The Most Important Insurance Marketing Rulebook To Sell: Millennials Edition
TLTR: This article explores methods you can use when you are making an insurance marketing plan for millennials.
MSCI states that in 2020, millennials (aka Generation Y) made up about 23% of the global population. That equates to almost two billion people worldwide! Chances are that as an insurance agent you are selling to millennials daily. One of the key features of this generation is the digitization of everything. If you are an agent just starting out in insurance marketing then it’s crucial for you to take your marketing practices digital.
While baby boomers are currently spending more than other generations, millennials are expected to overtake them as they enter their prime spending years and the baby boomers retire. This means that as an insurance agent you need to take the time to understand this generation and start figuring out how to cater to their needs better.
Here are some brilliant insurance marketing tips for you:
In this blog
Insurance Marketing Hack: Go Online
By and large, millennials are often referred to as digital natives. This refers to the fact that millennials grew up with the internet and were raised in a highly digital, media-saturated environment. An article on Khoros states that 54% of generation Y buy their products and services online. So, to successfully strategize marketing for insurance agencies, you have to make your services available online.
One of the most important tools you can use here is social media platforms. Being able to mobilize platforms such as Facebook, Instagram, and LinkedIn for marketing purposes will make a big difference when you are insurance marketing.
Make it Convenient: Consideration for Insurance Marketing
As a digital generation, it’s important to make insurance plans accessible to millennials via one-click shopping. Many people of this generation associate insurance with hassles and paperwork. If you work to make signing up for insurance less difficult for new clients then you will easily pass as a high-ranking sales agent in insurance marketing.
Insurance Marketing Requires Time Efficiency
With working multiple jobs to pay off student loans and make a basic living, most of this generation is almost always busy. Their time is their most valuable asset. As a client, they appreciate direct deals which eliminate the need to communicate frequently.
Insurance agents usually need to spend a lot of time with a potential lead in order to convince them to make a sale. With millennials, you’ll want to change your approach. Since they’ve done their homework, you don’t want to beat around the bush. Be transparent and authentic with them. They’ll appreciate your direct approach and time-efficient manner. Because of their no-nonsense approach, Generation Y makes an ideal customer base for insurance agents.
Create a Customizable Experience
One of the key assets you have as an independent agent over big, national agencies is your ability to be client-centric and customize the experience for every client that you meet with. Forbes says that millennials are more likely to ditch established brands and products. This works in your favor as they’re looking for a more boutique experience without the luxury price tag.
When trying to sell an insurance plan to a millennial, make sure that you don’t sell them a generic deal. Because of how digitally comfortable they are, they are more likely to have done their research. Customize your offer for them as much as you can and educate them about the endorsements available for their policy. You want them to feel like they are getting a unique and tailored experience from you.
Insurance Marketing & Brand Image
According to the Pew Research Center, millennials are the most educated generation yet. Almost 40% have at least one degree. They stay aware of current events and like to know where they are investing their hard-earned money.
Doing things such as charity drives or advocating for important causes can help set you apart from other agents. Making your business more socially conscious can help you connect with and be a better insurance service provider for a typical millennial.
Millennials are drastically changing how the industry works. When targeting your insurance marketing to millennials, you can benefit significantly by having an online presence as well as by being technologically advanced and open-minded. Selling insurance to different generations has its own techniques and rules you should follow. Reach out to us to see how you can best sell to any given client base.
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