Millennials, like all younger generations throughout history, have gotten a bad rap. Written off as irresponsible or spoiled, basement-dwellers or perpetual students, this generation has been widely neglected by insurers who are focused, instead, on the aging Baby Boomers.
Millennials are growing up, though. And as they age, they’re accumulating greater wealth, purchasing more big ticket items, and finding themselves very much in need of insurance. As such, they represent a tremendous opportunity for savvy insurance agents.
It may have taken a while for the younger generation to launch, but now that they have, they’re going to need guidance from professionals who are able to see the big picture. Focusing your agency’s resources on offering that guidance will help to build loyalty among upscale Millennials.
While Millennials have more immediate access to information than any previous generation, it’s hard to know what to Google if you don’t know what you don’t know. That’s the position that many upscale Millennials find themselves in. They haven’t had to deal with insurance thanks to longer coverage under their parents’ policies, and most haven’t had any instruction on how to create a household budget, much less create a financial portfolio.
What’s that got to do with you? According to one Gallup poll, “When their family members value an insurance company's brand, millennials follow suit.” If your current clients have Millennial children, you’ve got a direct in to those prospective policyholders.
Not only are Millennials more brand loyal than previous generations, they’re more willing to actively advocate on behalf of the company’s that they favor. That makes targeting upscale Millennials a smart marketing decision: if you capture the loyalty of one Millennial, you can increase your overall brand reach.
As the most established members of their age cohort, upscale Millennials pose a challenge and an opportunity to independent insurance agencies. The challenge is a common one in the 21st century: embrace the technologies that Millennials have come to expect. The opportunities are nearly limitless.