Best Insurance Industry Practices for Connecting With the Millennial Buyers – II

Earlier on, we had discussed how millennials are the new face of the future. Learning about their behavioral patterns can give a look into their unique values and expectations of service standards. One of the most prominent characteristic of millenials apart from those discussed before is their tendency to stay digitally connected and technologically updated. They move by the minutes and reciprocate the same from service providers. Working and communicating for them is an interdependent process with focus on immediacy and meticulousness.

Although we discussed their love for social media and how it could be a major weapon for a displeased millennial client. The latter could also become a tool for instant recognition, and widespread acclaim in case of exceptional services. For the millenials, social media will not be just about facebook but a host of many other futuristic applications. In here, they would express their opinions and experiences. This could affect an organization if they do not possess a robust online presence.

Another facet of the millennial client is that they are most likely to conduct business without having to meet in person. A study on this behavioral pattern found out that among 100% of millennials more than 70% millenials preferred purchasing a car insurance using a remote purchasing method. 45% of the millenials bought the insurance online while 25% of the millennial individuals relied over phone for the transaction on call while a meager 30% had a face –to-face purchasing experience. It was thus concluded that if a company does not have a strong, quality oriented online presence then they are likely to miss a hefty consumer segment. The millenials are also going pro over online account maintenance with self service software’s and applications that provides the millennial clients with immediate access to insurance information and account details at all hours , day or night.

The concept of “trusted advisor” is still significant as are referrals’ and recommendations because of the millennial tendency to stay connected and often revert quickly on business referral plans. All in all the Millenials look forward to a consistent, convenient and customized service experience.