Millennials are obsessed with the idea of adulting (v. behaving like a responsible adult, typically characterized by the accomplishment of mundane but necessary tasks). I know this because I, myself, happen to be a millennial who works in one of the most traditionally ‘mature’ industries in the world: insurance. There’s nothing more adult than buying insurance, which is equal parts thrilling and terrifying for people my age who can’t even commit to eating breakfast seven days a week.
Already saddled with other adult-ish obligations like student loans, rent, and paying an outlandish amount for parking in the Chicagoland area, the thought of adding yet another responsibility is daunting. But insurance is a necessary responsibility, is it not? So, here’s five things you should consider before trying to market to millennials, from a resident millennial.
- We like to do things ourselves. The internet has been around almost our entire lives, and we are very good at utilizing Google. The fact of the matter is, you are competing against DIY insurance companies like Lemonade when it comes to millennials so you need to highlight why working with you would benefit us more. Hit us with your areas of strength and experience in the insurance industry, we like hard numbers. It also wouldn’t hurt to point out how completely automated digital insurance agencies leave a lot of room for error.
- We shop smart. We’re not looking for the cheapest policy, we’re looking for the best deal that marries adequate coverage with the nicest price tag. The only problem is many millennials don’t know what kind of coverage they need. So start at the beginning; don’t waste your time trying to throw out snazzy numbers or coverages, begin by asking us questions about our lives and then explain the coverages that coincide. Start with the necessities first.
- We look for discounts. Once we have a good grasp of what coverages we need, you can guarantee our focus will shift to finding the best price. Have any possible discounts ready in your mind because we will ask for them. If there are no discounts, be prepared to explain why. We know that sometimes carriers offer discounts for things like paying the policy in full, staying auto accident-free or having good grades. Your best bet here would be to explain the benefits of bundling whenever possible.
- We’re looking to fill the gaps. An average policy will cover the basics but asking us about our lives will help you uncover any extra coverage needs. A great example is explaining the benefits of having renter’s insurance, especially since almost 50% of millennials change living spaces every year (Zillow.com).
- You’ve got to liven up life insurance. Sorry for the word choice, but let’s be honest, even most insurance agents don’t enjoy discussing life insurance. We know we should have it, but we think we’re invincible at this stage in the game. It’s hard to get us to invest in the long term, but what would help make your case is giving us example prices. Lay out exactly how cheap buying life insurance is at our age, and show us exactly how expensive it will be to purchase in the future. Lifeinsurance.org outlines some great advice if you’re looking for a change of wording.
Change comes with every new generation. Since millennials currently make up the largest population (surpassing Baby Boomers by almost a million more people according to Pewresearch.org) it’s time to change how you’re offering us insurance. Yes, we are used doing everything ourselves, but what we like more than that is taking advice from trustworthy experts. The deciding factor in whether or not you’ve got our business will be if we can connect with you. We need to feel like you’ve really got our backs, and you keeping us involved in the process is the icing on the cake.
1 thought on “Five Things Millennials Look for When Buying Insurance”
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