Although the insurance industry is worth over $1.2 trillion, the industry has faced significant challenges when it comes to targeting millennials. This is largely because insurance agencies are using the same tactics (think telemarketing and direct mail) to reach new clients. These tactics, however, aren’t an effective way to reach the new generation. That’s why it’s important for insurance agents to implement forward-thinking marketing strategies geared toward the generation who grew up on the internet.
If you’re looking to revamp your marketing strategies, here are five tips to help you market home insurance to millennials.
1. Consider Selling Renters Insurance
With the current housing market, it’s not surprising that many millennials are opting to rent. Millennials, however, won’t always be renters. While this generation may be young and combatting debt now, this isn’t to say these same individuals aren’t looking to settle down into families later in life. For many millennials, their future holds getting married, having kids and buying a home.
Doing the right thing for millennials today by offering a stand-alone renters policy is a great way to build relationships with them now. This way, when the time comes to buy their first home, you will be their first option for their homeowners insurance needs.
2. Ditch the Phone Trees
If there is one thing you can do today to market home insurance to millennials it’s getting rid of your phone tree. Phone trees kill sales and companies are slowly but surely learning that automated phone trees can do more harm than good when it comes to customer service.
Studies show that millennials are twice as likely to use a search engine to help solve their problem versus a phone call — so when you do have millennials calling you, it’s likely because they’ve already exhausted an internet search and are looking to talk to a real person.
3. Make Yourself Available
Speaking of picking up the phone, going a step further and making yourself available most of the day is especially important to millennials. It’s no longer good enough to only be available between 9 a.m. and 5 p.m. — today, millennials are busy working during standard hours and many look for companies who provide services after hours, if not 24 hours a day.
Successful agencies today are the ones that truly embrace the millennial generation and build a great customer service experience that provides at least some type of access at any given time. This doesn’t mean you need to be on call 24 hours a day, but consider offering access to their policy information via a mobile app or online portal. While these efforts aren’t free, they will garner you more business while providing stellar customer service.
4. Up Your Digital Marketing Game
It’s no surprise that millennials turn to search engines and retailer websites more than any other outlets when they are looking to solve their problems.
That’s why, when it comes to marketing homeowners insurance to millennials, it’s important that you show up in an online search — especially if you’re an independent agent. Studies show that 55 percent of millennials ignore brands that don’t show up in their search or have poor reviews.
When it comes to upping your digital marketing game, there’s much you can do. Not sure where to start? Check out our great resources of marketing yourself digitally through your website, social media and the like:
5. Tell a Great Story
If you’re not getting leads from prospects eager to work with you, now is a great time to create or revamp the story you’re telling online. More so than other generations, millennials place a greater emphasis on building relationships with brands. Building relationships starts with telling a great story. But how do you do this? And where do you start?
Ultimately, a single piece of content alone can’t tell the story of your business. It takes lots of content published over months and years to do this. You can start by creating content in the form of articles, blogs, videos, Facebook posts, emails, personalized messages and more. While creating enough content to tell your story won’t happen overnight, just remember to be consistent! Each piece of content, little by little, tells the story of you as an agent or your agency.
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 more than 40 states. Find out more at AmericanStrategic.com.