Almost everyone agrees that the millennial generation is under-insured. Fewer young people than before understand why they need insurance. Here are some tips to help you become and stay relevant to this generation.
Be the Expert
It’s easy for anyone to type a few words into a search engine and pull up Wikipedia or some other online source. For millennials, this means that they may have already brushed up on their knowledge of insurance, and need to know why your role as agent is even necessary. Do your best to have answers and professional observations ready for them so that they feel assured that you really are an expert.
Avoid the Abstract
Percentages, rates, numbers, and statistics can all seem very abstract. Help make them real for your client by learning what their goals and desires are. Then explain how these priorities can be protected by insurance, as well as what could happen to them if disaster strikes. Help them understand that they really can afford what you’re offering by breaking large numbers down into manageable monthly figures.
Offer Renter’s Insurance
Because there are now tougher requirements for getting a mortgage, it’s easy to understand why many millennials aren’t homeowners. In fact, according to the latest government statistics only 34.8 percent of those under 35 own a home.
This means that many younger people are choosing to rent instead of purchasing a home. However, many of them still need to know that getting renter’s insurance is affordable and can save them a lot of hassle in the event of an emergency. Furthermore, a renter’s policy can help them be more open to obtaining a homeowners policy when they are ready to own a home.
Utilize the Internet
In this day and age, the Internet is almost always at our fingertips. Millennials love to use it, and this means that you can use it as a tool to make your job easier. Interact with your consumers using email and social media instead of just phone calls and face-to-face meetings. Give them lots of introductory information on your website, and provide them with multiple ways to contact you for more information. Make sure your website is responsive, or mobile-friendly, since trends show this younger audience looks more to their mobile device for information. Staying innovative and altering your approach to appeal more to the potential client will help you with this generation.
Learn More About ASI
ASI is one of the largest homeowners insurance carriers in the United States. Through a network of independent agents, the company offers home, condo, renters, dwelling, fire, and flood insurance in over half the country, with plans to cover the rest by 2017. Find out more at americanstrategic.com.