Insurance agents understand that policies can provide valuable protections to people at all stages of life; however, communicating this reality to potential customers can be a challenge. This is perhaps especially true of Millennials. Young people that came of age and entered the workforce or college between 2000 and 2010 can make economic choices that seem hard to predict. Selling to Millennials is essential if firms are going to grow successfully. Marketing insurance – or any other product or service – to Millennials does not have to be a mystery.
Revisiting Fundamental Talking Points
Given that Millennials are a group that sees the value of frugality, reframing how value is talked about in terms of insurance products is important. To this demographic, second-hand clothing has appeal and preparing food at home provides the opportunity to experiment with novel tastes. In other words, frugality is important but because it offers opportunity in addition to saving money. Therefore, some insurance products will be seen as more valuable than others because they preserve access to opportunity. Here are a few examples of reframing basic talking points:
- Renter’s insurance: Renter’s coverage protects belongings in case of theft and can provide support if the dwelling is damaged in a natural disaster. Anticipate a shopper’s question about transfer of policy; Millennials can be more likely to rent than own and may change addresses every few years. Try stressing the convenience of coverage.
- Health insurance: Even though many Millennials are sometimes called “young invincibles”, agents should not assume that policy shoppers are unaware of their health needs. Some policies cover chiropractic services, nutritional consultations, and other forms of care geared towards healthy living. Agents can also stress annual wellness checks, birth control coverage, HPV vaccination coverage, and similar preventative services.
- Business insurance: Millennials often try running small businesses out of their home but do so without any form of insurance coverage. Discuss how things like liability coverage benefit them and their ability to do business. It helps to explain that even small garage startups can be at risk of going under without protecting against business liabilities.
The idea that Millennial shoppers are disinterested in insurance coverage is a myth; rather they are simply interested in different forms of coverage than their parents might have sought. Identifying novel insurance solutions will help address Millennials’ needs.
What Do Millennials Want?
While perennially popular forms of insurance such as life insurance, home insurance, and car insurance have often formed the cornerstone of agent sales, these are not necessarily going to have the same appeal to Millennial shoppers as these products did to their parents. For instance, because home ownership is not a major goal for many young adults, they are unlikely to see the benefit of homeowners insurance. As the examples above show, renter’s coverage is likely to be far more appealing and thus renters insurance leads might be a better option for agents looking to connect with a younger book of business. Virtually every apartment dweller has experienced damage caused by various accidents, so a prospective insurance client already has a personal perspective on how valuable financial protection against these circumstances can be.
Convenient accessibility is another feature that appeals to Millennial shoppers. Are the services offered through your agency really convenient? Can claims be made at any time? Is your agency’s website compatible with mobile devices? Are simple step-by-step instructions available to help people file claims and address other concerns? Taking the step to purchase an insurance product can be intimidating for many new adults; agents can address this unease by making the process of using insurance coverage as simple and straightforward as possible.
Coverage that travels with clients is also highly desirable among Millennial shoppers. Travel for work and school is not unusual; clients will want to know if there are geographic limits to coverage and how to access services if they are not near their normal providers. For instance, in the case of renter’s insurance, potential clients will want to know if their coverage travels with them when they take a new address. Discussing these matters up front can be very helpful.
Bring Millennials Into Your Agency Family
Marketing insurance to Millennials does not have to be the mystery that it might first appear to be. Remember that the diversity of insurance products means that there are policies and forms of coverage appropriate for anyone. Millennial shoppers are generally already aware of the need to save money and prevent the financial setbacks caused by accidents. Addressing these and similar concerns is a great first step towards connecting with this important demographic.