Insurance companies have their work cut out for them with it comes to engaging millennials. It’s critical to the industry to figure out how to sell insurance to millennials. Why is this so important?Millennials have the most buying power of any generation. But even though they hold all that power, there are still some things that they just won’t fork out their money for. Millennials crave a strong sense of community and belonging. This holds true for where they work, where they live, which phone carrier they use, everything. And, yes, this includes who they buy their insurance from.
What is a millennial?
The millennial generation was born between 1980 and the end of 1994. They grew up in different economic, technological and political times than generations before them. One common problem among insurance agents is that they still picture an 18-year-old in their mind when referencing millennials. But they definitely aren’t kids anymore - they are now between the ages of 23 and 37. Millennials are moving quickly into the prime purchasing years of their life.
Reasons Insurance Agents Struggle to Capture New Millennial Clients
Only 24% of millennials use a local insurance agency, according to a study by Effective Coverage.
Here are three common reasons why you may be not engaging millennials enough to capture them as new clients:
- You don’t specifically try to attract millennials to your agency because you think they aren’t your target market.
- Millennials are disengaged with the usual marketing ploys because they are desensitized from overexposure.
- Insurance agents struggle to connect with millennials who are used to a variety of options.
Below are 5 ideas for engaging millennials and retaining them.
Ask for Feedback
Millennials are tech-savvy and frequently turn to the Internet when they have a question. Engaging millennials means having continuous conversations with them on social media platforms. Millennials highly value a company’s interactions through social media posts asking for feedback on their services. Valuing your client’s feedback and using it to provide a stellar experience for them equals success.
Build Trust & Educate
If you want millennials to listen, you need to gain their trust. Here are some ideas for building trust for your agency:
- Ask for feedback and ask how you can help them understand insurance better
- Talk to them about insurance in an easy, clear way that is relatable
- Use their feedback when communicating with future millennials
Millennials tend to lose trust when something, or someone, ‘feels fake’. Authenticity is one of their core values and the key to successfully engaging millennials.
“People don’t buy what they do, they buy why you do it.” -- Simon Sinek, “Start with Why,”
Find ways to share how you solve specific problems relevant to millennials. Share new information, present new ideas and solve their unique issues. Millennials are looking to be a part of something, not just buy something. Let them understand why you are passionate about your industry and what your value is that sets you apart from the rest.
Create a Message That Resonates
Cut through all of the distractions and noise millennials face and address them at a personal and an emotional level. While you can’t reach everyone, the key is to connect with those that relate and who you serve best. Work to develop a message with a very specific focus. Ask yourself: Who am I trying to reach? What do they want? How can I help them? What are their problems I can solve?
You can’t overlook the size and power of millennials. It’s critical to find ways to understand millennials in order to grow your business for years to come.