If you’re looking to boost insurance sales within the coveted 18-34 demographic, also known as Millennials, then listen up.
A recent survey released by AXA global insurance and Alpha UX market research offers some promising insight into the minds of the digital-centric employees we call Millennials. We’ve compiled some of the key takeaways of this survey and translated them into marketing tips that your agency can put into action now.
Tip #1: Reliable Coverage is King.
When asked what the most important aspect of an insurance proposition, Millennials’ top response was “Reliability of Coverage”, followed by “Price” at a close second.
If “Reliable coverage at a fair price” is already your primary marketing messages, stay the course. Surprisingly, “Transparency” and “Mobile app integration” – two things Millennials are assumed to value – were reported as the least important aspects of insurance to the group surveyed.
Tip #2: Millennials still prefer in-person interactions
Despite having grown up in the digital age, the AXA survey shows that for the most part, Millennials still desire to speak to an actual person regarding their insurance. This could be because Millennials also value community, local growth, and interpersonal connections.
Earlier, we established that “Reliability of Coverage” is the #1 most important aspect of insurance to Millennials. So, for your marketing efforts, you may choose to broaden that definition to “Reliability” in general: reliable local agents who can personally guide you through the complicated world of insurance, plus reliable coverage in your time of need.
Tip #3: Life Insurance: What is it, exactly?
According to the survey, Millennials understand and value the benefits of health insurance, but have no appreciation for life insurance. One reason for this could be that Millennials, while compared to past generations, tend to marry and have children later in life. Therefore, the thought of leaving loved ones with the burden of their death hasn’t even crossed their minds yet.
It’s tough to sell a product to a person who doesn’t think they need it – so the best marketing approach may be to start with the basics. Focus on explaining what life insurance is, why it’s important, and how little it costs, rather than bogging them down with specific offers and benefits of your plans. This may seem like the most basic message to a pro like you, but the research proves that Millennials don’t fully understand this product yet – and they prefer explanations to be simple and concise.
http://www.lifehealthpro.com/2016/05/24/millennial-consumers-mobile-use-and-insurance-sale?slreturn=1465383385
http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/
http://thegbrief.com/articles/millennials-prefer-shopping-down-the-street-568
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Charity Murphy is a freelance writer for Insured Solutions and Improve comedienne based in Louisville, Kentucky. She lives with her husband Ben and their two dogs, Sprocket and Ms. Brisby. |