The insurance industry landscape is ever-changing, thanks to Millennials that are expected to take over as both talent and client. By 2025, Millennials will make up about 75% of the global workforce. The implication is that insurance customer’s expectations are changing, and meeting these expectations will be crucial for success. It’s not just about insurance, but every other industry.
These millennials are looking for a “unique experience”and will not hesitate to switch sides to your competitors if these expectations are not met. More than ever before, customer experience and satisfaction will be at the forefront of insurance services.
To meet up with the growing insurance customer’s expectations, these are the likely areas of improvement by insurance firms;
Insurance customers are Millennials with expectations of on-demand services. According to a study, 25% of Americans want to reach and get solutions from customer service within 10 minutes.
The reality today is a substantial divergent from what was obtainable in the past. Technology today will allow companies to meet this expectation with online quoting and servicing tools. Insurance firms need to leverage this type of technology to meet the needs of their clients. It’s all about reducing cycle time and providing customers with tools to self-serve.
To retain Millennials as long-term customers, insurance companies need to find ways to engage them consistently. While there are numerous mediums of creating a consistent engagement, offering a unique user experience tops it. This is usually centered around educating them about a subject or area.
Being able to keep your customers happy all year round will reduce your client turnover. Consistent engagement could also imply opening up a functional communication route 24 hours and even on weekends. One example of this would be having a fully functioning chatbot on your website or social media channels.
We now live in a world where data breaches and losses are a common occurrence. Millennials greatly nurse fear about how companies, including their insurers, can keep their data safe. Carriers and agencies need to be able to prove that their customer’s private data are secure. Put in place security measures in line with global best practices and communicate the same to your customers.
Outside of the privacy of data, accuracy of data is also of importance to Millennials. Agencies and insurers face the challenge of determining the current home address of customers. A small mistake like this could create a delay in mailing reimbursement checks. Devise a fool-proof means of getting your customers in updating their physical address. Many companies have address checkers on their quoting tool to avoid errors. But this also begins with the agent gathering the correct information up front.
We live in an age of unprecedented options- cars, products, smartphones, and lifestyles. There has never been a time in human history with such a myriad of choices. The issue of choice is not just about millennials. Humans love options; we don’t want to be limited to a single option.
Part of your customers’ expectations is that you’ll provide them with choices and when to make them. That’s why customers often seek out recommendations and referrals from family, friends, and the internet. This is where a trusted insurance advisor can add value. They can break down insurance products into easy-to-understand and straightforward options.
Traditional insurance models will not work forever. That’s why you need to step outside of the box and create touchpoints that are meaningful to your client’s day to day life. It would help if you moved towards adding value to your customers versus just focusing on risk management services.
In the end, you’ll improve the customer experience while decreasing the chances of claims. With fewer claims, insurance policies will become less expensive and even more profitable for insurers.
In essence, insurance businesses will have to tweak their business models to suit the expectations of Millennials. Insurance products and services need to be fashioned to meet the needs of the young and tech-savvy generation.
At Tillman Insurance Advisors, we know that customer expectations are at an all-time high. Our customers, just like millions of others, expect personalized and prompt service. They want to be able to access our expert advisors anywhere and anytime the need arises. That’s why we are going all out to embrace the change and guide customers through the journey.