Key Strategies To Attract And Keep Millennial Insureds

Key Strategies To Attract And Keep Millennial Insureds
Millennials are the most sought after group of insureds in the P&C insurance industry today. With this generational group set to make up 75% of the working population by 2025, appealing to millennial homeowners is essential going forward. In order to attract Gen Y, as well as Gen Z in the near future, changes must be made that align with the interests and expectations of the younger generation. Everything from demonstrating competence with an insurance inspection to ensure a frustration-free purchasing experience can ultimately affect your future success with this generation. Here are three tips to maximize your appeal to the Millennial generation.
Ease Of Access
The modern world is at a high point of desire for speed and efficiency when it comes to providing services to consumers. More than anyone else, millennials are prioritizing those companies that make access and services easy and quick. With the steadily growing popularity of apps such as Lemonade, it is clear to see that the old way of doing things is swiftly going out of favor. Lengthy phone calls and bloated paperwork are left in the dust for simple online forms, chatbots, and 5-minute purchasing experiences. With a generous portion of Gen Y forgoing home insurance purchases, insurance carriers as a whole must provide access to their services in a way that portrays them as less than a chore, and more of an investment.

Online Presence
Online research is often the very first step for Millennials considering a purchase of any service, including insurance. Having an online presence and well-functioning website can make a big difference in your company’s ability to attract this generation. Reviews are taken very seriously, and negative ratings can significantly impact how appealing you are to younger generations. Additionally, Gen Y reads more than previous generations did at the same age. Blogs are a very attractive target for their reading activities. Investing in an online blog that supplies concise, but informative content will go a long way towards bolstering your online presence and attracting Millennials.

Using Millennial Relationships To Your Advantage
Forming a positive relationship with Millennial homeowners both through service and insurance inspections can drastically increase your company’s attractiveness. Gen Y greatly appreciates value and useful information about the best ways to protect their home investment due to growing up saddled with debt. A residential insurance inspection provided through Insurance Risk Services can provide that, opening up more customer engagement and service providing opportunities for your business. On another note, word of mouth referrals are a major influencer for the younger generations, so forming positive relationships yields more benefits over time.

Creating an incentivized referral system is also not a bad choice, giving insureds more reason to do what they already do naturally with the companies they love. It is important to realize that Millennials have the least brand loyalty of all other recent generation groups, and so earning loyalty is a far more difficult process than with Gen X. Due to this, a strategy targeted at building and maintaining relationships is crucial.

In addition to providing underwriting support and insurance inspection services, Insurance Risk Services is dedicated to fostering positive and profitable relationships between your business and insureds. Our thorough, in-person insurance inspections give you a competitive advantage in underwriting, while providing insureds with a friendly, knowledgeable face to associate with your company. Contact us to see how our insurance inspections provide value to your millennial appeal strategy.