Embracing millennials is the only solution for a greying, unattractive, industry

Research by Harris Balcombe has found that the average age of an insurance professional currently stands at 60 years old—yet a mere 4 percent of millennials are interested in pursuing a career in the business.

“Whether we like it or not, insurance is facing a millennial revolution,” says Alex Balcombe, director of Harris Balcombe.

“There is no doubt that offices of the future are being driven by millennial preferences, with insurance facing the biggest challenge to change.

“The plain fact is that businesses in insurance need to recognise the growing presence of brands, old and new, that are adapting their business approaches to fit the needs of young consumers online.

“They dominate over $200 billion in buying power, and insurance firms trying to attract millennials as customers and employees may face detrimental consequences to profits if the issue isn’t properly addressed.

“Aged 18 to 34 years, millennials are often proclaimed lazy, narcissistic, and entitled. But these negative stereotypes signify the very barriers misguiding focus on the great opportunities young consumers present to businesses in the future,” Balcombe says.

“For years the insurance industry has been discussing ways to target the millennial candidate gap and now the issue is ever present. Millennials are becoming your clients, moving into their prime spending years and demanding innovation.”

He identifies several strategies insurers should consider implementing if they are to reach the millennial mindset that will dictate the UK’s insurance industry for decades to come.

Content is currency

Some 45 percent of millennials don’t find today’s marketing content compelling enough to share, something that is perhaps not surprising, considering the content strategy developed is often far removed from the very presence of millennials themselves, Balcombe notes.

“Bridging the chasm between your brand and the millennial audience is the first step to creating engaging content. Defining your business content strategy starts by researching first-hand how the modern consumer shops, and the type of content and tone of voice that captivates them,” he says.

He says that content marketing for search engine optimisation (SEO) should be part of this strategy.

“Simply put, if your brand does not show up on Google, millennials will not take you seriously.

“Content that is highly shareable, drives links and increases your website traffic will grow your brand’s presence and ranking online, making your content strategy all the more important to develop in coordination with what young consumers are searching for,” he says.

Timing is everything

In a technology-driven society, analysing current trends on social media relating to your industry is a great way to understand the relevant and current content millennials are engaging with, Balcombe says.

For example, a travel and health insurance agency might search hashtags on the best destinations to visit during the new year, and read vlogs (video blogs) on things to do and places to visit. Equally, a firm specialising in home insurance might search the top hipster locations to live in the UK or even the best smart home devices.

“From this stage, developing monthly blogs and advice pages on your site will more likely fit the interests of young consumers. No matter the kind of insurance your agency specialises in, the goal is to keep your content up to date with the needs of today’s millennials,” Balcombe says.

Mobile is money

Having a website is just not enough. A quarter of millennials spend more than five hours every day consuming, searching, creating, and shopping on their phones. If a website isn’t optimised for mobile devices, businesses risk losing the business of the millennial population.

“Millennials make real-time decisions. Thanks to the vast amount of information they consume, they can instantly decide whether a brand is worth their time and money. Satisfying an expectation defined within seconds seems daunting, but brings great opportunity for businesses in insurance that set themselves apart from traditional desktop marketing,” Balcombe says.

“Multiplatform is no longer an option—it is an essential step towards digitisation that some businesses are still failing to establish.”

Browsing experience

Millennials crave the experience of shopping more than purchasing a product or service, and successful companies know that young consumers want to have a fun online browsing experience.

“It is important for a business to have an easy-to-use, visually pleasing and interactive website. These important elements are a potential customer’s first impression of your site, and if executed properly, will help to gain their interest in your services for the long term.

“If your website looks outdated, or is unresponsive and hard to navigate through, a much-needed redesign and analysis of your business goals and strategies will optimise your user experience and business sales for potential customers,” Balcombe says.