3 reasons why insurers should start targeting Millennials

With so much talk about Millennials, it still surprises me how some insurance companies ignore us as a vital market.

Here are 3 reasons why insurers should start actively targeting Millennials:

1. We are the widest market

Millennials, also known as Generation Y, are people born roughly between 1977 and 1995. While many people still think of us as kids, we are in fact between the age of 20 and 38.

This year, we will become the largest generation alive, both in the USA and globally, surpassing Baby Boomers. In fact, there are approximately 75 million of us in the United States. And this number is growing! “The Millennial population is projected to peak in 2036 at 81.1 million.” While we are no longer accepting new members to the Millennial clan, most new US immigrants are Millennials.

2. We are an undipped market

As adults, most of us are no longer eligible to be under our parents’ insurance. This means we have to go out into the world and purchase our own. However, research has shown that “Millennials are the most underinsured generation alive today.” Targeting Millennials can bring millions of additional dollars to an insurance company, but you have to know how to get us.

We are a very over-protected generation, so it might seem ironic that we do not see the need to be insured. Our problem is that we do not see the benefits of diving into our pockets to pay for insurance. If insurers want to tap into this market, they have to show us the value of being insured, while providing us with good coverage, competitive rates, great customer service and mobile accessibility.

The younger Millennials are in or graduating from college. As we are starting our careers, most of us move out and buy our own car. Consequently, we need renters and car insurance. We are still not making a lot of money and with so many bills to start paying, our priority might not be to pay insurance. Insurers must convince us that the benefits are worth the (low and fair) cost.

Older Millennials are starting families and buying new homes. Many home insurance companies tend to ignore us as potential homeowners as there is a stereotype that we want to rent a cool apartment in the city. This is true for young, single Millennials. However, most of us correlate success with owning a house, but we are just not rushing into settling down and buying our first home. In fact, studies have shown that adults age 22 to 34 want to one day have a place of their own more than older generations did. The difference is that we start our families later than previous generations, and since it is more affordable to buy a house with two incomes, we wait.

Actually, we are very old-school when it comes to raising a family. Like I mentioned, young Millennials want to experience city life, with the goal of moving to the suburbs one day to raise our kids. It is expected that more of us will own homes than our parents. This trend has already started, with half of us already having kids, making us the largest group of homebuyers in the USA already.

3. We have not yet established loyalty to one insurance company

Many insurers underestimate Millennials as they think we won’t make very good customers. Sure, many of us don’t have dependents yet, or have big liabilities. And most of us don’t own as much as Baby Boomers yet and therefore we don’t need as much insurers yet… The key word here being “yet”; as we age, this will all change.

Human are creatures of habit. And while Millennials are highly critical and are more opened to change than our elders, we also tend to stick with something if we like it. Same goes for insurance companies; if we like you, we will keep you. And since we have not yet established a brand loyalty to an insurance company, it is easier for a good insurer to snag us and keep us as a client as our assets grow. We can already see this with older Millennials: Who better to insure your new home than a company who insures most of your other assets?

In all, we might be tricky, and we might be picky, but we are also the up and coming next generation of buyers, and just like our parents, we need insurance.

COVID-19 update

The spread of COVID-19 continues to evolve and in this context, we wish to inform you that Xpertdoc is closely monitoring the situation and would like to inform you of the measures taken by our team to support its employees, customers and partners.

We do not foresee any impact on the delivery of our services and want to assure our customers that we are executing our continuity plans in order to ensure that our customers continue to receive our services without jeopardizing the safety and security of our personnel.

In accordance with the recommendations of government authorities, here are some of the measures being taken by Xpertdoc:

Remote work for all employees
Arrangements have already been made and we have requested that all our employees work from home. Our continuity plan includes a full deployment of remote work arrangements to ensure uninterrupted service to our clients and partners.

Hosting and cloud services
We have been assured by our suppliers that there are no known impacts to these services, and we are confident that we are able to effectively manage the delivery of our cloud services to all our customers.

Travel
We have cancelled all business travel until further notice for all our employees. If employees have or will travel for personnel reasons, they will be asked to respect the quarantine delay before participating in any business activities.

Events and gatherings
All our events have been postponed or cancelled. Our employees are no longer allowed to participate in any events, seminars or gatherings.

We are committed to providing the best possible service to our customers and partners, to ensure that you can continue digital communications with your own audience. In these critical moments if we can help please do not hesitate to contact us.

Regards,

The Xpertdoc Team

Mise à jour sur la COVID-19

La propagation de la COVID-19 continue d’évoluer et, dans ce contexte, nous souhaitons vous informer que Xpertdoc suit de près la situation et que notre équipe a pris des mesures pour soutenir ses employé(e)s, clients et partenaires.

Nous ne prévoyons aucun impact sur la prestation de nos services et voulons assurer nos clients que nous mettons en œuvre notre plan de continuité des affaires, afin de garantir que vous continuiez à recevoir nos services, sans compromettre la santé et la sécurité de notre personnel.

Conformément aux recommandations des autorités gouvernementales du Québec, voici quelques-unes des mesures prises par Xpertdoc :

Travail à distance pour tou(te)s les employé(e)s
Nous avons demandé à tou(te)s nos employé(e)s de travailler à domicile. Notre plan de continuité des affaires comprend des arrangements de travail à distance pour assurer un service ininterrompu à nos clients et partenaires.

Hébergement et services infonuagiques
Nos fournisseurs nous ont assuré qu’il n’y avait pas d’impacts connus sur les services d’hébergement et infonuagiques. Ainsi, nous sommes convaincus d’être en mesure de gérer efficacement la livraison de nos services infonuagiques à tous nos clients.

Voyages
Nous avons annulé tous nos voyages professionnels jusqu’à nouvel ordre, pour tou(te)s les employé(e)s. Si des employé(e)s ont voyagé ou doivent voyager pour des raisons personnelles, il(elle)s seront placé(e)s en quarantaine pour une durée de 14 jours, avant leur retour au travail.

Événements et rassemblements
Tous nos événements ont été reportés ou annulés. Nos employé(e)s ne sont plus autorisé(e)s à participer à des événements, séminaires ou rassemblements.

Nous nous engageons à fournir le meilleur service possible à nos clients et partenaires, afin de garantir que vous puissiez continuer vos opérations sans interruption. Dans ces moments critiques, nous sommes là pour vous aider. N’hésitez pas à communiquer avec nous si nécessaire.

Merci,

L’équipe Xpertdoc