Millennials were born between the early 1980s and 2000. They’re also known as Generation Y. Millennials are the largest group of individuals living in the U.S. today. They number 76.6 million and — as the fastest growing group of consumers and employers — they command $1.68 trillion in purchasing power.
In economic terms Millennials are not just important — they’re critical.
Applied Systems did a study of Millennials and says agents, agencies and insurers need to develop plans to reach them as insureds and as employees. The study is titled — ironically — Why Millennials Matter.
In doing that plan — and you REALLY DO need one — the report says you need to keep these things in mind:
Millennials want to make a difference: They intend to make an impact on their world. As employees, they ask for more responsibility sooner than expected. As consumers, they look for brands and businesses that make a difference.
Millennials are digitally connected: They share their opinions and look to friends and family for referrals and opinions via text and social media. Opinions go both ways with both positive and negative testimonials.
Millennials bring focus and energy to their jobs: They bring collaboration and positivity to the workplace. Millennials have been conditioned to multitask. They focus on their goals and work hard from a very young age. Teamwork comes naturally to millennials.
Here’s some interesting stats:
• They are the most educated generation.
• One in four have a Bachelors Degree or more.
• 30% of Millennials are bilingual.
• Just 21% are married.
• They live in urban environments and don’t like suburban life.
Millennials grew up with technology and are experts in all phases of technology. Social networking really matters to them. Most send over 100 texts a day.
If they are seeking information, or a solution to anything, or if they want a product, the first place they go is online. Once they go online they expect a solution within 80-hours.
Here’s how they want to contact you:
• 67% want to call direct
• 37% say they want to do so online
• 28% want to see a person
• 18% will use a mobile app or text
These are the communication channels they prefer to use for anything:
• 65% prefer to call direct
• 49% prefer to go online
• 34% prefer in person contact
• 29% want to use a mobile app or text
Whether they’re buying insurance from you or whether they’re your employee, Millennials present a challenge. The report says that challenge is their attitude and preference toward technology.
“As a historically conservative industry, insurance agents often experience a generational gap when dealing with millennial customers. But understanding how they think, work and purchase differently from previous generations will allow insurance agents to leverage their unique influence,” the report said.
Goldman Sachs agrees. The bank did a study of Millennials and found when it comes to communicating about brands and services:
• 44% use text messaging
• 16% blog
• 38% use social media
• 38% use instant messaging