There are more than 70 million Americans between the ages of 18 and 34, according to the U.S. Census Bureau. And while we’d love for 400,000 of them to pursue careers in risk management and insurance, given the industry’s pending talent gap, a more realistic goal is to hope that all of them become our customers. But in order for that to happen, the industry must focus on marketing to this specific demographic. Executive SummaryInsurers looking to win millennial customers need to shift their efforts to omnichannel. That means utilizing websites, email, social media, text messages, apps and everything else customers might access through their phones, tablets, computers and other smart devices.
Over the past few years, the conversations industry leaders have had about millennials have focused primarily on the need to recruit them. The conversation needs to be broader, however, as the other side of the aging demographic’s impact on the industry—the millennial’s increasing importance as a customer—is just as relevant.