PCIT PLUSNews and Updates in the Property & Casualty Insurance Industry – A KMG Initiative

Millennials

How are Millennials Changing the way Carriers and Agents Collaborate

Tech-savvy Millennials are one group of customers who are least engaged with their insurers and prefer to buy policies online, as per a 2015 poll by Gallup. In the US, this age groups’ population dominates the market, which is a large client-base for insurers. These demographics are alarming for insurers who are now being pushed to differentiate and strategically partner with agents to satisfy the needs of this generation.

Millennials

What do Millennials Don’t Like about Traditional Insurance

As per the US Census Bureau, millennials account for 80 million in the overall population, a sizeable proportion. The young adult generation has an equally commensurate purchasing power with estimates that this age group would spend over $200 billion in the year 2017 as per TechCrunch. Hence, these days organizations everywhere are designing their marketing strategies keeping in mind the buying potential and needs of millennials, and insurers definitely need to follow this trend. Delighting […]

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Connected Technologies and IoT Appeals to the Millennials: Infographic

Last month when I wanted to have my registration issue solved by the unresponsive customer service of a car rental company, I sent them multiple tweets and posted on their Facebook wall. They were non-responsive on calls & e-mails, but they responded within 24 hours to my tweets because every business wants to retain its perceived brand image. With such a power in the hands of consumers, businesses across all industries are redefining strategies to […]

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Internet Of Things And Millennials Changing The Insurance Industry

  In the World Insurance Report 2016 by Capgemini, it was noted that combined with changing behaviors and preferences from Gen Y customers, is pushing the insurance industry towards massive disruption.

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Millennials and Insurance

  Millennials make up for the 25% of the population in the US, born between 1977 and 2000. They will form the major population in America, and will make 21 % of consumer discretionary purchases, which is estimated to be over a trillion dollars in direct buying power and a huge influence on older generations.