Millenials Favour Online Experiences

MILLENIALS FAVOUR ONLINE EXPERIENCES

 

Millennials graduated into tougher economic times than previous generations and it is common knowledge that they favour experiences over worldly goods. Experiences that are social media worthy; they are only enticed to look up from their smartphones if the conversation is tweet-worthy or their lunch ‘Instagramable.’ It is thus surprising how quickly a generation that only takes “yes” for an answer, says “no” to insurance.

 

“Because millennials favour experiences above possessions, their spending habits are quite hard to pin down. The amount of millennials that use our site to compare insurance quotes, is on the increase,” says Derek Wilson, Head of Hippo.co.za. “Some interesting research conducted in the US revealed that millennials, who have incredible buying power, aren’t likely to purchase insurance from a broker. In fact, they are 50% less likely to purchase insurance from a broker than their parents.”

 

So if millennials aren’t making use of brokers, what do their insurance-buying habits look like? And what do they expect from companies1?

 

  1. Millennials live for “the now”. They basically grew up with the Internet – it is all they know. They are used to convenience and don’t want to deal with “admin”. The easier you make a process for them, the quicker they are to adopt or purchase whatever you have on offer.
  2. Millennials live in (cyber) space. This generation eats, breathes and lives on social media, so you have to grab their attention in cyber space. They don’t often ask friends or family for referrals but will do their own online research. Once they feel satisfied and comfortable with their findings, they are happy to make an online purchase.
  3. Millennials prefer the shortened version. They don’t see the point of dragged out meetings or long telephone calls with the possibility of uncomfortable questions arising. Give them a “submit” or “send” button, and you’ve got a friend for life. Well, sort of.
  4. Millennials know their stuff. You can’t fool them with last year’s pantone colours or poorly designed, outdated websites. Give them a site that makes use of the latest technology, is easy to navigate, is devoid of bells-and-whistles and does not use complicated industry lingo.
  5. Millennial are married to their mobiles. 85% of millennials own a smartphone, and one in five access the Internet solely from their phone. If your website isn’t mobile-ready and compatible, you’re missing out on the chance to reach one of society’s most affluential groups.

 

“It is very clear that millennials know what they want, and in their minds, there is only one place to find it,” concludes Derek. “Hippo.co.za allows you to compare insurance quotes from a range of insurance and financial providers, thereby saving you time and money.”

 

Ends.

 

Established in 2007, Hippo.co.za is South Africa’s leading financial comparison website that helps consumers save money by comparing a range of South African providers across financial products such as Car Insurance, Home Insurance, Life Insurance, Medical Aid and more. Hippo.co.za is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. One in two people could save hundreds of Rands per month* on their Car Insurance alone by using Hippo.co.za to compare before they buy or switch to a new provider.

 

Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, are in no way influenced by the fee Hippo.co.za charges its partners or any other factors other than the price of the product being compared. 

 

For more information, visit us on www.hippo.co.za, connect with Hippo.co.za on LinkedIn, http://www.linkedin.com/company/hippo-comparative-services-pty-ltd/, like us on Facebook, www.facebook.com/HippoSA, and follow us on Twitter @Hippo_co_za and YouTube, http://www.youtube.com/user/hippocompare.

 

Hippo Comparative Services (Pty) Ltd is an authorised financial services provider (FSP number: 16357). Terms and Conditions apply.

 

*Based on 2015 independent market research conducted by Kaufman Levin Associates.

 

Resources:

1 http://www.propertycasualty360.com/2015/09/16/5-reasons-millennials-arent-buying-insurance-from?slreturn=1461064839

 

Issued By:   

Engage Joe Public

Sharney Nel

Account Director

Tel: +27 10 591 7770               

Cell: +27 78 180 9674

E-mail: SharneyN@joepublic.co.za


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