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DNF FEATURE: New Report Dives Deep to Reveal More than A Half-Million Millennials' Preferences

By Annie George, ProgramBusiness.com Editor


Posted on 07 Apr 2016 by Neilson

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New Report Dives Deep to Reveal More than a Half-Million Millennials' PreferencesMove over, Baby Boomers. Today, forefront in marketers' minds is getting into the heads of the generation known as Millennials-those consumers, about 76 million strong, loosely defined as born between about 1982 and 1994 (or up to the year 2000 or even 2004, depending on the source)-to better define who they are and what they want. A new report that distills intensive studies, proprietary benchmark research and analyses, and feedback and interviews with more than 600,000 respondents conducted by market research giant J.D. Power drills down to new levels of understanding about this complex demographic, which members of the insurance industry can leverage to better connect with this valuable group.

The Millennials Insight Report: The Customer Experience Perspective provides one of the most in-depth perspectives to date on the current motivations as well as the future wants and needs of Millennials, providing an array of data points and analyses that will give companies, including members of the insurance industry, valuable insight into how this target market perceives the operations of 15 different business segments such as health insurance; primary mortgage insurance; banking and investments; credit cards; wireless; hotel; and automotive. Also quantified are Millennials' experiences using the Internet and the ever-growing array of media at their fingertips.

Insights can help build lasting engagement

The report differs from the vast amount of information that has been written about this group because it provides "a 360 degree perspective...showing that the Millennial generation is a heterogeneous group that is simultaneously very different from-and in some ways-very similar to other generations of U.S. consumers," says Jay Meyers, vice president, analytical center of excellence division at J.D. Power. For the insurance industry in particular, the following responses (culled from some of the report highlights) offer understanding on how companies can tailor aspects of the customer experience in their operations to focus on what Millennials reveal is most important to them; their expectations, and how they affect brand loyalty; their opinions on matters of finance and technology that influence their actions; satisfaction levels across various industries, and more:

Value for the money above all: Millennials' purchasing decisions most frequently hinge on getting the biggest bang for their buck. Yet while the price of their coverage, for example, must be attractive to convert prospects into clients, this alone is not enough to keep them satisfied. A component of perceived value is receiving personal attention, so insurance agency representatives must dedicate time to build a personal, responsive relationship with each client. This can happen only in an environment where account representatives are freed up from performing mundane, time-wasting tasks and instead have sufficient time to apply themselves to client servicing in a meaningful way.

High customer service backed by solid technology: Amplifying the satisfaction of receiving that personal, human touch is access to the latest dataMillennials and insurance and technology, another key to an excellent customer experience. Growing up in an era where e-tools have always existed, Millennials expect 24/7 access to technology that functions well and is user friendly. This means it's essential that users can easily and quickly navigate through an insurance agency's site to conduct business, check on a policy, file a claim online, access account information, or request personal contact.

Getting it right, right now: While this group has the lowest tolerance for errors and delays compared to other market segments, they will reward great service and prompt problem resolution with their loyalty. In fact, the report finds Millennials are much more likely than Baby Boomers to reuse a product or service if an issue is swiftly resolved to their satisfaction.

Privacy is negotiable: More than other groups, Millennials understand the dance of giving a little to get a little. Thus, they are more willing to share personal information in exchange for receiving special offers, discounts, or personalized services.

Understanding the coexisting similarities and differences of this audience, as well as how the group differs from--yet is also alike--other demographic segments, is pivotal to creating lasting consumer engagement, says Meyers. The report looks beyond stereotypes about this fastest-growing consumer segment, discussing what they like (and what they don't), behaviors and attitudes, their preferences on being served, and how these preferences are likely to change over time, offering an unusually detailed examination of key influencers of buying behavior that can help the insurance industry understand how to meet expectations and distinguish their operation from the competition.

Speaking to the wants and needs of Millennials

With its deep dive into the minds of one of the nation's largest, most unique and ethnically diverse and often misunderstood demographic groups, The Millennials Insight Report parses nuanced and subtle insights that members of the insurance industry can use to shape the development of innovative product features, benefits and interactive services that will be better positioned to attract and retain Millennials by addressing their growing wants and shifting needs.

J.D. Power, a business unit of McGraw Hill Financial, is a leading provider of market research and analysis with more than 45 years in the industry operating in 17 offices around the world. To view the press release about the report, visit http://www.jdpower.com/press-releases/jd-power-millennials-insight-report-customer-experience-perspective. The full report is available only to J.D. Power benchmark study subscribers.

 


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