Millennials and the Insurance Industry

Topics: Agent Resources Technology

Millennials. They’ve almost become a buzzword in today’s world as study after study comes out about the generation. What kind of shifts will this cause in the commercial insurance world? Read on to find out.

First, when we say millennial who are we talking about? The Pew Research Center defines anyone born between 1981 and 1996 (ages 22 to 37 in 2018) as a Millennial. It’s important for agents to keep in mind that some millennials are nearing 40, and many are taking on the roles of decision makers within their companies. 

According to Nielsen, the leading global information and measurement firm, millennials account for nearly a quarter of the U.S. population – about 77 million. A generation of that size is sure to have an influence on a variety of industries, including insurance. Millennials are generally marked by an increased use and familiarity with communications, media and digital technologies. A recent survey conducted by Microsoft concluded that: 

  • 65 percent of millennials start interactions with a brand or organization online
  • 64 percent of them believe that social media is one of the most effective channels for reaching brands

Nielsen has also identified the millennial generation as the top users and adopters of Smartphones.

So what does all of this mean for the world of insurance? For agents, a focus on both social media and technology can be the key to reaching and interacting with clients. It also signals that an increase of millennials working in insurance means a continuing shift in the way in which insurance business will be conducted, as well as recruitment techniques to grow the workforce.

Social Media Marketing

Social media can help you, the agent, to connect with your clients and community in a very impactful way, positioning yourself and your agency’s status in the insurance field. Make an impact by researching and writing on industry related topics that interest your clients. Be inspirational and educational in your posts. Make sure social media is something you can manage in-house, and select the channels that make the most sense for your agency . Try test posts on each channel to determine which provides the best new business leads. Read our related posts on:

Data Driven

Thanks to data mining and social media, insurance companies are starting to target their marketing directly to specific consumers. The ability to tailor their coverages and policies to the right audience can be invaluable to insurance companies. The data-driven, computer savvy, innovative mentality commonly attributed to millennials make them prime candidates to help carriers create insurance products that truly speak to the right audience.

Change in Demographics

Younger business owners are driving a huge digital shift in the business insurance industry. By 2020 over 60 percent of small businesses in the U.S. will be owned by millennials and Gen-Xers (who range in age range from about 20 to 45). With this projection in mind, it’s clear that agents who wish to thrive in the future of the business insurance industry would be wise to consider adapting to the changing environment the industry continues to innovate in an increasingly tech-filled world.

Mobile Apps

Speaking of tech, many insurance carriers now offer most of their services through mobile apps. Insurance agents can utilize these apps to give clients the ability to file claims, schedule inspections, track their claims process, direct message an agent with questions, or even submit video for appraisals.

For example, AmTrust appointed agents can create and bind policies that are designed to meet their clients’ needs with AmTrust Online. With commercial package coverage information for workers’ compensation right at your fingertips, you can get your clients set up with the products they need in minutes. Then your clients can use the system to make payments and update their information at their convenience.

If you don’t have access to AmTrust Online, you could be missing out on a big advantage in this increasingly digital industry. Find out more about AmTrust Online, and how you can join our team of appointed agents.
 

“Nielsen” is a registered trademark owned by The Nielsen Company (US), LLC. None of the entities owning the content that has been linked in this material, including The Pew Center or The Nielsen Company (US), LLC, have approved or endorsed AmTrust Financial Services, Inc. or its subsidiaries and affiliates, their website(s), or their products or services.
This material is for informational purposes only, summarizes coverages and services that may be available in a policy, and is not legal or business advice. Neither AmTrust Financial Services, Inc. nor any of its subsidiaries or affiliates represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors.
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