Millennials have for a while been seen as the next wave of leaders in the workforce. That time is now, as the oldest members of the generation are turning 40 years old.
Millennials are already influencing many industries as they are taking over decision-making roles for companies, and the insurance industry is no exception. Here are some of the ways in which millennials are changing the insurance industry.
Marketing on Social Media
Millennials are very in-tune with digital trends in general, and social media specifically. They came of age just as the technology did, which put them ahead of the game compared to many of their coworkers.
This generation is very familiar with social media, and they use it all the time for personal and business purposes. Many in the insurance industry have harnessed its power to build big followings and to also make a significant impact in the local community.
Millennials use social media to educate potential customers and to connect to them in ways that were before impossible. They use platforms such as Twitter, Instagram, Facebook, and LinkedIn to cull prospect lists of people who are most likely to become customers.
Digitally Focused
Insurance agents need to understand that millennials are a digital-first generation. Much of what they do is on a Smartphone too, not even a laptop or desktop computer. This is why being present, active, and creative on social media is so important if you want to appeal to this generation.
Beyond this, it’s also a major reason why many insurance companies are offering at least some of their services on mobile apps. Millennials are always on the go, but one thing they always have with them is their Smartphone.
Insurance companies can make their customers’ lives easier by creating mobile apps that allow Millennials to do everything from get an insurance quote, to pay their bill, manage their policies and start a claim. Some of the most impressive mobile apps can connect customers directly with insurance agents via video conferencing, allowing agents to see live looks at claims.
Personalized Marketing
Generic marketing often misses the mark with Millennials. They have come to expect that companies will take the time and effort to personalize marketing messages to them.
Luckily, there are plenty of tools today that allow insurance agents to personalize their marketing efforts to different target audiences. You can gather loads of data through digital platforms, such as social media, so that you can cater your marketing messages to the right people.
You may want to deliver messages about first-time homeownership and first-time life insurance policies to Millennials, while reserving other insurance products for other prospective customer cohorts.
Agents can even create customized email marketing blasts that cater to the Millennial audience who have signed up to be kept in touch with weekly updates.
Efficiency
Millennials are used to high-speed technology and efficient user interfaces on technological tools. Insurance companies have realized this and created easy-to-use quoting and sign-up tools on their websites and through mobile apps.
This is all great for Millennials and insurance companies, but streamlining the sign-up process to websites and apps can make things more difficult for local insurance agents.
Millennials are especially more likely to purchase insurance directly from insurance companies. The main reason for this is it’s easy for them to go online and complete an application in minutes. They prefer this efficiency over taking the time to stop into a local insurance agent’s office.
Insurance agents need to combine the messages of personalized service and ease-of-use when marketing to Millennials. By adopting the technology tools of large insurance companies, and combining that with the personal touch only they can provide, local agents can actually stand out among Millennials.
New Products
Millennials are demanding new insurance products that are flexible and serve their lifestyle. This generation is purchasing homes later in life than generations before them, for example. Many are either renting for longer periods of time or are getting creative with their housing arrangements, such as sharing a home with others. These life style changes contribute to their desire for new insurance products that provide the same coverage as traditional products but are geared toward how they live.
Insurance agents, and insurance companies, who are able to provide unique, flexible solutions to Millennials’ needs are the ones who are likely to succeed with this generation, and with Gen Z.
Contact us today to learn how we can help you establish and grow your insurance business!