Many years ago, when there was no such thing as Generation Y, X or even Z a father gave his son some advice as he was about to leave the family home: “The time has come for you to leave home and my advice to you is to remember three things: use cooperative banks, visit cooperative shops and put your trust in mutual insurance companies.” Life was simple then, the son trusted his father’s advice and the family tradition of using mutual and cooperative businesses was carried on to the next generation easily. Upon the father’s recommendations, the mutual values that were so important to the family were passed on from one generation to the next, and the son’s future looked bright.
Today, the grandchildren of that son are the “Millennials” or Generation/Gen Y, the generation we hear so much of today. The generation who are seemingly permanently connected to the internet and who do almost everything online. The recommendations of the great grandfather are now only family legend. Now Gen Y believes that the best bank is an online App, the best shops are on the web and the best insurance company is “so last season”. If they are lucky, a parent or other family member may have taken care of the “boring insurance matters”.
Millennials are virtual customers. Communications with them happens mainly in various social media channels and they do and share practically everything online. As mutual and cooperative insurers we must ask ourselves “how an earth can we share the spirit of mutual values with this group?” We need to connect with the customers of tomorrow.
I believe that the answer is by touching their heart and soul. We need to use their channels of communication of choice, of course, but when the purpose of a business is a customer-centric way to enhance lives and livelihoods, both for policyholders or local communities through a mutual or cooperative’s CSR activities, this will be liked and shared by Generation Y. Ensuring we share our mutual values in a virtual way will help us to engage with tomorrow’s customers today.
