In the past, health and life insurance policies were a preserve of the senior population. Nowadays, however, millennials make some of the most lucrative clients for insurance companies. Millennials, in this case, are those born from 1980 to 2000 and are estimated to account for about 75% of the global market by the year 2025. These people, according to several studies, buy homes, businesses, and cars between ages 25 to 40. As such, they generally need more than one insurance policy. These numbers are enough to get any insurance agent interested.
A Medicare supplement FMO was all you needed to actualize the profits in health insurance in the past. Everyone was on the lookout for an insurance policy that would cover the costs which the original Medicare would not. When selling to millennials, however, getting the right FMO is only half of the battle. You need to take into account the primary elements that millennials are basing their choice of an insurance agency on. The following are these elements:
Highlighted Discount Offers
Over 78% of millennials would gladly switch their favorite brands if a competitor offered them a free reward for something. Millennials are focused on how much they stand to save when buying insurance from you rather than your competitor. Have good discounts on offer and highlight them. You can also add a bonus on various policies you are offering to hook them into buying multiple policies from you and renewing their policies.
Few people read the fine print when signing a contract. As such, most policyholders have found themselves alone when an insurer will not pay for something because of a contract’s wording. Make sure that you are transparent with precisely what you are offering and the text in your contract. While you might think that this paints your policy in poor light, the strategy will, in fact, boost your credibility among clients. If millennials feel that you are transparent, they will trust you and thus confidently invest in your policy since they have all the risks mapped out.
Millennials have grown up around millions of adverts. They can decipher a fake advert from miles away. If you want to reach millennials, be as authentic as possible. Ensure that the messaging you choose for your product is sensible and has a human element. Insurance policies are designed to protect holders from something that can happen. If you can paint a clear picture of the essence of your policy for potential clients, you will boost the chances of getting a millennial to sign up.
A Value that Benefits Them
Millennials are known as the “me generation.” They are focused on what they stand to gain from anything they invest in. Do not focus on what kind of insurance agency you are but rather how you can solve a client’s problems to reach millennials. If, for instance, you are touting yourself as a seasoned insurer, change the message to exude that you have what it takes to give clients optimal service.
The elements mentioned above will set any agent trying to reach millennials apart. Remember that they will only work if you pursue a personal relationship with your clients. As such, personalize your products and messages for clients in different markets.