This generation doesn’t respond to ads; they respond to recommendations and word-of-mouth. And, these same customers are a vocal bunch, generating cycles of recommendations and warnings to each other, and technology is the enabler of it. More technology investments are needed, especially in the area of mobile.
This generation uses their smartphones for a number of financial processes. They even use their smartphones as an extension of the computer. This generation grew up with technology. In fact, according to a Northwestern Mutual survey, among those using technology for daily finances, the millennial generation leads the way, with 62 percent using online banking or automated bill payment, vs. 60 percent of Generation X and less than half (37 percent) of those aged 60 or older.
Insurers must understand these dynamics in order to effectively market to, sell to, manage and retain this soon to be dominant demographic.
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