Political campaigners offer employers educational moment in engaging millennials

Engaging your Gen Y audience — also known as the millennials — can be difficult, but it’s key to implementing strategies on wellness and retirement programs that they might not be thinking about now, but will wish they had in the future.

David Plouffe, a former campaign strategist for President Barack Obama's 2008 and 2012 presidential campaigns, says reaching the under-40 crowd in the future will require a mobile-first approach from now on. Plouffe spoke at the LIMRA annual conference in New York.

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.

Similarly, several insurance companies say will be using technology to better understand their clients, LIMRA says.

While recent LIMRA research shows that only 29% of companies have mobile service capabilities for policy owners, an additional 44% plan expect to have mobile capabilities in the future. In a recent LIMRA survey, half of Gen Y policyholders said they have or plan to use mobile devices for services from their insurer.

Also see: How to engage millennials with voluntary benefits

Kevin Crain, senior relationship executive for Bank of America Merrill Lynch, says when it comes to millennials, the key word is “mobile,” he notes. “Mobile mobile mobile.”

Mobile devices are their access points not only for information but to do transactions and, in the longer term, to engage and have a conversation with a benefits provider, Crain says.

“They don’t like Web sites, they don’t like hard-copy statements … they don’t even call call centers,” he says. “They want to use their device. And the evolution and further broadening of mobile is very important for millennials as their primary interaction source of information and interaction.”

Plouffe adds that in addition to being a data-driven age group, “qualitative listening” will also play a key role in Gen Y engagement. “Friends and family were the most influential in motivating Gen Y voters to get involved in the campaign,” he says. LIMRA research backs up that fact, showing 6 in 10 Gen Y consumers will be more motivated to work with a financial adviser if recommended by a parent.

When asked what qualities they sought in a personal financial adviser, 70% of Gen Y respondents said their highest preference was for someone who will really listen to their needs and make appropriate suggestions.

LIMRA research identifies having a human element as being a key tactic in engagement. Close to half — 48% — of Gen Y prefer to buy face-to-face and they want saving strategies.