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But first...
The Current State of Millennial Buyersin the u.s. Life & Health Market
Disclaimer: This slideshare you are about to review is based on Gen Re's understanding of a number of external sources. None of the research has been conducted by Gen Re. The following shows highlights of our perspective after reviewing external secondary material.
Why?
60%60% say good health is the most important thing in life2
25%25% lack Health insurance3
13%13%
NearlyNearly
34%34% own Individual Life insurance1
OnlyOnly
39%39% said they were very or somewhat likely to buy it in the next 12 months1
66%66% who didn’t sign up for insurance thought they couldn’t a�ord it5
butbut
OnlyOnlyhave Disability insurance4
Sources: LIMRA – U.S. Consumers Today: The Generations, 2014, barkleyus.com, insurancequotes.com, lifehealthpro.com, tennessean.com
Increase Education Before Sales CUSTOMIZE AND PERSONALIZE FIND A RESPONSIBLE CAUSE TO SUPPORT
3 Ways3 Ways to Improve Your Relationship With Millennials
Change the Channels of Your Communication
YouTube is the most popular website7
are as comfortable with mobile advertising as they are with TV or online advertising8
38%38% 63%63%watch less than 10 hours of TV a week2
40%40%use DVR (to avoid commercials)2
1818 hoursa dayhoursa day
aggregate time spent on consuming media – but not all from TV6
Sources: reelseo.com, inmobi.com
The Hartford via Lindsey Pollack is making a splash within the millennial generation by pointing out how important they are and connecting with them through di�erent channels like her YouTube Channel and blog posts.
“My partner, The Hartford, posts claimants testimonials on its website – video and text. Millennials can hear what others, like them, have to say about the value of life and disability insurance.” – Lindsey Pollak9
Example in Practice:
TakeawayTakeawayEducate on the affordability of most
life and disability insurance plans through non-traditional channels.
Click tosee examples
Source: lifehealthpro.com
own a smartphone, with the ability to “fact check”
remotely 24/711
routinely research products online10
Make Your Information Easily Accessible
Millennials must be able to easily do their own research before they contact a professional for help, or purchase your products via their phones or online – or they will look for alternative companies to meet their needs.
conduct health research on a smartphone or tablet DAILY12
spend 6+ hours per week using apps12
42%42%
60%60% 83%83%
36%36%
90%90%
research viasmartphone10
Sources: radius-global.com, pewinternet.org, slideshare.net/RosettaMktg
Geico has a mobile app that includes self-service functions for users to complete their insurance needs. Policyholders can access their policy information, access their ID cards virtually, pay and manage bills, manage and submit claims, and chat with Lilly, GEICO’s virtual assistant.13
The Council for Disability Awareness is connecting with millennials using their Defend Your Income tool which is a game-like forum to get information about disability in an engaging way.14
ExampleS in Practice:
TakeawayTakeaway
Click tosee example
Create easy and engaging ways for millennials to educate themselves about your company and products.
Sources: geico.com, defendyourincome.org
Millennials have grown upin a world of customization
They love Build-a-Bear, Apple products, and social media sites that are personalized to them (Facebook, SnapChat, YouTube, Twitter, Instagram, Tumblr).
When it comes to choosing Health, Life, Disability and other insurance policies, they expect the same.
Cigna has developed a mobile app that gives their users a simple way to personalize, organize and access their important health information remotely.16
Friendsurance, founded in 2010, o�ers customers the ability to personalize their insurance and share the risk among friends.17
ExampleS in Practice:
TakeawayTakeawayAre Customers Able
to Personalize Their Experience?
Click tosee example
Sources: myCigna.com, economist.com
Millennials think about the Greater Good
If they know your company supports social or environmental causes, they are more apt to buy your product.
73%73%are willing to try a new
unfamiliar product or service if it supports a socially
responsible cause18
85%85%correlate their purchasing
decisions (and their willingness to recommend a
brand to others) to the responsible e�orts the company is making18
Sources: Millennials the Next Generation of Consumers, Static Square Space
58%58% 76%76%are willing to pay
more for a product to support a cause2
believe they can truly make a di�erence with their actions2
Source: barkleyus.com
Last year Lloyd's Community Programme had over 1,700 employees help to build a stronger local community by getting involved in volunteer projects in East London. The company shares their e�orts via videos and social media featuring millennial volunteers.20
State Farm is largely focused on students and schools, providing millions in funding to train teachers, reduce dropout rates, teach financial literacy and encourage safe driving. The company promotes their support for a greater cause and local communities through their "About Me" page on their website.19
ExampleS in Practice:
TakeawayTakeawayShow Millennials
that your company is socially conscious.
Click tosee example
Sources: lloyds.com, comparenow.com
Contact:Contact:To understand millennials look for our other posts – genre.com/millennials – including Property/Casualty topics about millennials.
+1 207 347 4623 P
/in/marissavalenteIN
© 2014 General Re Corporation. This presentation is based on Gen Re's understanding of a number of external sources. It is intended to provide background information to our clients and professional sta�. It is time sensitive and may need to be revised and updated periodically.
Marissa ValenteMarket Research AnalystPortland, ME
1. LIMRA – U.S. Consumers Today: The Generations, 20142. www.barkleyus.com/millennials3. www.insurancequotes.com/press-room/millennials-lack-health-insurance4. www.insurancequotes.com/health/millennials-and-insurance5. www.tennessean.com/story/money/industries/health-care/2014/08/13/millennials-expect-value-health-insurance/139688876. CrowdTap and Ipsos MediaCT, Social Influence: Marketing’s New Frontier, Research Paper 20147. www.reelseo.com/millenials-youtube8. www.inmobi.com/blog/2013/Q2/27/global-mobile-media-consumption-reaching-millennials9. www.lifehealthpro.com/2014/09/11/5-ways-to-sell-life-insurance-to-millennials10. www.radius-global.com/about/news-releases/millennial-and-boomer-shoppers-may-be-more-alike-than-you-think11. www.pewinternet.org/fact-sheets/mobile-technology-fact-sheet; In this instance millennials are respondents aged 18-2912. www.slideshare.net/RosettaMktg/millennial-deck-07181313. www.geico.com/about/mobile-apps14. www.defendyourincome.org15. www.phdmedia.com/getattachment/Thought-Leadership/Media-Closer-Look/Articles/Millennials/Millennials-A-Global-Generation.pdf16. www.cigna.com/aboutcigna/cigna-mobile17. www.economist.com/blogs/schumpeter/2012/06/peer-peer-insurance; See friendsurance.com18. Millennials the Next Generation of Consumers, Static Squarespace19. www.comparenow.com/auto-insurance/coverage/socially-responsible-insurers20. www.lloyds.com/lloyds/corporate-responsibility