In insurance, customer experience is everything. This isn’t new – but some of the expectations that customers have may be. Customers have always wanted fast and convenient service. Now, they’re also demanding an experience that matches their values.
Culture is evolving. Your customer service needs to keep up.
Younger Generations Prioritize Brand Values
Companies should be paying attention to generational shifts – and there’s a lot of shifting happening right now as Baby Boomers retire.
Different generations view businesses in very different ways. A survey from Euclid shows that 52% of Millennials say it’s important that their values align with the brands they like. For comparison, only 35% of Baby Boomers think like this.
According to PR Daily, 5WPR’s 2020 Consumer Culture Report had similar findings, although the numbers were even more extreme. According to the report, 83% of Millennials want companies to align with their values. They’ll talk with their wallets, too – 65% of Millennials say they have boycotted a brand because it took a stance that opposed their own views.
Members of Generation Z – those born after 1995 – may be even more concerned with a company’s values. According to Marketing Dive, a Forrester study found that before making a purchase, 51% of Gen Z respondents always research a company to make sure its values align with their views on corporate responsibility.
Culture Is Constantly Evolving
More and more, consumers want brands to align with their values. So, the question is – what are those values? That’s a complex question, but one answer is clear: they’re not static.
Like culture, values evolve.
If you need proof, just watch an old comedy. It could be something from the 70s, 80s or 90s. It could even be from the early 2000s. The odds are good that some of the jokes will make you cringe. You’ll probably find yourself thinking that the show could never get made today because of all the politically incorrect jokes.
Movements like #MeToo and #BlackLivesMatter have helped shape modern views on diversity and inclusion. People are landing in hot water over old tweets and transgressions that they thought were in the past. What was considered OK in the past might not be considered OK now – and younger consumers expect companies to know this.
Is Your Company Culture Setting the Right Tone?
As consumer expectations evolve, delivering a customer experience that’s fast and convenient is no longer enough. You also need to deliver an experience that’s transparent, supportive and inclusive.
Company culture is how you do this – but to achieve a strong company culture, you need to do more than talk about diversity and ethics. You need to demonstrate your company’s values in everything you do.
A McKinsey & Company report on Generation Z states “younger consumers don’t distinguish between the ethics of a brand, the company that owns it, and its network of partners and suppliers. A company’s actions must match its ideals.”
You can’t say that you value transparency and inclusion and then partner yourself with a company that acts in opposition to these values. Just as Generation Zers research a company’s values before making a purchase, you need to be careful about selecting a partner that focuses on culture, hires responsibly, and supervises ethically.
Covenir is very purposeful about company culture development and operating as an extension of your team, with collaborative support to enhance your customer journey. In addition, we train our team members to be empathetic and inclusive, and we support over 170 languages.