Lately there has been a lot of good dialogue about trends in mobile and social media and how they will help shape future business models in the insurance industry. Some have placed their bets on the belief that, in the not too distant future, customers will transact largely through digital channels, reducing their interactions with agents, adjusters, call centers or other “real live people.” Others have focused on providing improved technology and more robust data to agents and others to improve customer service. Many increasingly recognize the need to do both to gain and retain customers in today’s market, especially while trying to appeal to a diverse customer base.
The Millennial generation is more digitally connected and expressing the strongest preferences for performing common transactions online. As a technologist I have seen the quantitative data and, as a parent of two daughters now in their mid-twenties, I have plenty of first-hand observations of how this generation leverages mobile and other digital media to conduct day-to-day transactions and keep in touch. Friends and colleagues who have kids in their teens and early twenties often commiserate about receiving text messages instead of phone calls or receiving news about school, a job, or a new romance through social media instead of real-time conversation.
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