12 Apr 2019
‘Let me leave – but convince me to stay.’ These days, Lucas expects flexibility. And he’s not alone.
hg0080.com皇冠 cover office freelancers, contractors and small businesses for a range of work-related risks like cyber breaches and professional indemnity on a per-day basis.
target renters with flexible monthly contents insurance. A rolling contract neatly shuts down fears about renewal or cancellation fees.
’s nifty Wrisk Score, which they say is ‘like a credit score but for insurance risk’, appeals to those seeking flexible, personalised insurance.
The rise of flexible policies suggests that for too many customers, insurance has come with strings attached. Is ‘no strings’ insurance the way customers feel it should be?
hg0080.com皇冠Aviva shows big insurers can offer flexibility. offers flexible, subscription-style insurance. A guarantee ensures existing customers are offered the same or an even better price than an equivalent new customer at their next renewal. You don’t pay interest on monthly payments and there’s no fee to change or cancel your policy.
Millennials: personalisation cravers, not industry killers
Millennials, the world’s largest generation, are ageing into greater spending power as they progress in their careers. Yet Edelman’s 2018 ‘Millennials with Money’ study reports that 54% of affluent millennials struggling with financial decisions say thinking about money makes them anxious.4
The root of this anxiety is not knowing where to find information to make an educated decision.5 They find shopping for insurance more difficult to buy than almost anything else.6 They are also sceptical that financial services providers have their best interests at heart.7
So what do they insist on when they feel out of their depth? Simplicity. Control. Fairness. Plain language. Personalisation.8hg0080.com皇冠 The flexibility that is fast becoming hard currency.
And what do they do when they get these things? Like it, rate it, share it. Theirs is a tech-savvy generation of knowledge sharers. A generation reportedly responsible for the growth of personalisation and the demise of un-shareworthy brands.
Last year, the BBC reported that Club 18-30 fell victim to millennials’ desire for personalisation. Not to mention their unwillingness to social-boast about taking a package holiday.9 Similarly, the Independent made claims about millennials killing off Hooters ‘breastaurants’, traditional weddings, and golf.10
There’s little doubt, the world is changing. Customers like Lucas demand flexibility, on their terms. Those insurers who offer it successfully will grow. Those who don’t, beware.
1 Good Relations, Customer Frustrations Consumer Research, 2018
2 Good Relations, Customer Frustrations Consumer Research, 2018
3 Good Relations, Customer Frustrations Consumer Research, 2018
4 Edelman, Millennials with Money Study, 2018, Q10
5 Edelman, Millennials with Money Study, 2018, Q10
6 Edelman, Millennials with Money Study, 2018, Q26
7 Edelman, Millennials with Money Study, 2018, Q28
8 Edelman, Millennials with Money Study, 2018, Qs 6, 8 and 10