TOP 3 CUSTOMER SERVICE TRENDS TO KEEP IN MIND WHEN DEALING WITH MILLENNIALS With technology-led disruptions changing market dynamics, the consumer’s expectation of customer service is also undergoing a shift. Especially for high-involvement products and services such as insurance, offering prompt customer service and assistance is indeed a strong business lever. Let’s look at the key trends in the customer service space among millennials.
Millennials prefer a mobile-first strategy and expect on-demand response. Companies must leverage this channel for providing efficient customer service and also optimise it as a sales enabler.
ACCORDING TO A SURVEY CONDUCTED BY AXA LAB IN UNITED STATES
80%
of Millennials sleep with or next to their phones
90%
of Millennials are online
23%
whether almost always online and connected
28%
mostly online and connected
39%
or a combination of both
MOBILE USAGE TRENDS AMONG MILLENNIALS IN INDIA India has close to
1 billion
1/3
MILLENNIALS
67%
of their day is spent on using digital media
purchased goods via their mobile device
AXA partners with Silicon Valley startup Trov to launch on-demand insurance for British Millennials and improve customer experience.
Social Media is emerging as one of the most interactive channels. This allows a two-way conversation and is real time, allowing millennial to experience true on-demand service.
GLOBAL STATISTICS
88% 41%
get news from Facebook
MILLENNIALS SPEND
140 hours
a year on social media at work
use Facebook everyday
SOCIAL MEDIA TRENDS AMONG MILLENNIALS IN INDIA
195 million 33%
of active social media users are college students
41%
India has world’s largest number of Facebook Users
use Facebook everyday
AXA has entered into a strategic partnership with Facebook to develop its digital, social and mobile footprint in France.
Personalisation at the core of customer service
AS PER THE 2016 MICROSOFT STATE OF GLOBAL CUSTOMER SERVICE REPORT
72%
of customers expect brands to know their details and service history
31%
of customers find the inability to reach a live person for support as the most frustrating aspect of customer service
AXA is the first global insurance brand to adopt Facebook Messenger to provide a 100% digital experience to Millennials. This partnership enables AXA to interact differently with young people, by providing them with fast, personalised, one-to-one service that is fully integrated with their conversation interface. AXA and AXA Mandiri launched the Social Media Command Center in Indonesia that enables them to monitor social conversations and respond to customer issues in real-time.
References http://economydecoded.com/2016/07/we-are-the-millennials-how-they-spend-their-time/ http://www.thepaypers.com/mobile-payments/1-3-indian-millennials-prefer-to-use-mobile-alternative-payments-study/765010-16 https://www.forbes.com/sites/under30network/2016/11/29/5-ways-millennial-social-media-habits-will-change-in-2017/#3419d3883219 https://www.forbes.com/sites/laurenfriedman/2016/12/29/4-millennial-social-media-trends-to-watch-in-2017/3/#2fcd7f0b2b2e http://www.benefitspro.com/2016/09/16/millennials-spend-140-hours-a-year-on-social-media http://www.livemint.com/Politics/FqcL24fK5aQ68qC6KzohJO/Social-media-in-India.html http://www.soravjain.com/social-media-facts-and-stats-india-2016