Have you taken the time lately to review your book of business by age groups? If so, you might have noticed that retaining or writing business with the Millennial Generation is lacking. Older generations have been more loyal and willing to take your phone call regarding purchasing an insurance policy, but this generation tends to be impatient and not willing to listen to your sales pitch.
What is the matter with this new generation? Don’t they understand the importance of insurance for themselves and their families? Well, let’s stop and take a look at some of the driving forces behind their make up. The Millennial Generation began around 1978, and has been shaped by events, leaders, developments and trends of its time. Instant communication has exploded during their time span. With the rise of the Internet, we have seen email, texting, and Instant Messenger as new methods of communication; not to mention Facebook, Skype, Twitter and YouTube. A recent survey found that 97% of this generation has access to a computer, 94% own a cell phone and 56% own an MP3 player.
Purchasing methods have drastically changed during this time period. Older generations may have purchased music by going into a store and looking through displays of albums, but this generation has instant access by downloading their music online. Amazon, eBay and other internet sites allow the ability to shop at home or on your mobile device.
Instant communication has exploded with the rise of texting. I have found that my teenage daughter exponentially exceeded my yearly texting in just one month. Instant access is a way of life and one that this generation expects.
So, how do we communicate with this generation to write more business? Communicating and doing business with this generation will most likely be done by mobile applications and website interfaces that allow them instant access to their policies and information. If you are like me, you have seen the major direct writers embrace this generation with mobile phone apps, enhanced websites and television ads with emphasis on instant and quick access.
In order for independent agents to increase awareness with this generation and write more business, we need to take a serious look at our communication methods. Here are some ways to improve our communication with the Millennial Generation:
• Improve our websites for easy access to information.
• Integrate our management systems with our websites.
• Create mobile applications for quick access to data.
• Have the ability to chat with our clients online.
• Create and maintain social media sites (i.e. Facebook, Twitter, YouTube, etc.).
These are just a few things to help attain and retain more business from this younger generation, which will one day make up your client base. Over the next few weeks, I will share a series of posts going into further detail on how you can incorporate these things into your agency’s overall marketing efforts. But for now, I hope this got you thinking about the importance of changing the way independent agents have traditionally marketed ourselves to our customers in order to connect with the Millennial Generation.
Now it’s your turn – let me know your ideas and thoughts on this issue. Are you already using some of these new communication methods in your agency? If so, are they working or have you tried something else to reach your millennial customers? Is this change in the way we communicate good or bad? What do you think will happen if independent agents don’t adapt to the changing world of social media and instant access?
IIANC is excited to have George on board as our new Technology Consultant. With over 25 years of experience in the insurance and technology industry, he is available to help your agency with questions about agency management systems, technology concerns, social media and much more. Contact George at firstname.lastname@example.org.