Using generational data to sell to prospective insurance clients is a great way to make connections and get your foot in the door. By the start of 2020, Millennials, born between 1981 and 1996, will be 23 to 38 years old. According to the Pew Research Center, as of 2019, 80% of them own a car and 45% own a home. Of the non-homeowners, 78% plan to buy one with nine years, making them customers for insurance sales.
Whether they’re leaving their parents’ auto policy, buying their first home, or looking into life insurance to protect their growing families, Millennials need insurance coverage and, in many cases, guidance on how to maintain adequate coverages and coverage levels. If you can position yourself to be the person who meets these needs, you could be creating a customer for life.
One of the ways you can make inroads with this audience is through efficiency. Remember how active you were (or still are) in your 20s and 30s? It’s a busy time of life for most people. Add to that the fact that Millennials have grown up with technology, and you’ve got a generation that is accustomed to doing things quickly and online with little fuss. Make sure you’re easy to reach online. Is your email and phone number readily available on your website? Is your company listed on Google? Make sure getting connected with you is easy.
Also, do whatever you can to smooth the process parts of the insurance-buying experience. You can’t control your insurers’ technology, but you can certainly make sure that you understand it and make things quick and easy on your end.
Value is another important factor for Millennials, many of whom have student loan debt and salaries that don’t provide the same standard of living that previous generations had. Therefore, it’s imperative that you demonstrate the value of your products. Why should they spend money with you? Be sure to detail the true value of what you’re offering.
If you can beat your competitors’ pricing, great. If not, there’s still hope. In fact, in a 2019 study by Liberty Mutual/Safeco, only 31% of participants said they’d want the least expensive policy. Think about other relevant selling points you can bring into the conversation. Factors like having a streamlined claims process, accident forgiveness or lower deductibles than those offered by other companies could add enough perceived value to make a slightly higher premium worthwhile.
Offer Your Expertise
When it comes to insurance, Millennials are eager to learn. 80% of the 1,600 Millennials surveyed said they want their agent to help them understand insurance. They also value human connection, which is great news for individual insurance agents.
Look for ways to create authentic relationships with your younger customers. This should include steering them toward the right coverages as well as away from unnecessary or overpriced insurance products. Doing the latter is a great way to build trust.
Use Family Connections
A 2015 Gallup report found that Millennials are more likely to purchase insurance from a company that already services their family members. Check in with your older customers who have Millennial-aged relatives to see if they’d give you a referral, and be sure to mention family connections when they do exist.
Maintain a Solid Online Presence
Online reviews matter to Millennials, so much so that those surveyed by Liberty Mutual/Safeco said they were a more important factor than an insurance agency’s social media engagement or website. Monitor and address your online presence. Encourage your happy customers to leave you positive reviews and address any legitimate complaints posted online with candor and grace.
Are you interested in reaching more Millennials? Give Hometown Quotes a call to learn about our lead-filtering options, which can help you hone in on targeted groups. You can reach us by calling 800.820.2981 or filling out this form.