You probably already know that Millennials are a cross-section of the population between 1980 and 2000—essentially the 20- and 30- somethings of today. And according to Pew Research Center, they’re the largest market share of potential life insurance sales! Currently, there’s an estimated 75,000,000 millennials in the marketplace. Learning how to work on selling life insurance to this market segment will give you an advantage over your competition.
Here’s how to stay ahead of the competition by selling life insurance to this emerging market segment.
4 Secrets to Selling Life Insurance to Millennials
Keep Your Pitch Short
Millennials are living in a fast-paced world and have a limited attention span—don’t waste their time. Keep your pitch short and concise and get to the point.
Prioritize Quality of Life & Experiences
Millennials tend to put more value and interest in the experiences that money can buy rather than collecting material goods. They’ve been labeled as the “renter generation”, as evidenced by the rise of Airbnb and Uber. When you’re selling life insurance and explaining the value, do so in terms of how it can have an impact on their ability to have the experiences and quality of life they want. Use stories to illustrate how life insurance can help them achieve their goals.
Having a hard time engaging millennials? Read this!
Stress How the Time is Now
Millennials tend to think they’re invincible and that they shouldn’t be too worried about their future. It’s important to stress that you’re never too young and that the best time is now for life insurance.
Engage on Social Networks
Millennials have never known a world without the internet. 62% of millennials say that if a brand engages with them on social networks, they’re more likely to become a loyal customer. One way to engage with millennials is through technology—it’s a necessity. Millennials are visual learners and will use social media to connect with businesses, look at ratings and research their services. They rely on technology to make informed decisions so get online and reach out.
Millennials have more spending power than any other age group. Their mindset will dictate the insurance customer experience for at least the next two decades. Make selling life insurance a priority and you’ll surpass your competition in no time!
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References:http://www.lifehappens.org/blog/5-things-millennials-need-to-know-about-life-insurance/, https://creativeone.com/blog/market-life-insurance-millennials/, http://blog.sirenltd.com/the-ultimate-guide-to-selling-life-insurance-to-millennials/, https://www.agencynation.com/how-to-sell-insurance-to-millennials/,