Millennials are getting married, buying homes, having children, and making other major life decisions later and later in life compared to generations before them. Buying life insurance is no exception. As the largest generation in history, Millennials are becoming a dominant force in the economy, with a projected $10 trillion of spending power over the course of their lifetime. The company that successfully figures out how to market and sell insurance to Millennials, and even more importantly keep them loyal and engaged for decades to come, will have a serious competitive advantage in the insurance industry.
We, as a life insurance company, know it is difficult to target selling to the Millennial generation and we are looking to figure out what we can do to make you interested. What would make you loyal to an insurance company after purchasing a policy to keep you from switching companies and to keep you interested in buying other products from the same company?
Answer each item separately:
1. What prevents Millennials from thinking about life insurance and/or purchasing it?
2. What new practices, ideas, products, or changes could be implemented to encourage Millennials to purchase life insurance with us?
3. What new practices, ideas, products, or changes could be implemented to encourage Millennials to remain loyal to Guardian after purchasing?
4. Why will your ideas described in items 2 & 3 be effective for a Millennial target audience?
5. How would you expose your new insurance offerings to Millennials? Non-standard marketing please! We do not take out ads or do TV commercials.
Bonus: Present your submission as a presentation (Powerpoint, Slideshare, Prezi, or similar) or with a video (include Dropbox or YouTube link in submission box).
Questions to consider:
- What tools or technologies would increase customer loyalty?
- What kind of welcome experience would make you a loyal customer?
- Would a welcome packet engage Millennials?
- If yes, what materials could we include to help eliminate any doubts or uncertainties customers might have?
- How can we leave a lasting impression with them that leaves them committed to Guardian?
- What kind of behaviors/offerings can an insurance company do to keep you loyal for years and years?
Things to consider:
- As an organization we do not advertise in traditional formats such as television commercials or magazine ads. We focus on investing in the communities we serve and building community around our offerings as a priority over investing in advertising.
- We're looking for outside the box, creative ideas, propose something really new!
- The best ideas will be actionable, specific, and creative.
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Submissions will be graded on the following criteria:
- Meets Deliverables
- Creativity
- Clarity
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