Businesses today continue to be fascinated by the millennial generation. Today, millennials (those born between 1980-96) are the ones setting up most of the small businesses. This gives them a great amount of purchasing power and social influence. As a result,
businesses are dedicated to understanding them and winning them over.
the lack of trust in businesses and major institutions shown by the millennials doesn’t make this easy. Winning over the millennials is an even greater task for health insurance providers, who already struggle with creating a positive public opinion.
In spite of the difficulties, there are three factors that health insurers like Now Health International (learn more about international health insurance plans
here) could exploit to appeal to the millennial business owners and convince them about the importance of health insurance:
Defining Costs Clearly
concern millennials more than any other generation. The escalating costs of living, stagnating salaries, and student loans burden a majority of young adults. Having experienced similar struggles personally, most millennial business owners are able to relate
to this scenario. As a result, many millennials choose to not have a health cover than paying for an unaffordable one.
This happens especially because the relatively healthy generation fails to see any pressing need for healthcare services. To appeal
to these decision makers, insurers will need to prove their value and persuade the millennial generation of the benefits of health insurance, both short term, and long term. The best bet is to create targeted, relevant ads which emphasize on preventive services
coverage since most millennials perceive wellness and health as an active, daily chase.
Since millennials exhibit high levels of distrust, maintaining a distinct level of transparency is important. The generation seeks honest and clear information, placing a high emphasis on brand values like transparency.
Since the health insurance industry is quite complex and dense, it is really important to make information simple and clear. Companies are required to feature a clear pricing structure, stating the included and non-included benefits clearly. Insurance providers
should also make use of social media portals to communicate with the generation that lives virtually.
Regulating Digital Presence
Growing up with technology, smartphones, and the internet is a big part of millennial life. As a result, they tend to entertain insurers digitally or through telehealth services. Since a strong digital presence is expected by this generation, insurance companies
need to work on this. Health insurance providers that can offer streamlined digital insurance services like online platforms, e-commerce, mobile health schemes, etc. can appeal better to the millennial consumers.
To win over the millennial generation, the insurance providers will have to modify their business and marketing strategies to prove to the millennial generation their value and ensure transparency. Though Millennials are concerned about costs and skeptical,
they care greatly about their health. By satisfying the expectations of the millennial customers, companies will be able to win the trust of their customers and insure a greater number of millennials.