2018/09/26
KBD Insurance

Millennials and the importance of transparency

Ah, millennials. That notorious group known for their love of avocado toast, their goldfish-like attention spans and for sharing their lives through Instagram selfies.

While we typically consider millennials to be those who grew up in the 00’s, the millennial cohort technically consists of everyone born from the early 80’s through the early 2000’s. Fun(ish) fact: Millennials weren’t always called millennials; they were first known as Gen Y’ers. But as a succedent to Gen X’ers, that wasn’t original enough. They were also known briefly as Echo Boomers, as the majority are children of the original baby boomers; and as a result, had a mini birth “boom” of their own. But if you’ve ever met someone from this group, you know they value their originality, hence the term millennial stuck.

Millennials get a bad rap, especially from baby boomers and Gen X’ers.

In reality, millennials are just different. They grew up in a digitally connected world, vastly unlike anything that preceded it. And while older generations may not understand third-wave coffee or $20 smashed pea toast, they are missing the point.

Millennials are socially conscious. They care deeply about sustainability and the environment. And above all else, they do not tolerate even an ounce of bullsh*t.

Practical Transparency

So, how do you deal with a group of individuals who are passionate and won’t tolerate any B.S? It’s simple, just be honest and open!

For starters, this is a generation born with cell phones in their hands. They are digital natives to the core. If you are a retailer and you think you hide information from a consumer with the power to find any detail in their pocket you are fooling yourself. Present them with the facts. If you think you can trick them into doing something, you’re just trying to trick yourself.

Take a look at RX Bars – you know that power bar company that sold to Kellog’s for $600m in just four years? They literally put their ingredients on the front of their packaging, not hidden away in small print on the back like every other bar.

Or consider Charity:Water, one of the waster growing and most impactful charities going right now. How do they stand out amongst the herd? By offering complete transparency. 100% of your investment goes directly to the beneficiary, not to some middleman or to some bureaucrat…In fact, you can track exactly where in the world your donation goes.

So what does that mean for insurance?

For years, insurance companies operated under a veil of jargon and legalese. And they were able to because, on its surface, insurance is complicated. Deductibles, premiums, claims, brokers…the list of industry-speak is exhausting.

But it’s 2018 now, and a new wave of insurance companies are on the rise. Companies brace enough to take on the challenge of demystifying the insurance process.

KBD Insurance is proudly one of those companies.

Take a look at our about page. We’re proud to explain our partnership with Intact Insurance, and how we work together. We’re happy to show off our business model. This blog is another avenue for us to explain the various aspects of insurance, to give you the tools to ask us the right questions. We understand the power and significance of transparency to this generation, and we’re doing our best to build a business with that at our core.

With that in mind, if you have any insurance questions please feel free to give us a call!

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