If you thought the love of the open road was going the way of the dinosaur, think again. Not to say the world isn't changing, and with ride-sharing services all set to redefine America's relationship to the automobile, it's not unreasonable to suppose that someday, quite soon in fact, the particular love that a person can feel for their very own car would become a thing of the past.
The 20s and 30s generation – the "digital natives" who've never experienced a world without tech – see things differently than their elders, after all. They're more mobile-savvy. They'd rather acquire experiences than stuff. They don't just want to balance work and life; they want to integrate it.
And they helped invent the sharing economy. Founders of Lyft, Airbnb and TaskRabbit, for example, were all born right around 1980 or later.
But does that mean they don't want their own wheels? Not so fast.
According to a study from the San Diego consulting firm Strategic Vision, Bloomberg said, millennials want the freedom of owning a car after all. In fact, they don't just want a car. They want a car even more than their parents do.
This insight was gleaned from something called the Customer Love Index, "which measures how much consumers like using and owning their vehicles based on 120 aspects of the car or service," reported Bloomberg. On that scale, millennials are happier with their cars than any other generation. In fact, regular millennials love their regular cars even more than luxury car owners (of any age) love their luxury cars.
So why, then, did CNN report that millennials are fueling the growth of startups like Uber, on the grounds that they'd rather make memories than acquire possessions? According to Taylor Smith, CEO of Blueboard, millennials "aren't spending our money on cars, TVs and watches. We're renting scooters and touring Vietnam, rocking out at music festivals, or hiking Machu Picchu."
The answer is twofold. Perhaps experience-seeking is part of it. But another part of this generation's reluctance to buy cars is simply that they haven't had the money until now. Due to student debt, unemployment and low incomes, millennials have been putting off a lot of milestones – buying a car no less than getting married and buying a house.
That's changing. Millennials – once known as the "go nowhere" generation in the auto industry, according to Arkansas Online – are turning into big buyers.
It's not exactly that CNN was wrong when it said that millennials are fueling the growth of ride-sharing startups. They are. At the same time, they're also buying cars of their own. According to J.D. Power, millennials bought more cars in 2014 than Gen X did – first time that's ever happened.
Meanwhile, Uber has a market – but it has more to do with taxis than private vehicles.
Stay informed. Stay prepared. Whether you're insuring fleets or individuals, ride-sharing or private ownership, Silvervine Software will help you face the future with nimble, adaptable insurance software that allows you to adjust business rules on the fly – without a year of wait-time and a team of expensive software engineers. After all business changes fast – shouldn’t your insurance software do the same? Request a demo to learn more.
The FedNat Insured Web is a great tool for our insureds!
They like having a centralized location to view policy info, make payments, upload policy documents, and elect to become paperless to receive a discount.
The insureds also can file a First Notice of Loss for a claim and access exiting claim info. Silvervine recently enhanced the site which allows insureds to upload policy documents directly to their policy. The uploaded docs go directly into our workflows and save a lot of manual effort on our part.
From my visits with agents, the agents appreciate the app for the amount of time saved on having to download and attach photos directly to the policy.
The app can also reduce the amount of staff required for a busy office to fulfill underwriting requests for photos.
When training agents they are amazed at how quickly the photos attach directly to the policy. After taking photos using the app and before they make it back to their desk, the photo is already attached to the policy. They also like the ability to attach additional photos for pre-existing damage.
Customer Service is seeing an improvement with retention as the text message definitely triggers phone calls from insureds to make payments.
The insureds love the fact that we notify them on their phones because they state that sometimes they don’t receive their mail for various reasons.
The insureds are paying more attention to the texts then to their actual mail. We try to set all of our customers up on that option if we notice that they are not currently enrolled, as it builds great customer relations as well as retention.
As a company we have adopted the use of Policy Scan for all our policies, and our agents have adopted the use of the app as well.
Not only is it easy to use, there is also no more worrying about losing photos, having to store photos or photos being attached to the wrong policy.
With Policy Scan we have increased efficiency in our workflow and reduced our exposure on the risk.
Silvervine’s core administration solutions easily handles multiple carriers within multiple states, including accounting, payment processing, immediate policy issuance and endorsements.
What started out writing one product, one line in one state has now grown into mulitple products, multiple lines and writing in multiple states. We have over $95 million in annualized premium in-force and we expect to grow by 20% during the next year all serviced by Silvervine.
Silvervine was our insurance software system of choice when we started the company in 2006. Silvervine enabled us to begin business within a few months of licensing the company. Today, we are one of the top 20 homeowner’s writers in Texas and SIlvervine’s solutions have been an integral part of our success.