The Value of an In-Person Insurance Inspection
By conducting an in-person insurance inspection, we’re able to identify other potential risks, educate insureds about ways to mitigate risk, and uncover new opportunities to serve insureds. One demographic in particular that benefits from in-person property inspections is the Millennial generation. For many Millennials (born between 1977 and 1995), the property being inspected is their first home, and a property inspection can help them to identify potential risks that they may not otherwise be aware of.
The Challenges Insurance Carriers Face with Millennials
Insurance carriers today are under a lot of pressure to attract Millennial insureds as a number of InsurTech companies are entering the market and winning over this generation with digital technology, swift approvals, and a seamless customer experience. Lemonade, for instance, allows customers to purchase homeowner’s insurance within seconds using its mobile app.
According to a recent Gallup panel web study, 69 percent of Millennials are either actively disengaged or indifferent towards their insurance carriers. Considering the growing purchasing power of Millennials, this lack of engagement and feeling of indifference is a major challenge to overcome. InsurTech companies are having a lot of success with Millennials because they understand this generation and what they want from an insurance carrier.
It’s critical that insurance carriers find a way to engage Millennials if they want to succeed in the future. While some insurance carriers are using social media as a way to connect with these digital natives, we encourage you to think outside the box. Differentiate yourself and use an in-person insurance inspection as a way to differentiate your brand and deliver the personalized customer service that Millennials crave.
Keep in mind that Millennials are looking for an insurance solution that offers inter-connectivity within their products. An in-person property inspection by one of our field inspectors gives insurance carriers an opportunity to identify ways to cross-sell products and services in a way that will add tangible value to the insured.
To learn more about how you can use a property inspection to differentiate your brand and appeal to the Millennial generation, please contact us at Insurance Risk Services.