Insurers find it difficult to connect with a new generation of consumers
The insurance industry has been providing coverage across a wide variety of sectors for countless years, but never before in history have insurers had to deal with a generation of consumers that are obsessed with technology and their invincibility. Gallup conducted a survey recently highlighting the difficulty insurers are having with connecting with millennial consumers, those born in 1980 through 1996. These consumers have proven difficult to engage, which has left the insurance industry somewhat disconnected from this demographic.
Survey shows that millennials are less likely to purchase insurance coverage
According to the survey from Gallup, millennials are the largest demographic in the United States and will continue to grow to dominate the insurance market for years to come. If the insurance industry does not take steps to engage these consumers more effectively, insurers could miss out on major business opportunities. Connecting with millennials could be difficult, however, as they have little interest in any type of insurance coverage they are not forced by law to have.
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Online channels could be the best way to connect with millennials
The survey from Gallup shows that the majority of millennials are disengaged from the insurance industry. These consumers see little value in insurance coverage, especially when it comes to costly coverage like health insurance. Those that are interested in insurance coverage, however, are more likely to purchase policies online than they are offline. Those purchasing insurance for the first time typically do so through an agent, but consumers are favoring online channels more.
An enjoyable online experience could be a boon for the insurance industry
Gallup’s survey highlights ways to engage millennials as well. The survey suggests that those who were very satisfied with their online experience while dealing with an insurer were more likely to continue being engaged with that company. By improving the online experience, insurers could engage consumers more effectively. Creating an enjoyable online experience can be challenging, however, as the insurance industry has only recently begun favoring the digital world over traditional forms of engagement.