How Insurance Software Can Help Win Millennials
Millennials are the largest generation in the US. It’s no mystery why insurers are eager to win their business. The trouble is, they’re also the hardest to please.
“Of all the generations, millennials … are the least likely to be fully engaged – and the most likely to be actively disengaged – with their insurer,” said Gallup last spring. But engaging millennials is possible, and that’s where your software can help.
What millennials do (and don’t) want
The first thing to know about millennials is that they want to do business digitally. According to Gallup, they’re more than twice as likely to buy online rather than through an agent. That said, while they prefer the online channel, they’re not happy with what they’ve found. Of all generations, millennials are the least satisfied with the online experience.
“For insurance company leaders, this means improving interactions with customers online is a smart investment toward building strong relationships within this future mainstream customer base,” Gallup said.
What does that look like? Here are some of the key drivers that Gallup identified.
- Information security
- Ability to change coverage online easily
- Ability to access policy information online easily
- Ability to access services, even complicated ones, online
- Online account management and payment features
“The solution, it seems, is for companies that need to harness millennials to be more transparent and technologically savvy than they have ever been before,” Property Casualty 360 said. That is, “insurance companies need to be more … ‘technovative.'”
In other words, it comes down to immediacy. Accessibility. Great design. Transparent communication. Smooth function. As Gallup said, millennials have high expectations. And this is where your software can help. We’re talking about features like direct-to-consumer selling, distribution management, mobile engagement, accessibility, self-service and an improved customer experience. If your core system doesn’t provide these things, it’s probably time to ask why it doesn’t.
At the end of the day, it’s about relationship
The insurance software you use can either support or undermine your role as, not just insurer, but relationship-builder. Insurers who establish themselves now as relationship-builders with millennials stand to benefit from that position in the future. Millennials’ impact in the marketplace hasn’t yet come of age – but it will soon. “By specifically and tactically addressing this generation’s unique needs, insurance companies can provide better service and make a strong investment in engaging their future mainstream customers,” Gallup said.
Is your technology empowering you to take advantage of the emerging millennial market … or is it inhibiting you? Maybe it’s time to get empowered with Silvervine. Learn more here.