The Digital Transformation of Insurance
Who Are Millennials? Why Do They Matter To Your Agency?
October 15, 2014
There are more than 80 MILLION individuals in the millennial generation including me. This generation is larger than the baby boomer generation and our 1.68 TRILLION dollars of purchasing power is transforming how companies market their products and services.
Who makes up the millennial generation?
Millennials are individuals born between the years 1980 and 1996. We have strong opinions and high expectations of businesses and employers. We are also considered the most educated generation as a result of growing up during the digital age. True digital natives, technology and social networking are a part of our everyday lives. In fact, we use mobile devices more than any other generation according to the YAYA Connection.
Why millennials matter to your business
Millennials are transforming how insurance agencies operate, from how to market products and services to providing multichannel client touch points. With the proliferation of this new demographic, it’s imperative that your business develops a strategy to attract and retain this younger generation both as clients and employees.
Consider these millennial preferences when developing your strategy:
- Millennials navigate seamlessly between devices
- Always connected, millennials send upwards of 100 texts a day
- 80% of millennials visit social media sites daily
- An online search is the first stop to finding a solution for 71% of millennials
- Once they go online for support, millennials expect a resolution within 80 hours
- Millennials are 2.5 times more likely to be early technology adopters than older counterparts
I encourage you to learn more about millennials and their growing influence in the marketplace. Our ebook, “Why Millennials Matter: Guide to Understanding the Insurance Industry’s Fastest Growing Consumer Base and Workforce” covers all aspects of working and selling to the millennial generation.
What are your strategies for attracting and retaining millennials? Share with us on your favorite social channel using the #futureofinsurance hashtag.
Christen Kelley, product marketing manager at Applied Systems, leads the marketing strategy for various products including Applied CSR24 and Applied MobileProducer. Christen enjoys presenting on the insurance industry’s latest topics and trends including mobility and multichannel engagement.