Back to the Future

Millennials and Gen Zs want more from life than previous generations may have – however, millennial broker Kate Martin and Allianz’s Pierre De Villiers agree that it doesn’t mean it’s all new. In fact, social commentators Claire Madden and Katie Iles reveal that due to the pandemic, some of their values are more in keeping with a post-war generation – Steph Wanless reports.

When working with a multitude of different generations every day, it’s important to understand how they operate: how they think, how they work, their motivators and, crucially, how best to work with them.

The millennial generation, which attracted a few raised eyebrows when entering the workplace, is now a dominant sector of the global workforce. Born between January 1983 and December 1994, they account for more than 40 per cent of the workforce1 – and 70 per cent of them have or want to own their own business2 .

Following them are Gen Z – born between January 1995 and December 2002, and the first generation that in its entirety are digital natives1 .

While millennials and Gen Zs – like generations that came before them – have a different context, life experience, priorities and motivators, it’s important not to pigeonhole them as something they’re not.

“Millennials and the younger generations coming through aren’t a completely foreign species,” says Kate Martin,

When it comes to connecting with younger generations as an insurance broker, it’s important to align yourself with social causes you care about – and demonstrate your commitment to helping make the world a better place.

Account Executive at Marsh, and NIBA’s 2020 Young Professional Broker of the Year.

“We are still driven by doing the very best job we can.”

Due to the consistent presence of digital and hyperconnectivity, Martin says there’s a huge understanding of – and value placed on – brand.

“We have a focus on maintaining, creating and curating brands – not just the brand of the company we might be employed by, but our personal brand too.”

THE IMPORTANCE OF CAUSE

That sense of brand is driven in a major way by an alignment to social causes.

“In years gone by, a broker would be able to add value by knowing all about the product and educating the customer,” says Pierre De Villiers, General Manager of Allianz’s People Centre of Expertise.

“That’s still important, but for millennials and Gen Zs it’s more about what’s beyond the product. A brand saying ‘we’re the best quality’ or ‘we’re the best value for money’ isn’t going to cut it anymore. People buy into the story behind the brand and what it stands for, not just the product.”

Katie Iles and her colleague Claire Madden researched Gen Zs for the book Hello Gen Z: Engaging the Generation of Post-Millennials, and found that cause and purpose are hugely important for that demographic.

“This generation is strongly driven by altruism,” says Iles. “They want their life to mean something – they want to make a lasting contribution. That’s going to inform their choices. They want to feel as if they’re making a positive contribution every day.”

CONNECTING WITH YOUNGER GENERATIONS

When it comes to connecting with younger generations as an insurance broker, it’s important to align yourself with social causes you care about – and demonstrate your

1 https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/deloitte-2019-millennial-survey.pdf 2 Hays Australia. 2013, Hays Gen Y and the world of work

commitment to helping make the world a better place. This will build your brand story and your credibility as a business worth dealing with.

In addition, you need to know about the beliefs and causes the insurer supports.

Communicating these things consistently and digitally will be hugely beneficial in connecting with younger clients.

“Here at Allianz, we have a long-standing relationship with the Paralympics and are focussing on creating better access to our products and services for people with disabilities. Globally we aim to be a leader in climate change action too,” says De Villiers.

“We invest in these causes because we believe in them and they are deeply important to our customers and our people around the globe.”

Hand in hand with the right company and the right policy, however, comes the need for knowledge.

There is a thirst for information around the risks people are exposed to, says Martin.

“Younger clients are reaching out and wanting more information. They want expertise and knowledge via digital platforms, and then they want one-on-one conversations.”

Positioning insurance as something that helps maintain and facilitate the lifestyle they’ve created puts it into meaningful terms, says Iles.

THE COVID IMPACT

For all of us, the world changed dramatically last year – things we’d taken for granted disappeared in an instant, and we all had to re-evaluate our businesses, our approaches and our outlooks. For younger millennials and Gen Z in particular, the COVID impact resulted in some interesting changes in attitudes.

“This generation has gone from having a total, clear prescription of their future to the pandemic affecting their home, education, work, income and/or social life,” says Iles.

“It’s forced them to re-evaluate the world, and what we’re seeing now are values, attitudes and outlooks that are more in line with the generations that emerged from the Great War and Depression.

“There’s a greater value now for saving, security and stability than there ever was – Gen Zs are now starting to use the same language as 85-year-olds.”

From an insurance perspective, this means there’s never been a better time to connect with Gen Zs.

TIPS FOR WORKING WITH MILLENNIALS AND GEN ZS

• Millennials are beginning to turn 40, so some of their characteristics over the coming years may change.

• Cause and purpose are important to millennials and Gen Zs – ensure you know the causes insurers are backing.

• Clients will be attracted to you if your beliefs are aligned.

• The pandemic has changed attitudes, with security and stability now hugely valuable and desirable for Gen Zs.