Millennials and Workers Compensation: Friends or enemies?

May 20, 2016

Being safe is a big part of anyone’s life, but for a millennial not so much. Millennials are generally people with lower income and assets, so as a group they are more vulnerable to the bad things that can happen,” says Dr. Steven Weisbart, chief economist of the non-profit Insurance Information Institute.

They know they need insurance but is hard to pay that much for something you don’t know it’s going to happen. Why are millennials not caring for insurance? and why they should.

As all of you may already know, millennials are difficult, especially in the workplace. They have so many hopes and dreams that they may feel under-appreciated in their current jobs. They have a peculiar attitude towards their bosses and their work, when something wrong happens they don’t wait a second to let you know.

So what does this means for the workers’ compensation industry?

It’s a big red flag for all of us, that says we have to adapt to this generation’s needs, understand their behavior and be in their channels so their problem is taking care of. Millennials are the upcoming workers, their current bosses are retiring, it is important for the work compensation industry to interpret the millennial thinking, so the process runs smoothly. So let’s get to know a little better how they behave:

  • They are more diverse than any other generation
  • Marry later in life
  • They rely heavily in tech
  • Very impatient people
  • Self-absorbed
  • Multitaskers

Knowing this, it is important that millennials get their insurance and work compensation information just the way they like and need it: online, direct and fast.

They need to know the importance of a medical insurance in their lives and what are the benefits that brings.

Let’s understand their behavior, give them information so they can make the right decision.

 

Wanna read more about this topic? Check these links:

http://www.adweek.com/news/technology/here-everything-you-need-know-about-millennial-consumer-159139

http://www.workerscompensation.com/compnewsnetwork/from-bobs-cluttered-desk/22037-treating-the-injured-millennial-better-call-the-parents.html

http://www.investopedia.com/articles/personal-finance/051914/insurance-millennials.asp#ixzz497w1f88J