Why don’t millennials buy from independent insurance agents?

Some leaders in the insurance industry would have us believe it has to do with millennials being spoiled or entitled.

However, I don’t believe this viewpoint tells the entire story.

The real reason millennials don’t buy from independent agents has much more to do with the options available to them in the marketplace.

They’ve grown up with options and, therefore, are unwilling to accommodate insurance professionals who are unwilling to provide them with the buying experience they prefer.

Watch today’s episode to get the full story:

See Also: Millennials are buying homes, but will they choose your agency?

Video Transcript:

Hello, and welcome to the very first episode of IA Today, the independent insurance agents’ daily resource for the news, topics and information that help them grow their business.

My name is Ryan Henley, and today we’re going to talk about a topic that is extremely important to our industry, and that is why the independent insurance agent’s message is not connecting with millenials. Now, some would say that it’s because millenials are spoiled, they’re narcissistic because they grew up in an economic society where they haven’t had to respect what insurance is and the value that insurance brings to the lives of a consumer.

They just haven’t had to deal with these things. Economic conditions had always been good, but then I would have to push back on that and say that millenials have grown up in an age where they’ve watched their parents’ entire retirements been destroyed by two economic bubble bursts, the first being a .com, and then really 2,000 of them most recently the housing bubble.

You know, I think that millenials have really become almost jaded towards, you know, large companies which insurance just by its nature every one of these millenials views even small mutual companies as, you know, being the corporate umbrella, the corporate blanket and you know as their parents lose their retirements, as their parents lose their pensions and the struggles that go on in households. I think that millenials have really not become entitled, but really have become empowered that they want to do things themselves.

They want to rely on their own decision-making abilities and skills, and they’re unwilling to compromise with organizations that don’t provide them with the type of buying experience that they want, not as a group, but as an individual.

That particular individual, “If you will not provide me with the type of buying experience that I want, I will go someplace else,” because for as long as they have been adults, they’ve had a Smartphone in their pocket, which with a click of a few buttons, gets them another option. Whether that option is online or that option is five miles down the road or it’s across the street, they know that there is always another option available, and that hasn’t always been the case for every generation including the Baby Boomers and Gen X, who I think don’t understand this methodology or this thought process. So when we come at millenials, you know, the kind of old way of doing business of, “This is how I sell insurance. This is the way I’m most comfortable selling insurance, and if you want to buy insurance you have to, you know, change what you want and do what I want. I want you to come in and sit across a desk from me. So you have to do that or I’m not going to sell you insurance.”

I think a Baby Boomer or Gen X generation consumer says, “Okay, well this is just something I have to do even though I don’t want to, I have to do it to get this product.” And a millennial says, “Nope, not coming in. Don’t want to do it that way. I’m going to go online or I’m going to call somebody who’s willing to speak to me over the phone, or I’m just going to text message or email or Facebook message or whatever type of process they want.” I don’t think that you can pinch and hold them to adjust into new technology.

I think it’s a much bigger mindset shift than that, and we as independent agents need to be a little more flexible in how we deliver our products.

I’m going to leave you with this question as we wrap up here, are you doing everything you can to provide a wide landscape of communication options to give millennials the ability to find a way of communicating with you that fits their needs? It may make you a little uncomfortable, but I think if you provide the communication methods that suit their needs, as an industry we will be much more successful with that.

My name is Ryan Hanley. This has been the very first episode of IA Today. I hope that you’ll click this subscribe button that you see right here. Subscribe to the show, it’s going to be a daily show, so you’ll want to be subscribed.

You want to get each new episode, and all of them will be published right here on YouTube. Before we go, I want to leave just give a quick shout out to our sponsor, and that is TrustedChoice.com, the independent insurance agents’ leading resource for personalized and commercial lines needs. Check out Agency Nation, that is my new platform.

 

 

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