These 6 life insurance sales strategies will help you market effectively to a generation coming up on their prime spending years: millennials.
Baby boomers are now coming up on their retirement years, Gen X are well into their careers, and the next generation has replaced them as the largest living adult population in America: the millennials. The millennial population — whose birth years span from 1981 to 1996 — totals about 72.1 million people to the boomers’ 71.6 million in 2019. And with immigration patterns, they’re projected to peak in 2033 with 74.9 million members.
With the consumer landscape slowly shifting, insurance agents now face a new challenge: finding new insurance sales strategies that appeal to millennials. With the differences in values between generations, you need to adapt the strategies that you’re used to. In this article, you’ll find six strategies that can help you connect with your target audience and close more deals.
Put these life insurance sales strategies to work today and enjoy the rewards
1. Understand that your old insurance sales strategies need updating.
If you’ve ever tried selling to millennials using traditional insurance sales strategies, you’ve likely encountered questions like, “Do I really need life insurance? Why is the paperwork so tedious? Why do issues with my policy take so long to resolve?”
Millennials want a modern approach that conforms to their wants and needs, and it’s up to you to meet them there. Don’t sell too aggressively. Instead of telling them they have to buy insurance, show them why they need to buy — sell for value, not for price.
2. Appeal to millennials’ values.
Unlike the previous generations, most millennials aren’t in a rush to marry, have kids, or buy a house, due to the economic climate. As a result, they don’t see the need for life insurance just yet. It’s up to you to convince them that it’s a long-term investment.
Many millennials appreciate a second opinion, so reviews from your clients can go a long way toward convincing them.
3. Upgrade your phone sales strategies and embrace selling online.
Selling over the phone is a tenet of traditional insurance sales strategies, but many millennials dislike making calls. So if you want to connect with them, it’s best to communicate through the means they’re comfortable with, like text messaging, instant messaging, and email. Then, once you’ve established a rapport, you can start transitioning to phone calls.
In addition, they’re also internet-savvy and like doing their own research, so it’s essential to ensure that you have an up-to-date website and social media platform.
4. Highlight your customer service.
When you’re trying to close a deal with a millennial, you want to cultivate trust. Be there when they need you and prove that you genuinely want to address their concerns. Avoid calling them millennials, as 60% of the demographic don’t identify with the name, and avoid using “hip” or “cool” terms in a misguided attempt to close the gap.
5. Streamline the buying process.
Convenience is the name of the game when it comes to appealing to millennials. As attention spans grow shorter and shorter, the typical hour-long presentations won’t cut it. Instead, design your content to be easily digestible, so it’s easier to interest millennials in your product. In addition, consider optimizing your online platform and using digital documents to make it easier for them to engage with your insurance company.
6. Never forget the personal touch.
If all you ever focus on is sales, it can feel soulless to the people you’re selling to. Millennials are especially turned away when you use bots or obvious templates because they appreciate a personalized touch. Take the time to connect with them and present customized policies and offers that meet their needs — they’ll appreciate being listened to.
Aside from connecting with them one-on-one, you should also try to curate your agency’s image. For example, engage in humanitarian efforts or community projects that show you care about the people around you. Branding isn’t reserved solely for retail brands — your agency’s story can be an integral part of your insurance sales strategies.
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Are you having trouble connecting with your audience? Consider buying warm phone leads from us at HBW Leads. It’s easier to close warm insurance leads instead of chasing after cold leads, especially with our high-quality, double-verified phone leads. Even though millennials are more opposed to phone calls than the previous generation, our leads have gone through our vetting process and are ready for your call.
Contact us for a free, no-obligation quote and reach a new, highly profitable demographic today.