Insurers must explore new ways to target an increasingly “disengaged” millennial customer base, according to ANZ.
Insurers must explore new ways to target an increasingly “disengaged” millennial customer base, according to Alexis George, managing director of Australia Wealth for ANZ.
Speaking at FST Media’s Future of Insurance conference this morning, George said that millenials were apathetic about their financial wealth and insurance, with the onus on financial services organisations to “embrace change” to help deliver a better overall customer experience.
“The value set of millenials are different, they are very interested in the social conscience of corporations and corporations living by social values,” George said.
“As insurers, we calculate risks and insure for the unknown. What does this mean for a world where everything is known? It means that our future customers need to be targeted differently.”
George, who was formerly the global managing director of insurance at ANZ Wealth, said that organisations like ANZ needed to consider using simplified technology solutions – such as telematics, ingestibles and wearable devices – to form new ways of engagement, with the intelligent use of customer data critical for providing millennial customers with “relevant options” and solutions.
“The new generations want to be empowered to make decisions but they need us to nudge them in the right direction at the right time for them,” she said.
“We have a lot of data on our customers but how can we use that to get the best solutions available for them?”
George confirmed the bank has been working on expanding their ‘Grow’ app. Launched in 2014, the app provides customers with access to viewing their insurance, super, shares and insights in a unified financial dashboard.
The app also allows users to view up to five account balances on a wearable device such as the Apple Watch, including being able to access their ANZ Smart Choice Super and share investment portfolio.
“We are moving into a world where we are going to know everything about our customers’ lives. We have to remind ourselves of the really important role that we play in our customers’ lives and in society more generally,” George said.
“We need to act with urgency [and] find new ways to engage the people of the future, especially the young because they are very important to our success but also the success of the economy.”