The millennial mindset Is changing the insurance industry

Guest Column: Aashish Walia, CMO, IndiaFirst Life Insurance Co. Ltd., writes on the importance of giving a brand the millennial-mindset makeover with discovering new perspectives & embracing new ideas

e4m by Aashish Walia
Updated: Sep 21, 2021 7:01 PM
Ashish Walia

The “Millennial Mindset” – the term itself reveals that millennials have their unique ways of thinking, being, and navigating through life. A quick look at how digitization and digital media have changed the way we shop, source information, and plan our days is enough to confirm how industries are constantly adapting to meet new-age needs. 

Having ready access to information, living in a world without boundaries, dreaming big, and working to achieve them are just some of the tenets that this generation lives by. Connectivity, infrastructure, mobility, and the belief that there are multiple definitions to success and happiness – all of this has led to a sea change in how businesses today operate.

Research-Led Buying

Today’s insurance customer is aware of their choices before they buy. They’ve researched online, consulted friends and peers, and even price-matched well before they approach an insurance company. The millennial is looking for an insurance partner who can deliver on transparency, ease of operation, trust, and a good experience – pre and post-sales. Experiences of friends, family and even strangers are carefully heeded to when making purchase decisions.

Following A Different Life Calendar

Age is no longer a key consideration. This means that a thirty-something could be saving up to return to college and study further, while another could be making plans to retire at 40. The disparity in life goals is transforming the way consumers handle finances and the security they seek from investments. Keeping pace with these changing financial needs, insurance companies continue to innovate and evolve to ensure their offerings make sense for millennials. 

Positive Change Is the Certainty

In this age of new certainties, ‘life’ definitions have changed considerably. People may acquire an education, build a career, marry, have kids, and may even go back to college to prepare for a second career. Traditional values are cherished alongside new ideas such as minimalism, social awareness, and environmental conservation. For the insurance industry, this signals the need to build hybrid products that align with contemporary mindsets. 

All these observations tell us that a millennial’s mind is open, analytical, and ready to accept the new! Brands need to account for all these motivations to meet customer expectations.
 
For the insurance industry, products aimed at millennials need to be FETA:

  • Flexible: The one-size-fits-all approach no longer works. Today, insurance products need to be easy to understand, modular and customisable to changing life situations. Life goals vary from person to person and products need to evolve accordingly. 
  • Easy to use: From finding product information online to a seamless purchase experience to claim settlement, each phase of the insurance process must be easy to navigate and operate. For a tech-first generation, ‘ease of use' is a requirement and not an option.
  • Transparent: Millennials put high value on transparency, corporate ethics and integrity. Well-documented product details backed by regular updates are needed to build and retain trust.
  • Aspirational: As insurance awareness increases, insurers must revolutionise products and services to meet millennial aspirations and dreams. Innovative insurance solutions are the need of the hour.

In Short: Think and Do As A Millennial!

Millennials are on the lookout for brands and products that will make their lives simpler, more interesting, and more productive. If your brand is looking to become a favourite with this lot, it’s time to give your brand the millennial mindset makeover—be open to constantly reinvent, discover new perspectives and embrace new ideas! To say it like millennials do, customer experience and products by insurance companies must be on fleek!

Disclaimer: The views expressed here are solely those of the author and do not in any way represent the views of exchange4media.com 

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