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3 Ways To Sell Insurance To Millennials

Peace of mind is what you offer as a life insurance professional. The desire to acquire peace of mind would lead you to believe that almost everyone would be interested in purchasing life insurance. Insurance companies have found Millennials to be an interesting target group. 

People between the ages of 25 and 40 are considered millennials. They have been influenced by technological advancements and have experienced monumental history, regulation, social responsibility, and life stage delays. It is commonly believed that Millennials will not invest in life insurance because life insurance policies don’t offer instant gratification or rewards like those they have come to expect in an age where anything can be obtained with the tap of a screen.

This is an unfortunate misconception of a very diverse group of people. The lack of guidance has left this specific target market high and dry, but now it offers a huge advantage to insurance companies that want to understand how to reach this demographic. According to a study, 63% of Millennials want to take a more active role in the management of their health and well-being. There is no need for an insurance policy to be instantly satisfying, but there must be a deeper understanding of a Millennial mindset.

It has been found that millennials’ biggest pain points while buying life insurance are overwhelming information, too much paperwork, and the inability to pick an appropriate company. Despite these facts, research shows that finding the right advisor or broker can make all the difference.

Insurance can be complicated to understand, and the variety of product options can make it challenging to tell products apart. Without the proper guidance and understanding, this can lead to frustration and overwhelm, ultimately resulting in the client walking away. Often Millennials feel like they have to know everything before making a decision — without feeling pressured. This mindset can be tricky for those who have sold insurance for a long time with no problem.

A simple explanation of why and how life insurance is important, discussing the benefits of various products, explaining the options, making tailored recommendations, and guiding clients from prospect-to-policy will help eliminate stress and streamline the process for a positive experience. Below are three steps you can take to reach and sell insurance to millennials successfully.

Have a strong online presence

Use keywords

SEO is your marketing companion when visibility on the internet is a priority. SEO-friendly content will create better searchability, increase engagement metrics, and build credibility simply by being seen before competitors. By optimizing your content, you have a better opportunity to be more search-friendly for potential clients.

Diverse Content

Thanks to the digital age, you can have more than just a business card to represent your business. With SEO still in mind, you can build landing pages, present your own webinars, and create blog posts to better reach potential clients. You can customize and tailor your brand voice through these mediums. Landing pages are a great way to educate people quickly, personalize the client experience, and be contacted with little effort. A custom landing page provided by Finaeo makes the client and advisor experience simple and easy.

Social media matters

Being active and present on social media is the most efficient way to reach potential clients. You can create written content, record a video, or create images that can be relatable or educational. Ways to reach a maximum audience:

  • Including relevant hashtags
  • Tag relevant accounts in posts
  • Collaborate with other companies/influencers
  • Share similar content from relevant accounts
  • Always reply to comments
  • Post often and consistently

Gaining Millennials’ trust is as simple as offering free value in the communication they receive consistently. Tip: Prioritizing time can be better achieved by creating a plan and drafting content. If you aren’t very good at posting to social media, using social calendars can help create consistency. 

Build trust and attention

Be informational
When creating an online presence, make sure to emphasize informative content. Educate on the cost of insurance, give helpful tips, use pathos or emotional appeal to emphasize the importance of insurance. As an example, insurance is more affordable when you are younger. Young and healthy is the ideal time to purchase insurance.

Be authentic
As an advisor, you fully understand the need for insurance, period. It’s not complicated for you, which is why there is a strong need for your authenticity online. You can convince a client online just as easily as in person. By sharing personal experiences and stories, you can build trust through emotional connection.

Be relatable
Your audience is likely not to know much about insurance terminology. Simplifying the complicated can easily gain attention quickly if done correctly and consistently. Create a relatable message and a call-to-action, whether it is looking for more information or talking to an advisor to buy a policy. Tip: Explain industry jargon every time. Empower your audience by consistently building industry knowledge and enforcing memory retention through your content.

Engage and entertain
Produce content that is more engaging than what is already out there. Write captivating content that creates conversations. Using current events to tie into content can be helpful. The goal is to grab attention. Engaging an audience with trending sounds, movements, and digital challenges can help captivate an audience.

Be conversational
Millennials like a personalized experience, being able to ask questions, understand your responses, and feel at ease knowing they’re in good hands. Most importantly, that you care. Offering advice and guidance can easily open the door to quality conversations that could lead to a policy.

Make the process convenient

Digital onboarding
This is a generation that expects to perform everything on a computer, hopefully by using a simple process that only requires a few learning curves. Digitizing the onboarding process can decrease client confusion. The Finaeo Client Portal is an example of a user-friendly, convenient digital onboarding process.

Don’t stress legal documents
To minimize irritation and distrust/skepticism, avoid putting too much emphasis on all the needed documents. Be clear about why each document is necessary, and if you can, try not to focus on too much legality. It is essential but doesn’t need to be a stressor.

Personalized interactions
In general, millennials care about human connection, even when it’s through digital means. Millennials will react negatively to generic engagement. Personalize your interactions with clients from emails to phone calls based on their needs and level of understanding.

Conclusion

People of this generation are interested in their health, wellness, personal growth, financial security, environmental concerns, as well as self-improvement and self-discovery. Millennials are very much eager to invest in their well-being. 

The best way to get noticed by millennials is to have an online presence that focuses on education and information. Consistency and keywords will help in building a large audience.

Develop engaging online content, explain the differences between your products, and create a customized experience to build trust and separate yourself from your competition.

In addition, having a simple online presence for digital onboarding will reduce the risk that millennials are frustrated with the process before you issue a policy. Stay focused, engaging, and simple in your process to successfully tap into the sizable millennial audience. Millennials can be satisfied with an insurance policy without it being instantly satisfying. By demonstrating compassion, awareness, and understanding this generation’s mindset, they are more likely to seek insurance without hesitation. When you know about an untapped market, you can increase revenue and gain an edge over your competitors.