Only 536 days until Noughties can start buying insurance

Is-the-insurance-industry-ready-to-meet-the-demands-of-millennials

Let’s face it generation Noughties or to put it another way ‘generation mobile’ are hard-wired to the digital age; they were born in the midst of it after all.  They know no different. To them the Digital Age is just normal (get over it), it’s how they roll…

For them swiping at a screen and not getting a response is just plain weird.  Say the word tablet and they don’t automatically think ‘medicine cabinet’, they think iPad. 

Why visit shopping malls dedicated to the worship of Mammon when you can trawl the internet, find exactly what you need, get it delivered the next day and if you don’t like it send it back?  They are tech savvy and readily absorb new technology like proverbial ‘ducks to water’. In this regard they are simply ahead of the rest of us.

So what has this got to do with insurance?  Paul have you been at the sherry again?

Well I calculate that in just 536 days-time (measured from 24th June 2014) the first noughties teenager could well be looking to buy their first ever insurance policy.  What a momentous event.

When they go to make this first purchase what will they find?  Will the websites, the processes and marketing messaging appeal to them?  A quick look at the insurance landscape suggests not.

Herein lays a massive opportunity for companies in the insurance sector.  Now I’m not saying that this should drive a cheesy ‘get down with the yoof’ approach by organisations.  Disingenuous activity here will be sniffed out by the noughties from five gazillion pixels away.

The suite of future marketing tactics used by the industry will need to be different, after all how do you email a generation that have got used to not using this usual form of communication?   

An intelligent, thoughtful and researched approached to serving this future generation I’m sure will pay longer term dividends.

I read recently read that statistics show that a person is more likely to divorce than change their bank.  Now I know in heady world of insurance we can only dream of this type of client loyalty/stickiness, but I do just happen to think that those companies that devise appropriately appealing ways to serve and engage the upcoming noughties community will enjoy extended customer lifetime value and reap what will be significant rewards at the expense of their ‘same old same old’ rather dowdy competitors.

On your marks, get set, GO…

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Founder and Managing Director of www.youTalk-insurance.com the completely FREE and independent insurance news, video and thought leadership multimedia website for insurance and risk professionals.

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