Insurance Companies Change their Tactics for Millennials

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Every generation is unique and has certain characteristics that set them apart from previous generations. Generation Y, or millennials, are known to be the most tech-savvy generation to date. A few other characteristics of millennials are their talents in multitasking, their need for gratification and praise, and their perseverance. 

Millennials are also very into comparisons and social media. The millennial generation spends more time browsing and comparing items online and on social media than actually buying. Perhaps it is because they are more conscious about the product and what social status it will set for them? Or maybe it is because they want to make sure they are getting the best value for their money? Whatever the reason may be, old buying and marketing tactics such as print ads, do not have a huge effect on millennials. 

For this reason, companies are being forced to come up with new ways in order to target the millennial consumers. Insurance companies found that by using innovative technology and social media to appeal to the millennials is one way to capture their interest. State Farm, Progressive, Liberty Mutual, and many more insurance companies all have Facebook, Instagram, and Twitter accounts just so they can get the word out to the young social media users of today’s society. In reality, what twenty-something year old is going to pick up an ad in the newspaper to read about insurance? Social media is now the most effective way to target these young consumers and get the message across. 

In addition to the sudden social media rise, insurance companies are also creating commercials that include more entertainment and humor to capture the millennials attention. Millennials today are always go, go, go and are multitasking; it is difficult to hold their attention for longer than a few seconds. Companies must come up with a fascinating and attention-grabbing commercial that will make the younger generation keep watching. A commercial that spouts off insignificant facts and information about the business might not do it; however, a commercial that tells a story, is stimulating, and provides comical humor, just might. For example, Allstate’s “Mayhem” commercials, and Liberty Mutual’s Limu Emu, not only provides entertainment and humor for the viewers, but also further establishes their brand. Digital media platforms are becoming the all-around best way to market and advertise to consumers today, especially millennials and the younger generations that are more tech-savvy and intuitive. 

Lastly, insurance companies combined the “DIY” (Do-It-Yourself) mentality and the use of technology together to create self-service. Insurance companies recognized that millennials would much rather go through a process themselves, instead of having to call in for help or assistance. In response to this new mindset, many insurance companies have made their websites and mobile apps more self-service friendly by allowing customers to go through specific steps by themselves to buy an insurance plan or request a quote, without ever having to speak to an actual agent or representative. Not only does self-service cater to millennials preferences, but it also makes the process easier for both the customer and the company by freeing up the customer representatives that are slammed with phone calls and questions.

Moving forward, if you want to capture the hearts and minds of a millennial, utilize and focus your efforts on social media, entertaining advertising, and self-service. The new techniques are sure to generate more success than old marketing tactics. 

RoofClaim.com is unique in the roofing industry because we promote both “Do-It-Yourself” and “Do-It-For-Me” attitudes. We are making our website and processes DIY for the homeowner to get started and to seek more information. Once the homeowner has begun the roof replacement process with us, we’ll take it from there and do the rest of the hard work for them. The homeowner will not have to worry about communicating back and forth with the insurance company, because we handle all the details and communication with the insurance company on the homeowner’s behalf. Through the use of our customer portal, which is coming soon (another added benefit of self-service), the homeowner will be able to stay up to date and follow along online with how their claims process and roof replacement process is going. The purpose of the customer portal is to make this project transparent and easy for the homeowner to follow along in all the steps. We’ve found that using self-service and assisting the homeowner along in these steps is going to overall enhance the experience for them, and make it simpler and less complicated.   

 

 

Sources & Links:

DeRosa, Darleen. “The Impact of Millennials in the Insurance Industry.” The Impact of Millennials in the Insurance Industry, 10 Jan. 2019, https://www.onpointconsultingllc.com/blog/the-impact-of-millennials-in-the-commercial-insurance-industry.

 

Image: The Consultancy Group

https://www.consultancygroup.com/blog/2018/03/the-impact-of-millennials-in-the-workplace

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