Many millennials are not getting what they want from insurance providers. Rather than complaining about millennials or claiming that they are “killing” another industry, the insurance sector must evolve to meet changing needs. Agents who want to keep pace should strive to appeal to this young adult audience.
Who Are They?
Millennials are rapidly moving into the prime purchasing years of their life. They’re empowered, connected, and leading the charge for change!
To understand what products millennials want, agents need to understand how their households differ. Millennials get married and start families much later in life then what used to be the norm. Clearly, marketing insurance as a way to protect families isn’t the right strategy to attract millennials, at least not right now. Taking the family angle risks alienating the majority of this population.
Millennials are self-aware enough to know that the insurance their parents and grandparents had won’t necessarily work for them. Keep the differences between generations in mind. Engage potential customers by discussing the importance of renters’ policies.
This generation can spot fake, inauthentic marketing from miles away. Being authentic, trustworthy and able to offer pricing at the “right” level will go along way.
Contrary to what some people believe, millennials are more receptive to seeing advertisements than their predecessors, at least on mobile devices. However, old methods of unidirectional advertising communication won’t cut it. Advertising must favor experience and interactivity over hard sells, so engage, don’t sell.
Millennials prefer to buy online. In fact, they’re more than twice as likely to purchase insurance online than older generations.But there are still plenty of millennials who want a real-life agent to help them. Agents who want to attract these customers, though, need a robust online presence.
Just having a few social profiles isn’t enough. You must interact with the community online. This is how millennials will find the insurance agents they trust.
Content is vital to this strategy, but not all content is good, and “good” is still relative to where that content lives.
Being online also refers to processing claims. Millennials want to file their claims online, but they want a personal touch. Add a bit of authentic personality to these communications.
Easy Buying Process
“Insurance is widely considered a ‘necessary evil”. “If you play the word association game with ‘insurance,’ words like ‘paperwork,’ ‘hassle,’ and ‘fighting’ present a pretty abysmal picture of the industry. Simplicity is key.
Make a Difference
Millennials are uniquely aware of what companies do with their money. This generation wants to know that the money they spend goes to something that matters. By building a great relationship with the community and even hosting charity drives, you have much more value to these young adults.
Be prepared to help millennials face challenges that are unique to their generation.
About Provident Insurance Programs
With roots dating back to 1902, Provident Insurance Programs is a program administrator that serves paid and volunteer firefighters in addition to emergency medical responders with numerous custom-tailored insurance programs. We’ve also extended our expertise and experience to offer benefit plans and coverages to participant groups as well as Transportation Benefits. We are committed to continuing to provide superior customer service, and would be happy to speak with you to provide further information. Give us a call today at (855) 201-8880 to speak with one of our representatives.