The Truth About Youth: Attracting Millennials to P&C Insurance

Youth is wasted on the young… Or perhaps the young are just not wasting time with us. P & C insurers still struggle on how to attract millennials as customers and employees.

As panelists at the Insurance Information Institute’s P&C Joint Industry Forum, six CEOs agreed that learning how to do business with Generation Y is a challenger that insurers of all stripes are facing.

“It’s really a war for talent and we have to attract and retain that talent,” says CEO of CSAA Insurance Group Paula Downey.

The six panelists agreed that millennials—those born between 1980 and 2000—are drawn to inclusive work environments, work-life balance and corporate attempts at social responsibility.

These young’ns “have a tremendous thirst for information and knowledge” and “are interested in time off and in working in urban areas with mass transit and reasonable commutes,” says The Hartford CEO Christopher J. Swift.

Panelists also discussed how to earn an appropriate return on capital when macroeconomic trends forecast little growth.

An essential step in that direction is investing in mobile technology and becoming “an easier company to do business with,” says Swift.

An app or mobile-friendly website can help attract millennial customers, both in commercial and personal lines.

 

Take a look at our June feature “The Generation Gap” in which Terri Goveia asks if the insurance industry can give millennials what they want.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.