how to talk benefits to millennials · 2019-03-01 · millennials do not necessarily care about:...
TRANSCRIPT
How to Talk Benefits to Millennials
Michael DahlingerRegional Sales Representative,
Michigan
Trustmark
Cyrus MoserRegional Sales Representative,
Allegheny Mountain Region
Trustmark
Michael Dahlinger
Regional Sales Representative,
Michigan
Cyrus Moser
Regional Sales Representative,
Allegheny Mountain Region
Meet our millennial presenters
Agenda
What’s so unique about millennials?
How do they like to hear from insurance companies?
What’s in it for the employer?
How can employers improve the effectiveness of messaging around benefits?
Education
Soap
MannersDemocracy
Motorcycles
The Lottery
The Oil IndustryLunchCable
BuzzFeed’s 18 Things Millennials Killed This Year: 1975–2016. December 2017.
A unique demographic: In the news
A unique demographic:
Characteristics
What do you think of when you
think of millennials?
Techy
Entitled
Lazy
Lack loyalty
Financially illiterate
A unique demographic: Characteristics
Traditional adulthood characteristics of previous generations…
A unique demographic: Characteristics
Traditional adulthood
characteristics as seen now…
*U.S. Census Bureau. The Changing Economics and Demographics of Young Adulthood: 1975–2016. April 2016.
A unique demographic: Characteristics
1The Council of Economic Advisors. 15 Economic Facts about Millennials. October 2014. 2The Economist. Myths about Millennials. Aug. 1, 2015. 3Ramsey Solutions. Surveyed 1,000 Americans, 2016.
A unique demographic: Characteristics
More global
Increasingly multiracial
Seeking flexibility
Blends life and work balance
Financially-conscious
Loves avocado toast
More collaborative
Fluent in digital communication
Craves instant feedback
A unique demographic:
Challenges
Challenges with millennial
employees
The importance of age 26
The greatest problem with
selling to this generation
How do you marry independence
with education and technology?
A unique demographic: Characteristics
Millennials are the largest percentage
in the workforce today, making up
more than a third of U.S. employees.*
They are now coming of age, building
families, having children, getting
married, etc.
And, starting to purchase voluntary
products.
*Pew Research Center. Millennials are the largest generation in the U.S. labor force. April 11, 2018.
Messaging &
Purchasing
What resonates?
What’s the big picture?
Messaging & Purchasing
Millennials DO NOT
necessarily care about:
Details of the insurance plan
If they’ll have to pay more
later, especially if they can’t
afford it now
The insurance gap…if they
don’t fully understand it
*Trustmark and Customer Benefit Analytics, “Who Buys Voluntary and Why: 2017 Enrollment Study.”
Messaging & Purchasing
But, millennials DO care about:
Peace of mind
Responsibility (e.g. the responsible
thing to do)
Value of the product
Employer’s financial contribution
Convenience of buying at work (i.e.
payroll deduction)
Easy to understand policy language
Having a personalized experience
*Trustmark and Customer Benefit Analytics, “Who Buys Voluntary and Why: 2017 Enrollment Study.”
Messaging & Purchasing: Pre-enrollment
On average, benefits pre-
promotion uses these channels:
Digital content distributed by
employer
Printed material distributed by
employer
Face-to-face with HR or rep
*Trustmark and Customer Benefit Analytics, “Who Buys Voluntary and Why: 2017 Enrollment Study.”
3TOUCHPOINTS
The magic number is three.
Employees remembered
and appreciated benefits
more when they saw three
or more distinct
communications.1
Messaging & Purchasing:
During enrollment
You might think millennials prefer to go online
– such as on the company website or social
media channels – during enrollment, but those
are actually the two least used channels for
connecting with a representative.
Top channels used for assistance:
Meeting in person
Calling a representative
Emailing a representative
Using online chat
Vespa, U.S. Census Bureau. The changing economics and demographics of young adulthood: 1975-2016. April 2017, Figure 2. LIMRA Life Insurance Service Channels. 2017.
Messaging & Purchasing
How to talk benefits to
millennials
Life insurance
Short-term disability
Accident
*Trustmark and Customer Benefit Analytics, “Who Buys Voluntary and Why: 2017 Enrollment Study.”
Messaging & Purchasing: Products
Life Insurance
Short-term disability and Accident
Life Insurance, Short-term disability and Accident
*Trustmark and Customer Benefit Analytics, “Who Buys Voluntary and Why: 2017 Enrollment Study.”
Reasons Enrolled Obstacles to overcome
49% 50.5%“It’s important to have
for peace of mind”
49.1% “It’s the responsible thing to do”
“My employer-paid coverage is
enough”
“I would rather take my chances”
26.2%“Do not believe I
need the coverage”33.8% 35.2%
Additional responses:
Messaging & Purchasing: The big picture
Stress value of product and the ease of
payroll deduction
Relate the policy cost to other low-cost items,
like a daily cup of coffee
As peace of mind is usually in the top reasons
for purchasing benefits, create messages that
emphasize taking away worry
Appeal to sense of responsibility for family,
children and/or significant other
*Trustmark and Customer Benefit Analytics, “Who Buys Voluntary and Why: 2017 Enrollment Study.”
*Trustmark and Customer Benefit Analytics, “Who Buys Voluntary and Why: 2017 Enrollment Study.”
Messaging & Purchasing: Emotional vs. Rational
What’s in it for the employer?
of employees who received three types of
benefits communication rate themselves
“likely” or “very likely” to recommend their
employer based specifically on their
benefits program
72%
*Trustmark and Customer Benefit Analytics, “Who Buys Voluntary and Why: 2017 Enrollment Study.”
Observations
Millennials are:
… planning ahead
… looking for personal and professional offerings from their employer that are unique to them
… seeking out companies that understand their need for a holistic approach to wellness
… using technology to be smarter consumers
Technology & transparency
opportunities
Engagement with digital apps
and tools
Telemedicine – doctor and nurse lines
HSA balances
Employer apps
Pharma price checks
If you build it, they will come?
Take action!
1. Know your audience.
2. Personalize your communications and make them easy to understand.
3. Think about the most effective enrollment methods for the demographic.
4. Use at least three communication methods and have someone available for
one-on-one advice and guidance.
5. Tailor your benefit offerings for employers and employees.