Millennials are a group of people born between 1981 and 1996 and are currently between 23 and 38 years old. There are over 75,000,000 millennials on the planet and by 2025, they will account for 75% of the global market. The people in this group have grown up in a different world than older generations and as a result, they have different lifestyles and expectations. These factors impact how they connect with and use insurance.
Millennials live in a world of customized experiences, from purchasing clothing to ordering food, and they patronize businesses that put them front and center of all marketing efforts. They also prefer online interactions to face-to-face ones as much as possible, especially for business transactions. Their lifestyles are also different than prior generations. They get married later, have fewer children and are more likely to rent than own a home.
Millennials don’t like to read newspapers, watch commercials, or answer telemarketing calls. They are more concerned about losing their mobile phones than their cars. Given this information, an insurance company must take several actions to truly connect with members of this generation. To do this they should:
Given the expectations of millennials and their strong buying power, insurance companies need to deliver the products and services they want. This includes:
Truly connecting with and delivering what millennials want and need begins with recognizing that this generation is truly different than those that came before. Understanding what is important to them is key and appreciating that old models of communication won’t work is the place to start.
At Alliance, we proudly serve millennials by offering the online services they want and the coverages they need. Although this generation has specific expectations, we never lose sight of the fact that we don’t serve the group, we serve each person and family seeking the right insurance that fits their lives.
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