Did you know that by 2025 three out of four workers globally will be part of the millennial generation, according to the U.S. Bureau of Labor Statistics?
In fact, millennials have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates released by the U.S. Census Bureau.
Millennials are also our nation's must diverse generation.
Millennials, or America’s youth born between 1982 and 2000, now number more than 83.1 million and represent more than one quarter of the nation’s population, according to the U.S. Census Bureau. Their size exceeds that of the 75.4 million baby boomers, according to U.S. Census Bureau estimates. Overall, millennials are more diverse than the generations that preceded them, with 44.2 percent being part of a minority race or ethnic group, that is, a group other than non-Hispanic, single-race white.
By 2020, millennials will be the ones driving change.
When it comes to the insurance landscape right now:
- Millennials are least likely group to be engaged with insurers.
- Millennials are more than twice as likely to buy online.
- Millennials' families influence their choice in insurers.
Insurance leaders are looking for a number of ways in which they can boost enrollment numbers of millennials, despite the fact that numerous studies demonstrate that this generation is the one most likely to be a hesitant to get involved with the discovery of healthcare options, as well as even think about life and property insurance.
When it comes to engaging millennials in the healthcare discussion, this generation of smartphone addicts want simple decision tools to help understand benefits and determine coverage needs, and mobile platforms for 24/7 engagement.
Engaging Millennials Online
Gallup reseach shows that 27% of millennials purchase their policies online, and this trend seems to be fast on the rise. As insurance companies think about ways to improve their engagement with millennials, the following are some key areas of focus, according to Gallup and insurance market trends.
Online ways to engage millennials in your healthcare discussion.
- Online Security: Millennials want to know their Personally Identifiable Information (PII) is secure. By offering security education to customers and keeping them up-to-date on the steps they can take to improve security, insurance companies can make the most of this engagement driver.
- Making Online Easy: To millennials, convenience, functionality and speed are key to the online experience. And compared with other generations, they encounter significant life changes with greater frequency. Being able to quickly and easily make changes to coverage online is another strong engagement driver among millennial customers.
- Answering Questions 24/7: Tech-savvy millennials frequently turn to the Internet when they have a question. It's important to millennials that the answers to their insurance questions are easy to find and simple to grasp. Making information readily available online and providing other resources, such as live chat, are smart ideas for meeting this millennial expectation.
- Bye, Bye Agent...Online Purchase Power: Millennials are more likely to buy insurance online. Another important distinction among generations is that millennials are more than twice as likely as all other generations to purchase their policies online rather than through an agent.
- Customizable Coverage: Millennials want insurance companies to talk to them on their terms, and on their mobile platforms, with transparency. Millennials are big on online marketplaces and rich videos, with interactive tools customized for the way they think, shop, search and buy. Millennials want customized benefits that bring function, flexibility, and choice.
According to Gallup's Millennials: The Job-Hopping Generation, not engaging millennial workers is a big miss for organizations. Unattached to organizations and institutions, millennials tend to move freely from company to company, more so than any other generation. Don't let your approach to the healthcare discussion be the reason millennials disengage with your organization.