Insurance companies and Brokers tend not to want to talk about Millenials; even as their average customer age continues to rise. In a typical conversation with an insurance professional you might hear: “Millenials don’t have money, they live at home with their parents and don’t buy cars, they can’t hold down a job…” Of course none of this is true, in fact in less then 2 years they’ll have more spending power then any other age group and their livesdorequire insurance – just maybe not auto insurance.
Insurance Brokers have a unique opportunity to win with this segment. They inherently distrust the Broker’s largest competitor.Survey after survey shows that Millennials do not trust large financial services companies, and the bigger they are the less they like them. In athree-year surveyof Millennials conducted by Scratch/Viacom, 71% said they’d rather go to the dentist than listen to anything a banker had to say.
Insurance Brokers have the opportunity to build a relationship with this segment, in a non threatening manner. Play the long game, focus on insuring what’s important to them – not what’s important to you. Offer choice and flexibility – provide the ability to research a variety of product and buy it online. Connect with them as they dictate – email, phone, or even text them a quote if that’s what they like.
Bottom line, avoiding Millennials is a shortsighted strategy and is setting your Brokerage up for failure. As innovation consultantPete Maulikhas said, “It’s time to switch fromhere they cometothis is how we’re going to win.”