Insurance Needs in Light of Millennial Perspectives
Millennials are the largest population within the U.S., and they are currently calling the shots when it comes to employment change and delivery of services or products. The millennials are the individuals born somewhere between the years 1977 and 2004. There is some debate about the exact birth years of the generation, but the most common acknowledgment is that this group was born in the last two decades of the 20th century. The original use of the term millennials was associated with an attitude of anticipation for the dawning of a new millennium, but since the explosion of the characteristics that shape the current generation, this is now the term used to reference the population of twenty to forty years old’s that are vocalizing their opinions.
A Shift in Perspective
When it comes to the various industries making up the economy, the millennials have made quite a few demands for pay equality, virtual employment, and doing things the way they think is most convenient. The incorporation of technology and digitization has given them an edge in the employment arena, as this generation is much more comfortable using devices and adapting practices to software or equipment demands. However, the millennials are also more than just the new majority of the workforce. They are also the primary consumers, and their opinions and perceptions are changing the terms of supply and demand across different sectors. Insurance is one of these fields.
Redefining Insurance as a Necessity
Owning a business presents risks and liabilities that could be financially devastating in the event of an accident or situations of loss, and many understand that insurance coverage is a need. However, the millennial generation is redefining what insurance policies are considered needs. There are many theories as to why more adults are choosing to remain at home with their parents after college graduation, but regardless of the economic conditions creating this phenomenon, most millennials aren’t in a hurry to buy a home. Because of this, there is no longer a huge demand for homeowner’s insurance. The same can be said about purchasing a new car. With rideshare opportunities like Lyft and Uber, the ability to work remotely, and the convenience of delivery for options for anything you can imagine, owning a vehicle isn’t a priority to the millennial generation. These perspectives must be accounted for if your insurance company is going to withstand the changing perceptions of need.
As a company, SE2 has taken a hard look at the trends surrounding millennial perspectives and purchases, and they have created a company culture that helps work with these trends rather than trying to stay afloat as they operate in opposition. SE2 Inc has had some recent press concerning their approach and delivery of life insurance in particular, which is another area where millennials are not seeing the benefit of carrying a policy. Because the primary activities of the millennial generation is a delayed response and pursuance of things like marriage, home buying, and starting a family, these individuals also put off purchasing things like life insurance and a homeowner’s policy until much later in life.
Beating the Odds
Insurance companies that want to remain profitable, in spite of these generational concerns, will need to be flexible and open-minded. Changing the way you market and deliver your services isn’t catering to a special population, as millennials as the new generation. The sooner you can find out what they want and the areas where you aren’t on the same page, the faster you will be able to reach these consumers and earn their interest and respect. Whether it be attracting younger generation brokers or altering your delivery to be an engaging online experience, securing the millennial generation is job security.