Wake up Millennials. You may be young, but you're not that young. According to a recent Gallup poll, Millennials are the most likely group of customers to be actively disengaged with their insurance provider. This poses a huge challenge for insurance companies as Millennials are the largest generation group and hold the most spending power for coming years. If insurance companies fail to engage with Millennials, they not only risk losing a high-paying customer, but one that will stay with their insurance company for a long time.
The Millennial generation includes anyone born from 1980 - 1996. Though Millennials are classified as one of the hardest to reach generations, they're one of the most loyal. When a Millennial is engaged, they are likely to buy a wider variety of products, are less sensitive toward pricing, stay with the company longer and likely to recommend the insurance company to others.
To properly reach this distant generation, insurance companies must learn the fine art of building relationships. According to Gallup, there are seven key tactics insurance companies must use to engage with Millennials:
- Offer family incentives
- Offer specialized services
- Ensure information security
- Make it easy to make coverage changes online
- Give them honest answers to the questions they seek
- Equip them with what they need through multiple channels
- Make it user interfaces easy to use and understand
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