Although I am on the older end of the millennial spectrum, I still am a millennial. The insurance industry is noticing that this generation isn't behaving in the same fashion as generations before have when purchasing or even shopping for insurance. While there are several ways millennials are changing how insurance companies are doing business, today I'd like to discuss only a few...
Don't Bother Us
Millennials are the “least likely [generation] to be engaged with insurers,” according to a Gallup study. Insurance companies know that when they properly engage with customers they are successful! Since millennials don't engage with insurers and are even likely to be disengaged with insurers, they have completely changed how insurers are trying to reach this very large group of people. Insurance companies are catching on, but are drastically changing how they market to reach this upcoming generation.
Loyal To A Fault
Most millennials are very loyal to brands they love. Price and sometimes even a company's reputation won't change their minds. If a millennial's parent has been with a company for awhile and they were impressed, they will most likely stay with that company for a really long time. So insurance companies have to be very careful with how they handle not only millennials as clients, but even their family members. If you impress a millennial, you might have a client for life!
The Ugly Truth
Studies show that millennials are more likely to buy insurance online than any other generation! The most interesting thing is that while they are the most likely to buy online, they are the least satisfied with the online experience. This is driving insurance companies to find ways to improve their purchasing experience online.
Millennials are breaking the mold throughout the world! Not just in how we shop, but how we eat, communicate, dress and many other things. The insurance industry isn't excluded... Our shopping habits are unlike anything the insurance industry has ever seen and it has them on their toes. Over time, the insurance industry will catch on and the shopping experience will get better for millennials... Until then, how about just asking a fellow millennial to shop your insurance for you?
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