Helping Millennials Understand (and Appreciate) Life Insurance
- By Michael Hall
- November 5, 2015
The Millenial Generation, or Generation-Y, represents one of the greatest opportunities in the history of the insurance business.
The world of generational theory is fascinating and confusing. It leaves us wondering; are we really that different? More and more often, you hear about the generational transition that is taking place between the Baby Boomers, Generation X, and the Millennials. For those of us in the insurance and investment world it begs the question, “Do we need to create a new way of doing business for Millennials?”
To answer that, we should look at “who” they are. Millennials are those born between the early ’80s and the early 2000s, which means that they are today’s young professionals.
Unlike Generation X (born between the mid-60’s to the late 70’s), Millennials have a reputation for delaying any plans of settling down, jumping from one job to another, and sometimes having trouble finding that perfect fit. Given this propensity, this generation will probably need more insurance and financial planning help than their predecessors.
Making Insurance Appealing to Millennials##
The fact that Millennials face a different economic landscape makes settling down into a long-term career more difficult. It also indicates a lack of confidence in the economy and what it means for their financial future. This makes life insurance an even more pressing necessity.
Here are a few ways to improve communication and make the prospect of life insurance more appealing to a Millennial:
This is the generation that grew up playing video games and surfing the net. If there is one way for you to capture their attention, it is going to be digital. Share your insights and expertise on a company or personal blog and connect with prospects on social media. This will not only make sure you stay relevant, but will help you be perceived as an expert in the field and as one who cares to share that knowledge.
Recognize their individuality###
Millennials have come of age in the ”customized economy”. From the way they order coffee from a corner Starbucks to the way that Levi’s cuts their jeans for them, it’s all about making the product tailored specifically for their needs. Knowing this, be sure to offer solutions that offer maximum flexibility both now and in the future.
Because millennials grew up in a technology-saturated world, they are (reasonably) expected to maximize their time and productivity, meaning they have little time for wasted back-and-forth. During the sales cycle, keep communications brief and to the point. Use email rather than phone calls when possible and make sure you clearly communicate the expectations and timelines involved in the process.
Leverage their connectedness###
Millennials are always connected to their network and they value the recommendations they receive. Use this to your advantage by gaining social proof about your business. This does not have to be a long testimonials or a case-study. A simple Tweet from a satisfied client is enough to let prospects see that others have found value in what you offer.
For more information on how to ramp up your production in the largest demographic in America today, please contact us.