Contrary to popular perception, the more than 80 million Millennials in the US are keen on building and protecting their wealth, and learning how to better position themselves for the future.
Recent Accenture research shows that 40 percent of Millennials are strongly determined to pass along wealth; 43 percent identify themselves as conservative investors. For insurers to attract and grow from this segment, they must:
- Develop direct, digitally-powered channels that make it easier for Millennials to learn, shop and self-service when, where and how they want; including social selling capabilities, such as agent/advisor social selling and consumers tapping into their social networks to generate leads for the carrier.
- Offer online tools that educate Millennials on protection and wealth accumulation as part of a digital environment that empowers all distribution points to provide advice.
- Conduct insight-driven, direct-to-consumer marketing (including heavy use of social media) to deliver the integrated, personalized, seamless, cross-channel shopping experience Millennials demand.
In the last blog of this series, I will recommend actions for achieving growth through the small business employees segment.
- Read Double the Profits: How High-performance Insurers can Create Business Value from Digital Transformation
- Read the 2014 Accenture Digital Innovation Survey, including our interactive visualization tool
- Read High-potential growth segments for life insurers, Part 1: Baby boomers
- Read High-potential growth segments for life insurers, Part 2: Middle market