When it comes to reaching Gen Y, LIMRA research reflects the same results as found by David Plouffe, campaign strategist for President Barack Obama's 2008 and 2012 presidential campaigns.
Plouffe shared his findings at the 2014 LIMRA Annual Conference in New York this week.
Plouffe said friends and family were the most influential in motivating Gen Y voters to get involved in the campaign. Likewise, LIMRA research shows 6 in 10 Gen Y consumers are motivated to work with a financial agent or advisors recommended by their parents.
Plouffe said every decision the campaign made flowed through their predictive modeling before they would speak with potential voters. "The more time we spent behind the screen, the more effective we were face-to-face," he said. Several insurance companies are using technology to understand their best clients and to better identify prospects. LIMRA research shows that people still want the human element. Almost half (48 percent) of Gen Y prefer to buy face-to-face and they want saving strategies.
Plouffe also said in order to reach the under-40 crowd, and especially the under-30 crowd, think mobile first, with a video or a visual.
While recent LIMRA research shows that only 29 percent of companies have mobile service capabilities for policy owners. An additional 44 percent plan to have mobile service in the future. In the survey, half of Gen Y policyholders said they have or plan to use mobile devices for services from their insurer.
Plouffe advised that success is more than data, it's about qualitative listening. He noted that the best insights would often come from one person who would talk about their concerns in a way that advertising cannot.
Listening is a strong theme in a LIMRA study in which Gen Y consumers were asked what qualities they wanted most from an advisor. Seven in 10 said their highest preference is for someone who will listen to their needs and make appropriate suggestions.
As companies try to effectively reach Gen Y consumers, they face the challenge of abandoning what’s worked in the past to pursue new ways to reach them.
Similarly, Plouffe admitted that convincing everyone to trust data and predictive modeling was not initially accepted by many in the campaign. Traditionalists fought hard against putting their faith in predictive analytics. Plouffe elevated the debate to Obama himself to decide on whether to follow the traditional path or the analysts. Obama responded, “I trust the kids.”