What insurance products should you market to millennials?
In 2019, the millennial generation will pass the Baby Boomers in size for the first time ever. This generation is currently between 23 and 38 years old and came of age during the rise of the internet. As a result, millennials are much more digitally engaged than prior generations. As an independent insurance agent, you can use this as an asset to market to an under-insured demographic.
Using skills from our last post, you can easily develop a user-friendly website that works on all types of devices. This will make it seamless for your social media followers to view your website. Millennials are much more likely to find your insurance agency online if you are present on social media. These days, it’s easy to market to young demographics on Facebook, Twitter, and Instagram. These apps make it easy to select who you’re advertising to, where they’re from, and what they’re interested in. Advertising through social media is much more interactive than traditional channels. Users can simply tap a link and view your profile, visit your website, or call you. It’s also easy for them to share your post with friends and family.
More importantly, you need to determine what types of insurance to market to this generation. Surprisingly, more millennials own cars than you might think. Currently they make up about 30% of the auto market share. Car insurance is daunting to younger people for a few reasons. The process of getting a quote and a policy is inconvenient and confusing – with a multitude of factors and discounts that affect their final rate. The specifics of auto insurance policies are equally confusing for people unfamiliar with insurance. The advantage you have is a personal approach. They may not realize it, but most people would rather call up an independent agent in town with a question rather than waiting on hold with one of the insurance giants.
Homeowners insurance has long been a specialty of independent insurance agencies. However, young people are less likely to own homes as their parents were. Only 37% of millennials own homes – this means that the rest are eligible for renter’s insurance. As an independent insurance agent, you know how affordable renter’s insurance can be and what it can cover, but millennials tend not to. The low cost and protection of everyday items should be the two vital elements in your agency’s marketing. You can also point out the potential for further multi-policy discounts. For some it may even be more affordable to have renter’s insurance than to go without it.
The most important element in attracting young people is engagement. If you engage with them through interactive, attractive, and compelling social media ads, they are more likely to remember your message and your agency after logging off. If you can get their attention with your ad, they will visit your profile and your website and eventually lead to more business for your agency.