Millennials and Generation Z are vastly different from previous generations, and these two groups will soon dominate your customer base. It's crucial to market your agency in ways that specifically appeal to them, which means adopting innovative strategies and methods. This article highlights some unique needs of these younger generations and offers tips on how to effectively attract their business.
Gig Economy
For Millennials and Gen Z, freelancing or contract work is common, meaning they often lack employer-provided health coverage. To appeal to these younger generations, market your agency's insurance plans with competitive rates and flexible payment options. Highlight plans that offer lower monthly payments when not injured or ill, catering to the variable incomes of gig workers.
Not Everyone Owns a Car
Many Millennials and Gen Z individuals prefer ride-sharing services like Uber and Lyft or car rental platforms like Zipcar and Turo over owning a vehicle. This means traditional car insurance isn’t a priority for them. Adjust your offerings to include insurance products relevant to their transportation habits, such as ride-sharing or short-term rental coverage.
Renting is Becoming the New Normal
The traditional American dream of homeownership is shifting as more young people choose to live in rental properties. This shift impacts their insurance needs, focusing more on renters insurance rather than homeowners insurance. Highlight the importance of renters insurance and tailor your marketing messages to emphasize its benefits for protecting personal belongings and liability.
How to Appeal to Them
Millennials and Gen Z are tech-savvy and conduct thorough online research before committing to a purchase. Making the insurance-buying process appealing and straightforward is essential. Here are three ways insurers can attract younger generations:
- Flexible Insurance Solutions: These generations are redefining how we live and work, necessitating flexible insurance solutions that match their lifestyles. Offer customizable policies that can adapt to changing needs, such as add-on coverage options and adjustable payment plans.
- Focus on Technology: Millennials and Gen Z clients appreciate a user-friendly platform that allows them to manage their policies and make payments easily. Invest in a robust digital presence, including a mobile-friendly website and an app that provides seamless access to policy information and customer support.
- Personal Touch: Despite their reliance on technology, these generations value a personalized user experience. They want to feel connected to the person they’re doing business with. Incorporate personalized service into your business plan, such as offering virtual consultations and maintaining active social media engagement to build relationships and trust.
Join AAI
AAI provides the support you need to effectively market your agency to Millennials and Gen Z. Gain access to top insurance providers and tailored insurance options for every generation. Contact us today for more information.