Insurance & Millennials: A Coming Of Age
February 13, 2019 by Jamie Johnson
What really matters to Millennials? What drives their behavior and their actions? We learned that many Millennials felt that their hyper-digital lives had not only lead to burnout and digital fatigue, but also left them feeling lonely, isolated, and disconnected from their communities. They were looking for ways to feel more connected to their communities and to build more authentic relationships. They highly valued community, interdependency, relationships and social good, but also felt that there were few products or services out there that resonated with these values.
Based upon these findings we hypothesized that for insurance to truly resonate with Millennials, not only does it need to deliver on the value its already promising (ie. financial stability, more certainty in the future), but it also needs to align with Millennial values at a deeper level. At the level of community.
Insurance is community
In fact, we believe insurance is well-positioned to do this too–to help create a sense of community and authentic connection for Millennials. In the webinar, we illustrated how, at its most basic level, insurance actually is a community – a group of people with similar needs and interests who pool their money together to protect against losses. And while this may be how insurance operates and the most fundamental level, for most people, this aspect of insurance remains invisible.
For most of us, insurance looks more like a two way transaction between a customer and an insurance carrier than it does a shared experience amongst a community. The customer pays their premium, and if something goes wrong, the insurance company pays them. And if nothing goes wrong? It’s a one-way transaction. The customer pays their insurer, and gets nothing in return. We discussed how, by surfacing the community aspect of insurance, providing transparency into how each person’s money is going to support other people in need, insurance companies will be able to resonate with Millennial values around community, interdependency and social good.
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Click HERE to read the full story via Advisor Magazine.
