Millennials are a fast moving generation and as of 2020, have the largest generational purchasing power at $2.5T with Gen Z not far behind at $34B and continuing to rise. As the market profiles shifts, companies that are not updating processes to meet the demands of Millennials and Gen Z, they will get left behind.
Millennials grew up with computers and most had a cellphone in hand by age 12; one with internet and data capabilities by 18. Being accustomed to instant access to information , this generation prioritizes convenience and is quickly frustrated and overwhelmed when information isn’t made easily digestible or accessible.
This is where some insurance providers are failing to capture the rising generations of new buyers.
If content is king, then video is queen and context is ultimate ruler. Short videos (max three minutes) that break down complex topics within the insurance industry can really help your clients. Think about it… most of them are scrolling through Instagram or swiping through TikTok. Attention spans are short which means you need to present the valuable information in a small, digestible nugget.
There are so many key areas of the market that aren’t broken down in this way. For example, you could share different vocabulary that may seem like common knowledge to those in the industry, but are actually difficult to understand for those outside of the industry. Another idea would be to create short videos explaining the different types of insurance that you offer and why it’s important.
Infographics are a great example of content in a digestible format. This can be done in a variety of ways and formats. Capgemini does research and study across different fields. While they do publish their full results from their studies, they also publish infographics to pull out the most important information. You can see a great example of this for around the Future of Claims.
Another fun option, are “Buzzfeed style quizzes.” So many people in younger generations love to do quizzes on silly topics, but you can leverage the content and the results to teach about one small topic within your area of expertise.
One of the biggest struggles for engaging millennials and younger generations are not updating your website. If your website is difficult to use or not mobile optimized, it can make any potential younger client immediately walk away. Millennials and Gen Z want to be able to do as much as they can online like log into a customer account and validate their information or submit a payment quickly without having to call or go into an office to do so.
It’s important to leverage a clean design. Think about the way that Apple or, within the insurance industry, New York Life. The thing is, you don’t need a budget like Apple and New York Life to get a beautiful website, that’s easy to navigate and mobile optimized. There are many tools out there like Wordpress, Squarespace, or even Wix if you have a very small operation, that offer great templates and resources for you to create a user friendly website in seconds.
Digital has become a necessity, especially with COVID. Although insurance is an industry built on paper, Millennials and younger generations do not operate with paper. There are many useful tools that can be used to keep you in compliance and easily create a more digital experience for your customers.
Imagine checking out at Amazon and having to fill out a PDF form, wait 7-10 days for verification, process the payment, and then they ship your package. Wouldn’t you just skip that all together to drive to Target to get your items?
Well, that’s the current experience that most insurance companies are offering to their customers, but it doesn’t have to be that way.
With SimplePin, you can have a fully integrate, digital payments experience that is convenient and secure for your customers, while also simplified and streamlined for your team. This removes all the friction from the payments experience internally and externally.
Millennials generally do not use paper and most do not own a checkbook. It’s frustrating and annoying to have to fill out PDFs, find your routing and account numbers, and verify a bunch of information you don’t have readily available to you.
Insurance is an industry that can easily get overwhelming and stressful or even cause anxiety for customers. Beginning to use digital options throughout the customer experience lifecycle can improve the process for your end user but also optimize your internal processes.
Ready to take your payments to the next level to save your team time, generate immediate value back to your business, and improve your customer satisfaction? Schedule a demo with a SimplePin product specialist or reach out via email to firstname.lastname@example.org.
Originally shared with NetVU community.