Millennials are a whole different kind of consumer, particularly, when it comes to insurance. Some key strategies can help you break into this market.
How Can Independent Insurance Agencies Enter the Millennial Market?
Millennials are all those who were born between 1980 and 1994, which are now the largest generation is history. A larger portion of this generation is now in their 30s or so, meaning that they have entered their prime spending years. Millennials have their own— and quite distinctive— buying philosophy, as they grew up in very different times, technologically, economically and politically speaking. So, selling insurance to millennials is a whole different ball game. This means that the insurance industry needs to rethink the way it markets itself and how it does business with this generation.
Here are three tips to help you sell insurance to Millennials:
Pay More Attention to Renters Insurance
Because of the type of consumers Millennials are, renters insurance fits their needs better than home insurance. Previous generations, like Baby Boomers, would require homeowners insurance sooner in life, as they settled down at a younger age, however, this is not the case with Millennials. This generation is settling down later in life, so renters insurance is a much more viable option. Consider offering standalone renters insurance, since they will not be renters forever. This will make you their first option as their insurance needs evolve.
Turn Happy Clients into Advocates
Millennials trust word-of-mouth. They take feedback seriously, whether it comes from someone that is close to them, a figure of authority in the market, or any other consumer. Creating advocates for your agency will help you get your name out there and generate awareness, getting more clients.
Make Yourself Available
Millennials are always on the go, so having a regular nine to five/Monday through Friday schedule, is going to block out a lot of opportunities with this type of consumer. Find ways to be available 24/7. This doesn't mean you need to be in the office, staring at the phone 24 hours a day, 7 days a week, but it is a great opportunity for technology to come into the picture. Providing easy access through mobile apps, your website or social media is a great way to engage with this generation.
As an independent insurance agency owner, you'll have to find ways to adapt to the market as it evolves. Fortunately, when you're part of the fastest growing independent insurance agency brokers in Colorado, Utah, and Arizona, you have access to great information that will help you grow stronger. Join AAI today.