AgentLink is so thankful for the opportunity to work with so many incredible agents who spend every single day educating themselves on coverage changes and the strategies it takes to get their clients the care they need. We know that it’s essential for agents and Financial Marketing Organizations (FMOs) like us to adapt our strategies to meet the needs of different generations.
The millennial generation is becoming increasingly important in the insurance market. The oldest millennials are up to 42 years old now, putting them at a prime stage to begin considering the types of insurance they’ll need. To effectively connect with this demographic, we need to be mindful of several key strategies and approaches. Together, we’ll explore eight strategies on how to engage with millennials in a way that resonates with them and meets their evolving needs.
1. Don’t Overcomplicate It
First and foremost, simplicity is key when it comes to communicating with millennials about insurance. Millennials value clear and straightforward information. Complex insurance jargon and overly convoluted policies can be a major turn-off. You very well may see their eyes glaze over early in the conversation if you rely too heavily on listing off information. Try to avoid overwhelming them with technical details and instead, focus on explaining things in a clear, easy-to-understand manner.
2. Don’t Be Forceful
Pushy sales tactics are a big no-no when dealing with millennials. They appreciate the opportunity to research and make decisions on their own terms. You’ll still want to provide information and options, but let them take their time to evaluate and decide. Building trust through a non-invasive approach is crucial. They’d rather feel like they are talking to a friend than a pushy salesperson.
3. Be Honest and Transparent
Honesty and transparency are essential when working with millennials. Be upfront about the benefits and limitations of insurance products. Millennials are highly attuned to authenticity and can easily spot insincerity. The moment you begin to hyperbolize the need for a particular policy or coverage, the more quickly their walls will go up. Open and honest communication will go a long way in building trust.
4. Embrace Technology
One thing that sets millennials apart is their comfort and familiarity with technology. Most of them have spent their entire life either being aware of or actively utilizing the internet. This means that, unlike older generations, there are many things they learned to do through the use of online technology. FMOs and insurance agents must be prepared to utilize technology to cater to this generation. This includes having an online presence, offering digital communication channels, and using tools like video conferences and digital document signing. Tech-savvy millennials appreciate convenience and efficiency.
5. Consider Life Stages
As older millennials are approaching their 40s, their insurance needs are changing. They may be starting families, buying homes, or establishing businesses. Tailor your insurance products to address varying life stages and offer coverage that makes sense for their evolving needs.
6. Text Over Phone Calls
With fast-paced lifestyles and packed schedules, millennials often prefer text and digital communication over traditional phone calls. Remember what #2 said? Millennials like the chance to research and make their own decisions. Communicating through text allows them to take their time to craft a response and be sure the decision they’re making is the right one for them.
Before making contact, ask your clients how they prefer to communicate. This not only respects their communication preferences but also ensures a better and more responsive interaction.
7. Educate, Don’t Lecture
Educating millennials about insurance is crucial, but it’s equally important to avoid talking AT them instead of WITH them. Create a dialogue that encourages them to ask questions, share their concerns, and actively participate in the decision-making process. When they understand the “why” behind insurance products, they are more likely to make informed choices.
8. Talk in a Way That Makes Sense to Them
Insurance can be a complex topic, and millennials might not be thinking about it as a top priority. When discussing insurance products, relate them to real-life scenarios and demonstrate how they can protect what they care about, whether it’s their family’s future, their investments, or their own health and well-being.
At the end of the day, you’re dealing with people. While people may have different tendencies based on the generation they were raised in, there are intangible desires that all people share, like the desire for security and protection for those they care about most. As an agent, you tap into these desires every single day. These tips are simply additional context to consider when you’re chatting with a millennial about the best coverage for their needs.
By implementing these strategies, insurance agents like you can successfully navigate the changing market for insurance and provide millennials with the insurance solutions they need in a way that resonates with them. Remember, it’s not about selling a policy; it’s about building a long-term relationship based on trust and value!