awareness defines millennials more than any other generation.
- Structure offerings in a way that makes them easily comprehensible and accessible, without the need for excessive paperwork and time commitment.
- Projecting a modern, updated image is a great step for attracting the millennial audience. Find what interests millennials and use their preferred channels to interact with them.
- Millennials want personalization and embrace business and brands who understand them and their needs. Use collected data to tailor messaging and offerings to gain a competitive edge.
Digital transformation is an absolute must for an industry that has been slow to change. Working hand-in-hand with technology with a focus on young people is a final step in achieving this. To gain the trust and confidence of millennials, it’s essential to do away with dated business and marketing practices.
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