The Millennial Generation, otherwise known as Gen Y, can be a difficult target audience for insurance agents. Members of the Millennial Generation were born between 1980 and 2000. Unlike Baby Boomers and Generation X, who are more likely to seek out insurance, Gen Y’s personal economics are quite different from those of the past.
Millennials Are Underinsured
According to a 2015 PEW report, roughly 75% of those aged 18 to 29 have health insurance compared with 88% of people over the age of 30. This variance between age groups has been attributed to everything from Millennials’ over-protective childhoods to the ineffectiveness of traditional advertising at reaching them.
Approaching the Gen Y demographic can be a challenging task due to their technological savvy and other reasons. Plus, this group’s income levels, political affiliations and other factors create a varied community, and each person may require a slightly different approach. Fear may not be a good motivator for Generation Y. It may be best to provide real-world examples of how insurance can help them to enjoy a successful and happy life, in addition to added peace of mind.
Three Helpful Approaches
Specifically there are three ways to sell insurance to Millennials: make a connection, sell the product and make the right pitch.
- The best way to make a connection is through modern technologies such as your website, Facebook, Twitter and other social media outlets, where messages should be meaningful and useful.
- Selling the product involves providing individual information, developing relationships and throwing in some free stuff.
- The pitch must emphasize the advantages of youth, such as low premiums for life insurance and peace of mind when finding the right policy.
It may take a little convincing to get Millennials on board, but with the right connection and pitch, selling insurance is surely attainable.