As long as insurance customer base is concerned, the millennial generation is very soon going to replace the baby boomers as the biggest customer base for the insurance industry. When it comes to attracting the least-insured generation, the industry has got some really serious work to do. As per the report from a company which advises firms to gain customer insights, Fuel Cycle, they have pulled together key strategies which can help insurance bring the millennial generation together, something which no one has ever done before.
The ace business firm, Insurance Business asked a senior researcher, Nick Chadwick about his top tips on the things insurance companies should require focusing on as we move towards the beginning of 2018.
The art of engaging millennials
In the year 2018, it will rather be crucial to concentrate on the ways in which insurance companies can engage millennials. The way in which the millennials are engaged is more multi-faceted than what we ever saw with the previous generations. They are the ones who love to stay engaged by leveraging different methods, which may include apps, social media, mails, online communities and any other way that is offered by the insurer.
As long as millennials are concerned or the newest generation, utilization of the latest communication channels and directly conversing with them is extremely important, as compared to the predecessors. As the intermediaries still play a vital role in the insurance industry for the immense knowledge in buying products, millennials usually prefer the more direct methods and this means that the insurance brokers and agents require adopting all the new methods in order to gain their attention.
Setting up proper communication
The senior researchers are of the opinion that the key focus for the insurance carriers should be to set up direct communication in the year 2018. The direct medium of communication like the websites, the mobile apps usually remains a considerably untapped resource for the insurance industry. According to a recent study revealed that the millennials will most probably buy online insurance and more than half of them will prefer working directly with the insurance carriers rather than working in accordance with an agent.
In 2018, besides leveraging the multi-channel strategy, you also require bolstering the competition as this is also going to be important in 2018. Experts suggest that it is vital to keep researching the consumer market and how the competitors are reacting to the ongoing rat-race. Ultimately, when you can offer a voice to the consumers, this is probably the best way in which you can meet their expectations on a continuous basis.
Lastly, for the insurance companies to proactively retain the millennial generation, they even require investing in the non-conventional areas like customer intelligence and R&D and the procedure of purchasing insurance shifts on the channels, new screens and platform through the next decade.