Times have changed. Things have evolved. Businesses have been disrupted while others have lost their market share. In this new era, we run businesses differently. It is an actual revolution and I think the most (read all) insurance companies are slacking. They all seem to be blind to the millennial market seemingly oblivious to the fact that available policies are not as innovative. They are the same policies they sold our parents and grandparents. Insurance companies have an opportunity here and this is how they can leverage to ensure our coins keep going to them:
Let the bulky paper policies go
First and foremost save your paper by providing insurance through a click. Save the environment and you might get a new client. We are now more than ever intentional with who gets a portion of our hard earned money and even though we love details, most policies are redundant and repetitive. Be concise in your links to insurance purchases by providing all necessary but relevant details. Refraining from fully utilizing the internet will not get you, new young clients, it will keep you with our only your old clients, we will be here for a long time. As a matter of fact, a study by Brown and Joseph has deduced that by 2025 we will make up 75% of the global workforce. This is a wake-up call.
Invest in market research
This means getting to know what we are buying and what is valuable to us. Market research is one of the fundamental investments that any sector can have. It ensures that businesses provide services with what your prospective clients want and not what you think they want. Social media noise is not a full indicator of actual statistics but it sure is an important portion. Get to know your clients intimately then maybe we will purchase policies.
(Honestly, affordability is relative.) Pooling of resources together is the philosophy behind insurance hence availing a cheaper option. Insurance makes money because mostly not every insurable risk happens. With cheap insurance, we come en masse which is mutually beneficial. Times are gone where insurance was made for the rich, Kivutha Kibwana provided a universal healthcare for Shs. 500 p.a which covers an entire family. Yes, the government subsidized and complimented the universal healthcare policy but cheaper healthcare is a fundamental human right and capitalism cannot stand in the way of that.
Diversify and re-invent your portfolios
Market research is the guiding principle here I, however, have a few pointers. Our electronic gadgets are important to us; insure them for us, cheaply. Include mental health in your policies, seeing a therapist in Kenya is very expensive and the economy, environment, and life, in general, are not kind and we are struggling. Have you seen the suicide statistics? Are you aware how many of us are depressed or battling disorders? Recognize our struggles in the policies you provide and be part of normalizing these issues.
Customer service, rewards, refunds and transparency
Gone are the days when rudeness was acceptable because options did not exist. We have access to a myriad of options if we feel unwelcome and under-appreciated. Be open and transparent in your dealings that are ultimately going to affect my cover directly or indirectly, we want to know. A bottle of wine once in a while sent to those clients that did not utilize their insurance contributions for the year is a good start. Insurance is a business but if one does not utilize their insurance you can find a way to incentivize them to keep purchasing.
Stop frustrating us when we claim compensation.
Indemnify us without the frustrations. More often than not people are frustrated to the extent of altogether abandoning their compensation. Stop stealing from us and compensate us because we paid for it. The due process doesn’t have to feel like I need a vacation after.
Caroline Mumbe is passionate about anything money related. She is an entrepreneur and writer who enjoys simplifying financial concepts and making sure people lead their best financial lives. She reads a lot and knows the best coffee joints in Nairobi.