As millennials have grown of age and millennials now range from their mid twenties to their late thirties, millennials have started to heavily influence the insurance industry. To discover some of the key ways that millennials have forever changed the insurance industry for the better, simply continue reading.
They are more comfortable with the concept of sharing personal data with insurance companies:
While previous generations were not as quick to divulge personal information, millennials are far more comfortable, on the whole, with divulging personal info in order to gain the advantage of having insurance plans which are personalized to their needs. Particularly when it comes to home insurance plans and auto insurance plans. For example, a millennial is likely to be interested in sharing how many miles they drive per week, in order to get a lower auto insurance premium, than the standard premium which is offered. As a result insurance companies are now investing in offering customizable insurance plans that are tailor made to each client.
Millennials expect quick and accurate information:
Millennials also expect quick and accurate information as a result of being raised with technology and far more comfortable with researching information on their own. For this reason most insurance companies offer help via social media and chat systems in order to ensure that their millennial customers will be able to get the answers that they need quickly. While in the past, previous generations preferred to deal with a single insurance agent. Millennial customers are far more likely to seek help when they need it via a messaging app or social media. Otherwise they will be comfortable filling out insurance questions on their own via an app and don’t see the need for a dedicated insurance agent.
Straight forward policies:
Millennials won’t sign complicated contracts and will walk away from an insurance company who offers hard to understand jargon and policies. So insurance companies that want to appeal to younger clients such as millennials, are now offering easy to understand policies that millennials will trust. As if millennials see complicated jargon, they will assume that the insurance company which they are viewing is trying to trick them, into signing a bad deal.
They are loss adverse:
As a group millennials tend to be loss diverse, they are still interested in purchasing insurance even if they purchase large assets such as homes at a later age. Instead millennials may want to insure their pets, their health and their vehicles. Some millennials may even want to insure their material assets. For this reason many insurance companies have offered new insurance products instead of just offering home and car insurance plans. So expect to see insurance companies offering a large variety of insurance products tailored to millennials in the near future!
In conclusion, just as their predecessors did, millennials have left their own mark on the insurance industry as they have different needs and wants when it comes to taking out insurance policies than their parents or grandparents’ generations.