Tag…You are It. Chasing the Millennial Dollar – IA Financial Group
Robert is back to help you understand the opportunity that exists working with Gen Y, known as Millennials.
He will illustrate a comprehensive financial plan for Millennial, including Liquidity planning, Living Benefits to protect income, Life Insurance and Retirement planning considerations. In the presentation he will show product solutions and address these solutions from the perspective of a Millennial.
To understand this unique segment of the population, you have to understand the following:
· Family incentives: Insurers can leverage existing relationships with members of older generations who can reach out to their millennial family members. By giving incentives to baby boomers and Generation Xers to add policies for millennial relatives, insurers have a good chance of not only gaining new customers but also engaging entire families.
· Specialized services: Older generations would likely appreciate insurers' extra efforts to take care of the millennial customers in their families. Insurance companies can engage multiple generations by prioritizing care of millennials in both their product offerings and customer service -- and communicating this to millennials and their families.
· Information security: Millennials -- and all customers -- want to know their account and personal information is safe. This is the most important driver for this generation. Insurance companies should focus on providing top-of-the-line online security to boost engagement. 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.
· Ease of making changes to coverage online: 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.
· Finding answers: 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 need.
· Access to various services: Millennials are capable of and comfortable with getting things done electronically. And they want to accomplish things online -- even potentially complicated tasks, like purchasing new products. Equipping millennials with everything they need through multiple channels is a great way to build engagement.
· Ease of use: Ease of account management, payment features, access to policy information and site navigation are also engagement drivers among millennials. When it comes to online experiences, they have high expectations because they likely interact with several companies across a variety of industries. Keep it speedy, straightforward and sharp.
This fun and energetic session will help you to identify strategies for your financial practice, as well as an understanding of the nuances of working with this huge demographic with tremendous spending power.
Tag you are it!
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