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Millennials & Vacations — An Interesting Observation

Posted By Administration, Tuesday, August 7, 2018

Millennials get a lot of knocks for being self-absorbed employees and sometimes for not even being good employees. It’s a generalization but the knock is there. Here’s an interesting observation of millennials from a study done by the staffing firm Accountemps.

It found, millennials might be much better employees than the myth that surrounds that generation. For one thing, they are more apt to check in with the office while on vacation than their older counterparts.

Here is the info:

  70% of those 18 to 34 say they maintain some contact with the office while on vacation

  Just 39% of those age 55 and over do the same

  56% of all workers say they check in with the office while on vacation

  44% do not check in at all

While checking in with the office while on vacation seems weird to some of us, Michael Steintz of Accountemps said the results show some employees need to check in once in awhile to fully relax. Cutting contact completely is a bit more than they can handle.

“Employees need time away from work to rest, relax and recharge. Yet for an increasing number of people, totally disconnecting from the office can have the reverse effect and add stress,” Steintz said.

Professionals on vacation in Seattle, Los Angeles, New York, Miami and Charlotte check in the most. Those in Cleveland, Minneapolis, Denver, Philadelphia and Salt Lake City check in the least.

A last note. Employees plan on taking an average of nine-days off this summer. That’s down from 10 last year.

Source link: Carrier Management

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials & Insurance  Weekly Industry News 

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Millennials & Insurance

Posted By Administration, Tuesday, March 20, 2018

We first answer a question that puzzles us all. What is a millennial? Pew Research Center said it has what may be the final say. The definition starts with Pew noting the oldest millennials are now 37.

Pew says that puts 1996 as the last birth year for millennials and people born between 1981 and 1996 — people 22 to 37 this year — are millennials. Those born in 1997 are a different generation and — oddly — they haven’t been given a designated name yet.

The firm’s president Michael Dimock put the decision in perspective and said this isn’t an exact science. It’s just a tool.

So according to Pew the age group span will be 16 years:

  Millennials are 1981 to 1996

  Generation X is 1965 to 1980

  Baby Boomers are 1946 to 1964


By the way, the Baby Boomers are the only generation titled that by the U.S. Census Bureau. Unlike the boomers, there are no comparably definitive thresholds by which later generational boundaries are defined. But for analytical purposes, we believe 1996 is a meaningful cutoff between millennials and post-millennials for a number of reasons, including key political, economic and social factors that define the millennial generations formative years, Dimock said.

The big question for the insurance industry is how to get the millennial age group — which is now the largest age group in the nation — to work in insurance. David Chipp — an assistant VP at Brown & Riding — said the infusion of young blood is critical to the industry’s survival.

He said a good place to start is the college campus. Chipp said he needed money to get through school and that’s how he ended up in the industry close to 20-years ago. A  good place to start is with the first year of college.

I think it starts from the bottom with recruiting young people interested in insurance as they go into school, or also recruiting on campuses as people are graduating, and letting them know what opportunities are there in the insurance industry right out of college with just a bachelors degree,he said.

His company has been very successful with that kind of recruiting. Exposing young professionals to the different sides of insurance is helpful in them making a decision on where they see their opportunity to be successful, Chipp said.

An especially effective technique is to approach those who are most interested in technology. Attracting younger talent through technology is a good way to get their attention. Theres a lot of development right now with software and blockchain being implemented into insurance to provide better data that can be used for underwriting and pricing purposes and eliminate some redundancies in the data that may inflate costs to the clients,” he noted.

What you can’t do — Chipp warns — is try to reach students without some kind of personal interaction. Emails, texts and other promotional tools are helpful but nothing beats a one-to-one conversation.

It still takes human interaction to get them to the point of, what is insurance and how can it be a career for me?he said.


Source links: PropertyCasualty360.com, Insurance Business America

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials & Insurance  Weekly Industry News 

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Millennials Don’t Like the Designation

Posted By Administration, Tuesday, April 11, 2017

LIMRA — the Life Insurance and Market Research Association — checked in with Millennials and found less than half of them like being called a Millennial. Only 44% said the term fits. LIMRA’s Cecilia Shriner said the reason is likely because it’s a relatively new term.

“This generation has had a variety of labels: echo boomers, boomerang generation, Gen Y. It’s so new, and it takes time for these labels to sink in. Baby boomers weren’t called baby boomers since the beginning,” she said.

This compares to 2/3 of Gen X who gladly embrace the moniker.

Shriner also said Millennials — who are now the largest of all the age groups in the U.S. — get a bad rap. “We do see an extended young adulthood with millennials. I think that has influenced how they’re viewed, as well as the perceived entitlement issue.”

But that bad rap does come with some evidence. A huge percentage of Millennials in the survey do agree they are entitled. That comes — Shriner said — with a caveat. “I think as this group ages, those kinds of negative associations will diminish,” she said.

By the way:

  Millennial women are less likely than Millennial men to agree with the positive description of their generation

  Male Millennials are more likely to say the age group is optimistic, cooperative and realistic

  Less than 25% of women will say Millennials are smart, responsible, hard-working and self-reliant

  30% to 40% of men say that describes the generation very well

In case you don’t remember. LIMRA defines Millennials as those born between 1982 and 1999. Pew Research makes it a bit broader and says everyone born after 1980 is a Millennial. And the U.S. Census Bureau puts the category as those born between 1982 and 2000.

Knowing this information, how do you approach Millennials? Carefully. Shriner suggests defining them by “life stage” and not more broadly. “I think that approach is better, even beyond [discomfort with] the term ‘millennial,’ because the millennial generation also has a divide,” Shriner said.

Her reasoning is “the number of years that keep dripping into the millennial definition. You have the oldest millennials, who are married with children and mortgages, [and] the younger counterparts who are in college, or sometimes, depending on the definition, just entering college. Those are huge life-stage gaps,” she said.

And the bottom-line if you’re approaching them as clients. Shriner said you’re, “really talking to clients about not only people their age, but people in their life stage and those kinds of elements, will strengthen the recommendations they’re able to give.”


Source link: PropertyCasualty360.com



Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials Don’t Like the Designation  Millennials: Looking at the Future of Your Busines  Weekly Industry News 

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8 Statistics You Have to Know About Hiring and Working with Millennials

Posted By PIA Western Alliance, Wednesday, July 20, 2016
Updated: Wednesday, July 20, 2016



by Angela McDonald


As more baby boomers (born from 1940s to 1960s) are retiring, the global workforce landscape is expected to slowly start changing as the millennials (born from the early 1980s to the early 2000s) start entering into the scene.

It is imperative for employers to know and understand these Generation Y-ers, as millennials are expected to make up the workforce by 46% by 2020. Just recently, the new Pew Research Center analysis in the US said that more than 1 in 3 American workers today are millennials (adults ages 18 to 34 by 2015), and have surpassed baby boomers as the largest member of the American workforce.

Here are eight things backed with statistics that executive search firms or job recruitment agencies need to know about the perceptions and expectations of millennials in the workplace and how they are at work:


1. Millennials are the most educated generation in history, but face underemployment and have a harder time achieving financial independence.

  • Almost 79% of millennials have earned at least a bachelor’s degree, as compared to 62% of baby boomers. (Source)
  • Despite this finding, they are facing higher rates of underemployment. 30% of millennial doctors are underemployed while 34% of them with Ph.D. are also underemployed. (Source)
  • 24% of millennials from a survey claimed to have had to move back home at some point after starting employment because of financial hardship.


2. Millennials are not worried about loyalty when it comes to employment.

  • 75% of them believe they will have between two and five employers during their lifetime. (Source)
  • Compared to 41% of baby boomers, only 13% of millennials agree that employees should stay with their employers for at least five (5) years before looking for a new job. (Source)
  • 26% of millennials think that they should only be expected to stay in a job, at least, a year before looking for a new position. (Source)
  • 43% felt extremely or very confident that they could find another job if they lost or left their current one. (Source)
  • 70% of them are planning to change jobs once the economy improves. (Source)


3. Millennials are technology and social media savvy.

  • They switch their attention between media platforms such as laptops, smartphones, and tablets 27 times per hour on average while previous generations only averaged 17 times. (Source)
  • More than 41% prefer to communicate through electronic channels than face-to-face or on the phone. (Source)


4. Millennials prioritize a healthy work-life balance over financial compensation.

  • One in three millennials said he or she would prioritize social media freedom, device flexibility, and work mobility over salary in accepting a job offer. (Source)
  • 40% value a job that gives you a chance to make friends as very important. (Source)
  • Three out of four millennials say they are very happy. (Source)
  • Millennials report having twice as much happiness as stress. (Source)
  • When asked, “How do you define success?” 46% responded having a job they enjoy, and only 36% answered being rich. (Source)
  • 74% want flexible work schedules (time freedom). (Source)


5.  Millennials care more about the work they do, the company they work for, and the social contribution they make over how much money they earn. They want to learn and grow with the company they work for. They are extremely ambitious and eager for their careers to take off.

  • 52% of millennials said opportunities for career progression made an employer attractive. (Source)
  • 65% said the opportunity for personal development was the most influential factor in the current job. (Source)
  • 22% saw training and development as the most valued benefit from an employer. (Source)
  • 30% valued meaningful work. (Source)
  • 25% valued a sense of accomplishment on the kind of work they do. (Source)
  • 78% believe that companies have a responsibility to make the world a better place. (Source)


6. Millennials are mobile.

  • 71% of them would like to work abroad. This speaks volumes on whether employers offer a chance to train overseas or get assigned abroad. (Source)


7. Millennials are entrepreneurial.

  •  72% of them claim to want to be their own (Source) If they have to work for a boss, 79% of them would want a manager that can serve more as a mentor. (Source)
  • 92% of those surveyed felt entrepreneurship education was vital in the new economy and job market. (Source)
  • 30% started a business in college. (Source)
  • 35% started a side business. (Source)


8. Millennials want to be collaborators and team players.

  • Millennials want managers who are friendly but are less likely to say that they value those who go to bat for them. (Source)
  • 88% prefer a collaborative work culture than one driven by competition. (Source)
  • 88% want “work-life” integration. (Source)

Millennials are extremely driven, idealistic, and passionate individuals who believe purpose over money should be the driving force for seeking work. There are huge generational differences between the millennials and the current workforce they are replacing—the baby boomers, that should be taken into consideration when hiring and recruiting employees.

Source: http://manilarecruitment.com/manila-recruitment-articles-advice/statistics-about-hiring-working-with-millennials/


Tags:  8 Statistics You Have to Know About Hiring and Wor  Millennials  Millennials & Insurance 

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Millennials as Employees — Animals are Family

Posted By Administration, Tuesday, July 12, 2016

It’s not easy getting millennials — those who became adults just before and just after the year 2000 — to buy into the idea of insurance as a career. This in spite of the fact that insurance — for the most part — is about making people whole and millennials love that sort of thing.


So catching a millennial as an employee is often tough.


There is hope. Millennials like perks. The more benefits you have, the easier it is to catch and retain them once they’re on the payroll. Here’s a new — and quite positive — perk to entice them.


Pet insurance.


And here’s why. Millennials are now the largest population in the country. They’ve passed baby boomers. So they’re the largest population — AND — since they’re waiting until “later” to have children, they’re adopting the most pets of any age group in the nation.


Bob Vetere of the American Pet Products Association said millennials view their pets as children. They are almost using pets as practice families, to get the feel for having some living object totally dependent on you.”

So many millennials — like those in Vetere’s office and maybe even yours — are wanting benefits for their pets since they don’t have children. Smart employers — including one in three Fortune 500 firms and 9% of all other companies — are starting to provide pet insurance as a benefit.


Or so says the Society for Human Resources Management’s (SHRM) research.


Cynthia Trumpy is one of the heads of Health Paws Pet Insurance & Foundation. She says pet insurance is growing in popularity with businesses and with employees. A lot of people didn’t know that pet insurance existed for a long time. It wasn’t necessarily the best plan for a long time. Now there are several players with excellent plans, so it is becoming more and more popular.”


The reason for the growing popularity is the high cost of pet medical care. And that cost is staggering. Harris — the polling firm — found 65% of U.S. households with pets spent money on health care. That price tag hit $15 billion last year.


Liz Watson of Hartville Pet Insurance Group said pet insurance is a great way for an employer to show how much they share the values of the millennial and understand that pets are more than pets. They are family.


As millennials adopt this ‘pets as a part of the family’ viewpoint and are trying to be more and more responsible, it will lead them to want to explore something like pet insurance,” she said.


By the way, around 90% of those with pets do not have pet insurance.


Source link: Employee Benefit News


Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials as Employees — Animals are Family  Weekly Industry News 

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Millennials: More Living with Parents than Life Partners

Posted By Administration, Tuesday, May 31, 2016

Pew Research said in 2014 hard to figure out millennials — those aged 18 to 34 — are more likely to be living with their parents than in their own homes with a spouse or a life partner. Those figures were picked up from the U.S. Census Bureau and Pew says this is the first time it has happened in the “modern era.”


Young men are more likely to be living with mom or dad or mom and dad than young women:


  Men — 35%

  Women — 29%


The percentage of young men living with their parents and not spouses or partners crossed over in 2009. For women that happened in 2014.


Breaking it down by ethnicity:


  1980 is when more young blacks began living with parents rather than partners.

  For American Indians the year was 2007.

  Young Hispanics crossed over in 2011.


Pew’s report said, Trends in living arrangements for specific groups of young adults indicate that the crossover is being driven by the experiences of more economically disadvantaged young adults, specifically, less-educated young adults and some racial and ethnic minorities.”


The report expanded on that statement and gave reasons:


  The increase in the median age of the first marriage for both men and women.

  The level of employment of young men declining over the last couple of decades.

  The level of wages for young workers over the last couple of decades.


Recession also may be playing a part in the line-crossing. More young people are going to college and as a result many live at home. There are also not as many jobs opening for young people so living at home is the safety net most are using to weather the economic storm.


Source link: PropertyCasualty360.com

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials: More Living with Parents than Life Pa  Weekly Industry News 

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Two Reports: Millennials & Insurance

Posted By Administration, Wednesday, May 4, 2016

Bad news baby boomers … the reign of a generation who radically changed the world politically, socially and musically has come to an end. Pew Research Center says Census Bureau statistics show there are now 500,000 more millennials alive in this country than baby boomers.


First some definitions:


  Baby boomers — those born between 1946 and 1964

  Generation X — those born from the mid-1960s to the early 1980s

  Millennials — or Generation Y — born in the early 1980s to 2000


There are:


  74.9 million baby boomers

  75.4 million millennials


In 2015 millennials officially took over the workforce. Here’s how the workforce shakes out:


  53.5 million workers in the U.S. are millennials

  52.7 million workers are Generation X

  44.6 million workers are baby boomers


And experts think the number of millennials in the U.S. will grow to about 81 million by 2036 because of immigrants joining their ranks.


All of this impacts insurance and the insurance workforce. Most of those under age 40 working in insurance say they like their jobs and the freedom it provides. They’re optimists by nature and see insurance as an opportunity and as a secure job now and in the future.


Or so says Insurance Journal’s 2016 Young Agents Survey. It took a look at 500 agents 40 and younger and got their opinions.


Here are the 10 things they like most about insurance:


  A flexible schedule.

  The opportunity for professional development and community involvement.

  The earning potential.

  The daily challenges. No two days are the same.

  Work-life balance.

  The ability to check several markets to attain the best insurance coverage for each client.

  Establishing relationships with clientele and educating them about the importance of insurance and how it can impact their business.

  Helping people.

  Being own boss.

  The residual income.


With every good comes a bad and this is what these millennials like least about their insurance careers:


  Doing servicing work.

  The pressure from carriers to produce for them in order to keep an appointment.

  Overcoming the negative perceptions set forth by those before me.

  Having to regularly deal with new (revolving door) insurance carrier representatives and what seem like the constantly evolving appetites.

  The stigma that comes with selling insurance.

  The lack of young talent in the business and awareness of our business.

  Having to negotiate many different online production/quoting systems.

  The hours can be demanding.

  The first three-to-five-year grind as a new young agent.

  Lack of response by carriers to agent feedback.


The good news is since baby boomers are slowly but surely relinquishing control to millennials, these young agents can change the negatives they find in insurance.


Or not.


Source links: PropertyCasualty360.com, Insurance Journal

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials: Looking at the Future of Your Busines  Two Reports: Millennials & Insurance  Weekly Industry News 

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The Future of Insurance: Millennials

Posted By Administration, Tuesday, March 22, 2016

The future of insurance is in the hands of the nation’s Millennials or Generation Y as they are officially known. These are people born after 1980 and are now in their late 20s and early to mid-30s.


Agencies and carriers everywhere are looking for talent to replace the retiring baby boomers. And the place they’re looking is at Millennials.


But Millennials have a weird view of insurance and see it as a negative and not an appealing career choice. What they don’t see insurance as is an industry that makes people whole. That’s ironic because most Millennials love the idea of being a help to people.


A recent National Public Radio (NPR) program looked at Millennials and insurance. It quoted a survey from The Hartford that said just 4% of Millennials are interested in the business. They don’t find the business to be “sexy.” With some 70,000 jobs coming up this year and next, that could be a problem.


PIA National Executive Vice President Pat Borowski was a featured guest on the program. When asked how Millennials react to the suggestion of insurance employment she laughed and said, “They kind of just stare at you.”


But insurance needs them and soon. “Just in sheer numbers, there are not enough people in Generation X to replace all the people that are going to be retiring,” Borowski said.


Many — but not all — in insurance hiring Millennials are disappointed in the outcome of that employment. A report in Fortune says one of the problems with employing Millennials is they have few skills other than using technology.


And they’re good at technology that is simple and that does things for them.


Fortune concludes this is because Millennials have forced providers to build them machines, smartphones and computers that do everything for them and that are — alas — smarter than their users. And with that the study concludes American Millennials are some of the least-skilled people in the world.


The publication said Millennials are way behind their peers in other countries in:




  Technical problem-solving


Fortune’s conclusions are based on research done at Princeton’s Education Testing Service (ETS). They did the study of job skills in 23 countries for the Program for the International Assessment of Adult Competencies. 


In literacy the U.S. Millennial placed 17th out of the 23 nations. Here are the top-5 in literacy results:


1. Japan

2. Finland

3. Netherlands

4. Australia

5. Sweden


When it came to numbers the U.S. Millennial did even worst ranking 21st out of the 23 nations. Here are the top-5 numeracy scores:


1. Japan

2. Finland

3. Flanders (Belgium)

4. Netherlands

5. Sweden


In the PS-TRE category — or problem solving in a technology rich environment — the U.S. did about the same as the other tests. And this is the most surprising considering U.S. Millennials are the most technology addicted people on the planet.


The U.S ranked 18 out of the 20 countries tested in the category.


1. Japan

2. Finland

3. Australia

4. Sweden

5. Norway


ETS researcher Madeline Goodman said all of this is really surprising considering the American Millennial is considered to be the most educated generation of all time.


“We really thought [U.S.] Millennials would do better than the general adult population, either compared to older coworkers in the U.S. or to the same age group in other countries. But they didn’t. In fact, their scores were abysmal,” she said.


She and her study partners do not think spending more money on education is a cure for this problem and neither is a more expansive education.


Click here to look at the sample test.


Source link: Huffpost Business, NPR

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials: Looking at the Future of Your Busines  The Future of Insurance: Millennials  Weekly Industry News 

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Insurance Myths, Millennials & More: They have the Least Understanding

Posted By Administration, Tuesday, October 6, 2015


InsuranceQuotes.com did a study of auto and homeowners insurance knowledge. Millennials those coming to adulthood around the year 2000 scored the worst though other age groups didnt do that well either.


While this survey aims at personal lines, it does point out that most people do not have much in the way of insurance knowledge and we those in the industry would do well to pay more attention to educating our clients.


Or so says spokeswoman Laura Adams who hits the uninformed and those agents and companies who should be doing the informing. These results indicate that millions of Americans need a refresher on what insurance does and does not cover. It doesn't hurt just to pick up your phone and talk to your company or agent."


Like other industry advisors, Adams recommends agents suggest and schedule a once a year insurance policy go-over.


Oh the survey almost forgot.


  42% think people with red cars pay higher insurance rates than those with vehicles of other colors.

  Of those, 53% are Millennials.

  44% of the 42% have college or higher degrees.

  36% make $75,000 a year or more.

  Only 56% accurately know that insurance covers repairs for the motorist at fault.

  20% oddly enough think they have to pay out of their own pockets even if the accident is not their fault.

  34% think car insurance replaces stolen items when it is actually homeowners and renters that take care of those things.

  17% dont know where you live makes a difference in the price paid for insurance.


Source link: USA TODAY

Tags:  Insurance Content  Insurance Industry  Insurance Myths  Insurance News  Millennials  Millennials & Insurance  Millennials & More: They have the Least Understand  Weekly Industry News 

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Millennial Marketing: Tricky but worth the effort

Posted By Administration, Tuesday, October 6, 2015


Millennials are those who came to adulthood around the year 2000. Getting them to understand insurance, and the importance of purchasing insurance from an agent and not a website, is tough.


PropertyCasualty360.com recently consulted with marketing experts from The Hartford, Moore Communications Group, Microsoft and a few others, and 30 millennials.


The results are fascinating.


Reaching them is an easy start. Communicate with the millennials on your staff or the millennials in your family. Ask them to look over your marketing materials, your website, your Facebook page and its entrees, and other communication packages. Then listen to them and their advice.


Questions you want answered:


  How are we doing?

  How would you change what were doing?

  How would you change what the insurance industry is doing?

  Are we accessible?


Once youve kicked things around with staff members and other millennials, then reach out to the millennial generation. They are going to do research on you before buying. Count on that. Its a fact equal to the sun rising and setting. You need to find out where they are and be there when they get there. This is places like Yelp and other communities.


Make sure your website has some sort of social media presence.


Learn technology. Technology is important to them and they expect it to be important to you. The website needs to be smartphone and other mobile device friendly. And speaking of friendly. Lots of friendly photos and fun stuff needs to be on your website and social media pages. These pics dont always have to be insurance related. Its just as important to be perceived as fun.


Pick the type of millennial client you want and cater to them. This is a generation that has been pampered and told how wonderful they are from the time they were born through the end of high school. They expect you to love them, too.


Turn things around. They dont find insurance or estate planning or anything like that particularly interesting. Make it interesting by finding a way to apply technology to it. Videos, photos, infographics and other engaging content as noted earlier must be on your website and Facebook page and wherever else you have a technology presence.


Another reason this is critical is because they have zip for an attention span. The average span is like eight-seconds.


All of your communications channels need to be aimed at them. Most prefer texting to phone calls. An email works for a reminder better than a phone call. But before deciding how an individual wants communication, ask them.


So now youve communicated with them and they love the website, Facebook and all and you actually set up a meeting that they actually attend. Make your pitch but make it short. If its normally 30-minutes, find a way to do it in 10. Then sit back and give them time to research what you told them. Most will do that.


This is where having a duplicate of the information in the pitch online is helpful.


And that brings us to online. The experts hinted around about it, now theyre getting serious. You ought to have an advertising presence on one of them. It can be Facebook, Twitter, Instagram, Netflix. Any of them. Talk with your millennials and see what they say about where you ought to be.


You will not REPEAT will NOT reach them on television or in newspaper. Theyre not there.


Make sure any online presence is clean, neat, really cool and most importantly modern and refreshed frequently. If you havent updated in three-months youll be perceived as old. Never ever be perceived as old in the eyes of millennials. Old means old-fashioned and old-fashioned is not to be trusted.


Lastly, millennials will research everything online. But they dont want to be sold there. The sale takes place face-to-face, or phone-to-phone. Just make sure all of your information everything youve told them is accessible on your website, or wherever, 24/7.


Oh. Google. Make sure youre searchable. If you contact them and they cant find you then you lose credibility.


Source link: PropertyCasualty360.com

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennial Marketing: Tricky but worth the effort  Millennials  Millennials & Insurance  Weekly Industry News 

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