The healthcare market is in a time of unprecedented change. Competition is increasing, mass marketing approaches no longer suffice and consumers are looking for more from their health plans. Who’s leading this shift? Millennials. What do plans need to understand about reaching this generation? Well, for starters, millennials were raised during the era of the Internet explosion. At a young age, they found themselves delighted and intrigued by the knowledge the Internet could deliver to them and the speed at which they could connect with others. As they tested this new technology made available to them, at the same time it was rapidly advancing, heightening their ability to adapt and igniting their passion for digital innovation. Soon came the mobile evolution, and millennials once in marvel over the concept of basic online instant messenger, now had instant communication capability in their very pockets, creating an even stronger appreciation for connectivity and convenience.
Despite millennial demands for more convenient, connected and interactive forms of engagement with their health plans, many insurers stick to the default of printing their communications. Why? Perhaps because it’s too costly, too complex to integrate…or perhaps…just maybe…they’re afraid of change.
According to a 2014 EY Global Insurance Survey, 80% of insurance consumers are willing to use digital and remote channel options for insurance tasks and transactions. Accenture’s 2013 Consumer-Driven Innovation Survey also confirmed this finding. The survey found that 26% of consumers age 18-24 have purchased insurance products online and 30% of those age 25-34. But, beyond meeting member loyalty initiatives, what other business benefits can insurers expect to receive by integrating digital channels? MAJOR print and distribution savings! Insurers can save hundreds of thousands of dollars if not millions in print, inventory and distribution costs savings, all while improving member communications deliverability and compliance. Now I’d say that’s a win-win initative.
The insurers that have the courage to step into the digital arena and think differently about information access, convenience and power of choice will be the ones reaping the profits and moving the market forward with their multiscreen millennials behind them.