Millennials, who are between the ages of 18-29, are: confident, self-expressive, liberal, upbeat and open to change. They also possess a “technological exceptionalis” when it comes to all things digital and social. Their affinity and preference for all things tech, has defined them as the instant gratification generation; making them impatient and strong advocates for speed and greater efficiency.
According to a 2014 study by Mintel, millennials accounted for a quarter of the U.S. population. By 2020, the generation as a whole is expected to spend $1.4 trillion each year. As purchasing power shifts from the baby boomers to millennials, they will have a growing impact on healthcare technology trends, making it imperative for carriers to embrace modern technologies and real-time data that can cater to the specific customer experience and communications that this audience will expect.
“As more millennials interact with the healthcare system, the industry will find itself facing a more sophisticated and demanding group that won’t stand for its inefficiencies with the same begrudging acceptance of previous generations” – Changing the game
Supporting this are several key findings from this recent survey:
Millennials are driving the retail trend:
34 percent of millennials prefer retail clinics and 25 percent prefer acute care clinics, compared to just 17 percent of baby boomers.
Millennials visit their primary care physicians less:
Respondents ages 21 to 32 said they go to their primary care physician 61 percent of the time, compared to baby boomers (80 percent).
Younger patients depend more heavily on online information to select providers:
50 percent of millennials and Gen-Xers use online reviews, compared to 40 percent of baby boomers.
Younger generations also use online information when selecting insurance:
50 percent of millennials and 52 percent of Gen-Xers compare insurance options online, compared to 25 percent of seniors, who prefer print materials (48 percent) and in-person consultations (38 percent) to select insurance plans.
Millennials and Gen-Xers are more likely to forgo care because it is too expensive:
All age groups thought healthcare was too expensive (79 percent) and costs are unpredictable (77 percent), however, 54 percent of millennials and 53 percent of Gen-Xers have put off care due to costs.
In order for carriers to quickly adapt to the needs of specific audiences, they will need to change their approach to customer service and recognize that each customer and audience segment has specific requirements for how they wish to engage.
Modern technologies such as an industry specific CRM with real-time analytics can provide a synchronized view of member activity while aligning the entire organization. The ability to view member activity at every touch-point would allow carriers to be more proactive when addressing member issues and needs and tailor the customer experience based on the member’s preferences. Today’s millennials as well as tomorrow’s retirees are more tech savvy with a predefined expectation of what they see as a valuable customer experience. The question is: how long will it take for carriers to share the same vision?
Zipari’s insurance specific CRM Apps-powered by data analytics, addresses the challenges of the insurance industry, by providing carriers with a solution that not only provides a unified view of all customer data but actionable recommendations to help carriers improve member engagement and experience. Click here to learn more and download the data sheet.