We speak to Tracy Miller, Marketing Director at motor insurance rewards scheme mustard jar about why millennials like rewards scheme and what they want from their insurance policies.
What is mustard jar?
Well, let’s start with Mustard. We’re a motor insurance comparison website that launched early in 2016 and unlike most comparison websites we are 100% independent.
We’ve always been dedicated to helping consumers find motor insurance that’s right for them – and now with mustard jar, we want to help them pay for it too.
mustard jar is the first rewards scheme that allows UK motorists to save towards their next insurance policy, by effortlessly collecting cash rewards, on every day and luxury purchases, made online or on the high street. It’s open to everyone and we believe it’s set to change the way people buy motor insurance forever.
What inspired you to set it up?
Driving or riding on UK roads requires insurance; it’s the law and there are no two ways about it. But finding the right policy with all the necessary protection can be expensive. We understand price can be the deciding factor when it comes to choosing a policy and impacts whether or not added extras, such as breakdown, legal and personal accident are included.
As a comparison site we can’t control the prices charged by insurance companies, but we knew we needed to find a way to help consumers pay for the insurance policy that meets their individual needs as well as their wallet. mustard jar is the perfect solution; it’s free to join, open to everyone and consumers can save towards their next insurance policy through mustard.co.uk by collecting cash rewards on everything from grocery shopping and household bills, or by enjoying an evening out or when they book a summer holiday.
How can the insurance industry serve the millennial generation?
The pendulum is swinging in the insurance market as millennials are set to replace baby boomers as the largest customer base in the insurance market. This swing will see the continued drive by insurers to offer an omni-channel approach towards marketing and selling their products. This tech savvy generation expects to be able to purchase on their terms whether that be on their mobile, via an app or by talking to an online chatbot at a time of their choosing.
We understand the need for 24/7 accessibility and ease of use, which is why mustard jar has a handy cash-alert tool providing real-time offer notifications.
What gaps in the industry’s provision for millennials does mustard jar hope to overcome?
The whole concept behind mustard jar is to make motor insurance premiums more affordable. With little effort, millennials will now be able to select the policy that’s right for them and not just the policy they can afford.
What is it about reward and loyalty schemes that you think appeals so much to millennials?
I think it’s two things. On the one hand, they like the simplicity of a reward scheme and on the other, they appreciate being rewarded for their loyalty.
As savvy shoppers and early users of online shopping, millennials are brand loyal and know exactly what they’re looking for and how much they’re prepared to pay.
Millennials were early adopters of loyalty and reward schemes and actively seek online vouchers and offers. mustard jar, put simply, is one central platform of thousands of offers and promotions from brands they know and love.
How do you think mustard jar will help millennials when it comes to budgeting and personal finance?
mustard jar will give millennials additional control over their finances and help to reduce financial pressure, without having to make cutbacks.
mustard jar offers customers multiple opportunities to make the most of personal finances:
• by taking advantage of the hundreds of offers that are available every day
• collecting cash rewards on their every day and luxury purchases
• as an easy and simple way to make insurance affordable
If you could give millennials just one piece of advice about personal finance, what would it be?
There’s a comparison site for just about every product under the sun, from bank accounts to car finance and everything in-between. Utilise them all and make sure you get the product that offers the best deal for your individual needs.