Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

5 ways for insurers to attract millennials online

Your article was successfully shared with the contacts you provided.

Millennials are notoriously picky when it comes to who they chose to do business with. They are known for their digital prowess and religiously check reviews online before committing to a company or service. 

But just because they’re constantly online doesn’t mean every company can reach them with its digital presence. And according to a recent poll from Gallup, that’s especially true for insurance companies. According to the research, of all generations, millennials are the least likely to be fully engaged — and the most likely to be actively disengaged — with their primary insurer. 

This is a problem. A big problem.

Millennials are the largest generation in the U.S. and will grow to dominate the market in the years to come. Insurance company leaders who don’t take steps now to engage this demographic will inevitably be left behind. 

But just how do you engage and market to millennials online? Read on to find out.

5. Use current clients

As Gallup states, “insurers can leverage existing relationships with members of older generations who can reach out to the millennial family members.” Just about everyone has a baby boomer in their client base. And by offering incentives to add policies for millennial relatives, insurers can potentially gain new customers — or engage an entire family.

4. Offer information security

Sure, all consumers want to know that their personal information is secure with each and every company they do business with. But millennials are most adamant about this. Insurers should offer top-of-the-line online security to this digital demographic. A secure online experience will drive engagement with millennials — just what insurers need right now.


3. Make sure online coverage changes are an option

Too many insurers are operating with antiquated online systems. Simply changing a beneficiary or choosing an additional annuity product to add to a portfolio online can be a daunting and time-consuming task. Millennials, of all generations, do not have the patience for it. As Gallup notes, “To millennials, convenience, functionality and speed are key to the online experience.” And since millennials encounter life changes with more frequency than older generations, being able to quickly make changes to coverage online is a strong engagement driver.

2. Provide answers 

There’s a common theme here: Millennials want the ability to do everything online, including finding answers to insurance questions. Not only that, they want the answers to be simple to grasp, in non-technical terms. Insurers who make information readily available — and easy to find — along with resources such as a live chat will be ahead of the game when it comes to attracting millennial customers. 

1. Make the insurance experience easy

Insurance can be complicated, and it’s up to the insurance companies to make it less so in order to attract more consumers. Millennials gravitate towards businesses that offer ease of account management, payment features, access to policy information and site navigation. For the generation that grew up online, they have high expectations. Insurers must “keep it speedy, straightforward and sharp,” according to Gallup. 

See also:

Advisors must better serve women, social media-savvy millennials

Want to lure millennials? Forget ‘retirement planning’


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.