By Deborah Pinnock on May 24, 2018 3:45:43 PM
"We should remember that intellectual complacency is not our friend and that learning - not just new things but new ways of thinking - is a life-long endeavor," per Blair Sheppard at PwC. And this is exactly what insurance brokers and benefits administrators must do: find new ways of thinking about benefits for millennials.
According to the Pew Research Center, millennials (also known as Generation Y) are about a year away from exceeding Baby Boomers in number and they are impacting business on every level. Millennials will make up 75 percent of the workforce by 2025. It's critical to keep millennials at top of mind because they are rapidly becoming the majority of your clientele. Therefore, your groups’ benefits administrators are strategizing to find ways to attract and recruit millennial talent.
With millennials on the verge of being the largest generation, and therefore, employee population, it’s vital for brokers to understand that traditional benefits packages do not meet the needs of this group. Therefore, to remain competitive in the field, insurance brokers must understand this generation and their benefits needs. Sharing your insights about Generation Y with your employer groups helps them effectively serve this group, and will position you as an expert, having your finger on the pulse of the issues that matter to them.
Here are some things insurance brokers need to know win millennials:
Benefits Needs of Millennials
According to Business Management, almost 96 percent of millennials surveyed would take a job based on the benefits they offered. Offering the traditional medical-only, or medical and dental plans simply won’t cut it. They value having a wide range of choices…just like they do when they shop on Amazon. So, be sure to go to your enrollment or renewal meetings with a healthy list of benefits options to offer, along with your insights on millennials.
Ancillary benefits options this group will appreciate include:
- Dental Coverage
- Vision Plans
- Student loan repayment assistance
- Mental health services
Benefits Communication Needs of Millennials
Sixty-five percent of employees in general, including millennials, want more information about their dental benefits. Chances are that you and your groups’ benefits administrators are providing information, but the issue may be how the information is communicated. Here are some things to keep in mind and share with your groups as you seek to keep this specific demographic informed about their benefits:
- Mobile Communication: Bolster your in-person meetings and presentations by implementing a mobile communication atmosphere. Millennials are accustomed to the gratification of 24/7 access to information. Tweet, develop online presentations and send e-mail blasts. Their smartphones are always close by – your brochure or benefit manual…not so much.
- Real-Life Examples: Millennials respond to real-life examples. Don’t just tell them that dental benefits can save them from more expensive procedures. Give them real life examples. For instance, an individual with a cavity delayed taking care of, at a cost of a few dollars on their dental insurance. The result: the problem mushroomed into a root canal, which cost them more than their annual dental premium for a good dental insurance plan.
- Decision-Making Tools: Make their decision-making process easier. Don’t just tell them what to do, give them the tools that they need to get it done.
Experience is very valuable but success in this industry also requires you to be a lifelong learner. That means keeping informed about the various trends in the industry, the challenges your groups face and providing them with solutions. One of those challenges that your group administrators are grappling with is how to attract and keep millennials. Show them that you understand their needs and that you have the benefits solution to help them create the type of employer millennials will want to work for.