Millennials and Gen Z aged between 18 and 38 have appeared to be consuming insurance products based on available reports. They have become more relevant within the expanding insurance market in terms of spending and size. Gen Z and millennials account for 24% and 27%, respectively, have a purchasing power estimated to be in trillions of dollars per year.
There are ways through which the insurance organizations can attract or remain attractive to millennial and Gen Z insurance clients.
5 Ways To Attract Millennials and GenZ
The Hybrid Model.One of the ways through which the insurance companies can attract the Millenials and GenZ demography is by ensuring a hybrid model, which means that insurers need to integrate technology and the traditional method.
Millennials are familiar with companies moving from conducting businesses in brick-and-mortar while migrating to the use of technology while the GenZ's have only known life online and anything technology. However, there is a need for insurance companies to continue integrating technology in their day-to-day operations to stay relevant.
However, these companies cannot abandon the old ways they used to communicate completely. It should be a mixed-method with the Millenials and Gen Z - face-to-face to offer advice.
Read Also: Insurance Trends In 2022: What Are The Expectations For Insurance Companies?
Delightful Customer Experience. Whenever a company wants to acquire and retain customers belonging to Gen Z and Millennial demography, they should offer their customers a lifetime experience - a delightful experience.
Some companies are already setting the standards. Amazon and Uber are good examples - they've turned out to be meeting the needs of the Millenials and Gen Z customers. For instance, these generations require things to be done quickly. If a company was to do a quote for a policy, it has to do it in time.
Insurance companies must embrace the new way of attracting these new sets of customers - and retaining them. The way these demography consume insurance has changed. Only when the insurance sector enhanced their knowledge that they can offer the customers a truly satisfying experience.
Read Also: How Technology Can Supercharge Insurance Distribution Channels Effectiveness
An Omni-channel service.Insurance companies need to be able to offer customer care services 24/7. Gen Z and Millenials have already indicated that they want answers at the point of asking. That is only possible when an insurance company has more than one channel for customer-client communication.
The insurers can ensure that they are available around the close throughout the week to offer their services by using different communication channels such as web - live chat and forms, mobile apps, phone calls, social media and in-person meetings. The insurers, who want to remain attractive and earn themselves loyal customers, need to have in place communication channels that can enable them to do business and at a given time, anywhere avail insurance information, files, and messages and offer online payment options.
By doing this, the insurance companies will have given the customers a chance to communicate, make payments and pick up insurance policies that they need at their own convenient time.
Search Engine Optimization Strategy.Whenever Gen Z and Millennials need answers, they always go online and search for whatever information they want. Therefore, by having the insurance companies put in place the SEO strategy, they can easily be found online - where these demography are likely to be hanging out.
Few questions insurance companies should ask themselves - 'what is our brand sentiment online?'. This is critical to how they position their brands to these sets of customers.
Tell Who You Are. Gen Z and Millenials are tired of overly polished brands which are advertised from time to time. The millennials and GenZ demography are attracted by authenticity and transparency. They are likely to support the products that they assume align with their values. For insurance to become attractive to the Gen Z and Millennial Consumers, it has to tell a powerful, genuine story that connects.
Know Curacel Grow. To delight your customers, they should be able to buy your products where they live - online or offline. When a customer buys a travel ticket at a travel website, they should get a policy right there. Curacel Grow enables insurance companies and any platform transacts effectively through its gateway solution. Learn more about the Curacel Grow - [email protected]
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