Millennials want more than a transaction: NICC 2017

Insurers need to earn millennials’ trust to get their business

Selling insurance to millennials is about more than just making online purchases easy, according to Martin Sigmen, vice-president of clients and members digital experience with Desjardins General Insurance Group.

Related: Technology encouraging millennials’ mistrust of insurance: RIMS Canada Conference

“It goes beyond the transaction and the point of sale—it’s everything that goes before it,” Sigmen said during a panel discussion on millennials and insurance at the National Insurance Conference of Canada (NICC).

“How do you position yourself as a credible player?” Sigmen asked. “How do you position yourself in that space so that when they’re starting to buy (insurance), they think of you?”

Panel moderator Andrew Lo, president and CEO of Kanetix, noted that honesty is the trait most valued by millennials when making purchasing decisions.

“For those of you servicing the consumer market with insurance and/or financial services, you need to keep this in mind when you communicate,” Lo said.

Lo also noted Canadian millennials value access to vehicles and housing over ownership, citing Airbnb and Uber as examples.

But while millennials are often viewed as having no interest in owning a car or a home, Sigmen cautioned against assuming that trend will hold.

“At some point in their lives they’re expecting [to have] the same things as the previous generation, but they’re a couple of years behind the previous generation,” Sigmen said.

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