Millennials are aged between 23 and 38 years and is the biggest growing generation in South Africa (taking new migrants in consideration).
South Africa has 14 million millennials contributing to 27% of the South African population. Now, more than ever they are introduced to the funeral industry, whether as a secondary decision-maker or extended family, or even arranging the death of a parent.
If the millennial is not your client, there is a big likelihood that they will sit in your office to help make funeral arrangements for a family member. Your funeral home must be inviting to the millennial to prevent them from taking the funeral service to a more inclusive innovative funeral parlour.
More millennials are employed and help support their parents and other family members. Millennials are independent, informed and up to date with social, political and economic affairs.
The millennial will be your future client base. But what do millennials want from funeral cover?
- A funeral service that caters for their needs and in line with the current market trends. If you are outdated, you will be out of business.
- They want to be informed on their service package and funeral insurance offering. Full disclosure is important. Millennials are informed and know their rights and which avenues to pursue if they want to complain or if treated unfairly. Make sure that you are compliant, your funeral policies are underwritten and proper disclosures are in place on all documents issued to clients.
- A professional funeral service provider is important. Keep it simple. Be on time. Keep to your service agreements. Your client is your biggest asset.
- Your parlour must be clean and inviting to clients. Redesign your interior decoration. Would you want to sit in your office and do business with yourself?
- Be visible on platforms that caters for the millennial market.
- Alternative policy premium payment options. Millennials are busy living life. Give them the options to pay their funeral policies via debit orders, with retailers or to swipe their debit cards at your funeral parlour. Improvise and have proper electronic systems and data management software in place.
Losing the millennial to a competitor is losing a part of the largest population generation. Be geared for the millennial rush!