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Millennials & You: Information You Need to Know

Posted By Administration, Wednesday, September 23, 2015

 

Most of this information applies to personal lines homeowners and renters. But with more and more Millennials those who came to adulthood around year 2000 owning businesses this can also apply to commercial lines.

 

A study done by Effective Coverage says a high percentage of Millennials arent likely to purchase homeowners or renters insurance or any insurance from a local independent agent. The study says they are 50% less likely than their parents to do so.

 

Statistics:

 

18-29

      67% purchase directly from insurance company

      24% purchase from local insurance agency

      4% purchase online

      4% purchase from other sources

 

30-49

      58% purchase directly from insurance company

      33% purchase from local insurance agency

      4% purchase online

      3% purchase from other sources

 

50-64

      43% purchase directly from insurance company

      50% purchase from local insurance agency

      4% purchase online

      4% purchase from other sources

 

65+

      49% purchase directly from insurance company

      44% purchase from local insurance agency

      5% purchase online

      3% purchase from other sources

 

The study lists five things Millennials want and how you can overcome their objections to working with a live, local agent.

 

1. They want immediacy. Theyre totally into on-demand. Everything they want and needs is just a click away. Millennials dont want to leave their living rooms unless the benefits are very evident. Its easier to order everything online.

 

You cant stay open 24-hours a day the study needlessly notes but you can do things to compensate. Anticipate questions and post answers on your website so when you meet with or talk to them they can get some idea of how you can solve their problem. That offers the immediacy they demand.

 

As for one-to-one, meet them where they like to be met. Thats at coffee shops or unique food establishments and not your office.

 

2. Millennials dont travel in groups. Theyre not likely to ask friends for referrals. To figure out whether they want a product or not, they go online. If they like what they find in their research then they buy. And they buy online.

 

Your solution is social media profiles so they can find you.

 

3. They have their own way of communicating. They dont want to talk to you on the phone at least not at first. Texting is their preferred communication form. Once you actually talk to them cut your 20-minute sales pitch down to five. Find low key ways to sell and to cross sell.

 

Key words: low pressure.

 

4. Keep your website up to date. Have someone on staff or a provider that can create a site that reaches Millennials. Millennials are spoiled and dont like anything out of date. A well-designed, easy to understand site with infographics is preferable. Keep it current.

 

5. Millennials are mobile ready. Make sure you are mobile ready, too. Few Millennials are sans a smart phone. In fact, 85% own one and 20% only access the Internet from one.

 

Make sure your website is mobile friendly. And Millennials arent the only ones wanting that. Google does, too. You dont have to reinvent the wheel, just make sure your site is smart phone and computer friendly.

 

Source link: PropertyCasualty360.com

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & You: Information You Need to Know  Personal Lines of Insurance  Weekly Industry News 

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