Research — How can an Autoproperty Insurance company better engage with consumers under 35
QUESTION
1) In detail describe how you think an insurance company should engage with the Millennial and Gen Z demographic. (Under 35)
How would your idea make insurance more interesting?
How would you measure engagement?
How would you measure the success of engagement?
Response:
Millennials and Gen Z aged under 35 have appeared to be consuming insurance products based on available reports. They have become more relevant within the expanding insurance market in terms of spending and size.
Gen Z and millennials account for 24% and 27%, respectively, have a purchasing power estimated to be in trillions of dollars per year.
Outlined below are ways through which the insurance organizations should engage millennial and Gen Z insurance clients:
Use the hybrid model:
One of the ways through which the insurance companies can engage the Millennials and GenZ demography is by ensuring a hybrid model, which means that insurers need to integrate technology and the traditional method.
Millennials are familiar with companies moving from conducting businesses in brick-and-mortar while migrating to the use of technology while the GenZ’s have only known life online and anything technology. However, there is a need for insurance companies to continue integrating technology in their day-to-day operations to stay relevant.
However, these companies cannot abandon the old ways they used to communicate completely. It should be a mixed-method with the Millennials and Gen Z — face-to-face to offer advice.
Apply the Delightful Customer Experience:
Whenever a company wants to acquire, retain and engage customers belonging to Gen Z and Millennial demography, they should offer their customers a lifetime experience — a delightful experience.
For instance, these generations require things to be done quickly. If a company was to do a quote for a policy, it has to do it in time.
Offer an Omni-channel service:
Insurance companies need to be able to offer customer care services 24/7. Gen Z and Millennials have already indicated that they want answers at the point of asking. That is only possible when an insurance company has more than one channel for customer-client communication.
Insurance companies can ensure that they are available, throughout the week to offer their services by using different communication channels such as web — live chat and forms, mobile apps, phone calls, social media and in-person meetings. In addition, to remain engaging and earn themselves loyal customers, the company need to have in place communication channels that can enable them to do business and at a given time, anywhere avail insurance information, files, and messages and offer online payment options.
By doing this, the insurance companies will have given the customers a chance to communicate, make payments and pick up insurance policies that they need at their own convenient time.
Search Engine Optimization Strategy:
Whenever Gen Z and Millennials need answers, they always go online and search for whatever information they want. Therefore, by having the insurance companies put in place the SEO strategy, they can easily be found online — where these demography are likely to be hanging out, this indeed is a better engagement.
• How would your idea make insurance more interesting?
Looking at offering Omni-channel service, the customers must not necessarily wait to get their needs met using the traditional means of having to come to the office. They can make use of any of the many channels available — web — live chat and forms, mobile apps, phone calls, social media. This will make insurance more interesting.
• How would you measure engagement?
Most of the channels through which the insurance company can reach out to its customers are platforms, apps. These offer built in metrics to measure the engagement rates which can be shown using charts, graphs.
• How would you measure the success of engagement?
The success of engagement can be translated to the insurance company seeing more signups to their various product packages. Customer engagement is the strongest indicator of customers’ feelings about your brand. Feeling is one of the biggest factors in brand loyalty.
· If people like your brand, they may come back to buy again.
· If people love your brand, they will definitely pick you over competitors.
· And if people can’t get enough of your brand, they’ll not only be dedicated to you but will spread the word to all their friends, too.
So, in short, engagement is a way of measuring customer sentiment in order to predict future loyalty.
Question:
2) In detail describe why you think your idea would be successful from a consumer stand point?
What can a company do to build trust and show they are reliable?
What does this demographic look for in an insurer?
Response:
The insurance business is a relationship-based business. Trust is an integral part of the company/customer relationship. To be successful, clients need to see you as capable, dependable, and as someone with integrity.
To build trust especially with the GenZ, the insurance company must put the customer first in all its plans. Give more value and you will see your customer begging for more.
I know when I am being marketed to. It should be about me. Show me how much you care when I ask questions on any of your available channels. Very fast response says a lot.
Other things this demographic look out for is a company that:
- Don’t make excuses for problems. Fix them
- Don’t make promises you can’t keep.
- Respect customers’ time.
- Be proactive about communication.
Building trust is key to keeping your company competitive. When you establish relationships that are more meaningful with customers, they will be more likely to return to you with future insurance needs. They will also be more likely to send their friends, family, acquaintances, and others to you to fulfill their insurance needs, creating a snowball effect of business that can keep your pipeline full.
Question:
3) What unique needs do consumers under 35 have from an insurer?
Response:
· Consumers under 35 wants to connect with agents through digital channels such as online reviews and social media.
· They want their agent to be a seasoned insurance professional who can help them understand insurance and become informed consumers.
· They are more likely to buy an insurance plan online, so the insurance company should provide an online presence.
This was a private research done in August, 2021 by Onuzurike Chukwuagozie and also a part of Mindsumo Challenge. It has been laying idle since then on my PC, but I believe you might find it resourceful. I refuse to remain silent! No one should!!
Does this work make me a researcher? Hell Yeah…hahaha
So, if you have any research work, hit me up: onuzurikechukwuagozie@gmail.com
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