Millennials Benefit Enrollment Decisions
With four distinct generations operating in today's workplace, benefit advisers and consultants are wise to build strategies that can best advise employers on how to craft a benefits enrollment experience that feels personalized and intuitive to their multi-generational population. But with many human resource departments strapped for time and resources, which generation should they focus their efforts on first in order to receive maximum employee satisfaction and engagement throughout the open enrollment period?
Confirmed by Pew Research Center data, we know that millennials have recently surpassed baby boomers and now represent the largest generation in the workforce. When looking for ways to improve millennials benefit enrollment decisions and benefits enrollment experience, we suggest insurance professionals advise employers to start by targeting the lifestyle needs of this group.
Scott Evans, our chief product officer, has spent the last twenty years of his career helping brokers weave benefits technology into their portfolio offerings in order to win (and retain) employer business. When identifying ways to help clients improve the benefits enrollment process for their millennial employees, Scott suggests leading with technology.
"Take a look at the technology offerings you bring to your client's table," Scott advises. "Does your technology understand the millennial perspective? Does it have the flexibility necessary to address a millennial's preferred means of communication?"
If you don't have the answers to these questions, start here. Identify a benefits enrollment technology partner that can solve for these challenges, then get your clients on board.
If you and your clients are already using technology, consider asking these three questions to ensure you can help your client provide the best benefits enrollment experience for millennials.
1. Does your current benefits enrollment experience offer multiple forms of communication? Can employees receive enrollment information via text notifications? Sign up for benefits on their phone? Add dependents from an iPad?
2. Does your current benefits enrollment experience offer a personalized experience? Can it greet employees by name, and tailor the experience based on personal preferences? Millennials expect the "Amazon" and "Netflix" experience, each time, every time. Can your technology provide that?
3. Does your current benefits enrollment experience offer decision support tools to help millennials choose the health insurance that is right for their individual lifestyle? While represented by name as one large generation, millennials can actually be broken down into two distinct groups depending on the year they were born. These two groups have vastly different health needs and will likely both need assistance choosing between health plans. Can your technology provide this level of assistance and recommendation to help employee choose health insurance plans with confidence?
Interested in learning more about the lifestyle needs of millennials and how to improve their benefits enrollment experience? Download our white paper "Targeting the Lifestyle Needs of Millennials During Benefits Enrollment" to read for yourself or share with a client.