Young, well informed people, with little time to lose, looking for quality products and services – millennials are not easy consumers. That's why these generations are often the subject of analyses by marketing agencies, with the aim of understanding their demands and needs as well as possible.
How to bring insurance closer to them and which channels of communication are the best for presenting the offer of insurance houses to these generations were the topics at one of the panels at the regional conference “Increasing the Sale of Insurance in the Current Economic Conditions”, held in Belgrade this Friday, September 27, organized by the Sve o osiguranju portal.
Millennials are young people who came of age or were born around the turn of the millennium.
As professor Dalibor Petrovic, a sociologist from the University of Belgrade and one of the panelists, explains for our portal, these are people born between 1982 and 2004.
According to him, millennials are very well informed and careful in choosing things, seeking quality, while also being prone to bargaining.
– They are growing up in a context of globalization and technology, digitization of life. Also, millennials are the key factors of bringing up within a family, where a lot is invested in them, so they've built this sense of self-confidence and self-worth, which is greater than in previous generations. They often believe that they are better than others and that they deserve quality products and services – professor Petrovic points out.
As he adds, these young people require a different approach to sale compared to other generations.
– These generations use technologies a lot, so the right approach would be to integrate these technologies in the sale of insurance and in the sale in general. In fact, we shouldn't sell something to them, but let them buy and select the products themselves. The products shouldn't be closed and rigid. Instead, flexibility should be one of the main business models. Furthermore, they need to be provided with a guarantee that their data are safe, so that they would be free to shop online – Petrovic notes.
In order to understand the needs of millennials and bring their offer and their activities closer to younger generations, insurance houses should take into account new professions in the market, which they currently don't recognize.
As Jovana Kostic, the digital transformation consultant of Telegroup, says for our portal, technologies are imperative in communicating with millennials, and influencers could be ideal mediators in this kind of communication.
– Generic advertisements can no longer have the same effect they used to. Influencers are a good opportunity for selling insurance. However, influencers with plenty of followers shouldn't be picked just because of that number. It is much more useful to turn to microinfluencers, who have a smaller community, but are connected more strongly, so their messages have a stronger effect on their followers that that of an influencer who sends a message only once. It is advisable to pick influencers who would focus on insurance for a longer time, thereby building a relationship to that brand, that is, the insurance house which takes care of its clients – Kostic says.
He adds that millennials research a lot, which means that insurance houses should have clear and transparent offers.
– Millennials are very well versed in the ways of the market. Before they contact an insurance house, they want to be well informed and know what they're paying for, which is sometimes a challenge for insurance houses, as the offer is not transparent enough on the website, which automatically drives away millennials. This is the first requirement for them to make another step toward insurance houses – Kostic notes.
Velimir Bulatovic, the young founder and president of the Lazy Brain organization, which does research in the field of digital intelligence, says for our portal that, in choosing insurance, the most important factor for him is to learn about the risks of his job.
– A good sales model for me would be to learn about the risks I'm exposed to and which I'm not insured against. The most important thing for me would be for the insurance sales person to increase my awareness and provide me with relevant information – what I am exposed to and what the risks are – and then for me to choose insurance, making a step toward them – Bulatovic says.
As it was said at the conference, millennials are not susceptible to prejudice and don't pay attention to the age-experience factor, so in choosing products and services they focus on the quality of the offer instead of how old the insurance sales person is.
If the product is good, the age is not a deciding factor for millennials.
The regional conference is meant for insurance houses, mediators and representatives, other financial institutions which sell insurance, IT companies, HR agencies and HR experts and consultancies and was held in Serbia for the first time.
The Sve o osiguranju portal has existed for over eight years. It informs the widest audience about the latest events in the field of insurance in the country and the region, highlights the advantages and the flaws in relations between insurers and the insured and provides answers to questions about insurance.