Practical Ways to Win With Millennial Insurance Consumers

The millennial market can be a tough one for independent insurance agents to crack. What do millennial buyers look for in insurance? How can agencies attract and retain millennial clients?

These are some of the questions Liberty Mutual and Safeco insurance set out to answer by surveying more than 2,800 insurance consumers (including 1,600 millennials). We shared the key findings and takeaways of this research in three Agent for the Future™ research reports. In the first report, we explored how millennial consumers shop for insurance and what they look for in an agent. In the second, we gave practical insights into how IAs can reach more millennials online (where millennials are likely to learn about and choose agents).

The third and final report contains a few stats that surprised us: 70 percent of millennials think they could replicate the work an agent does for them on their own. And 79 percent take other actions while working with an agent – such as researching insurance companies and getting their own quotes.

This shows that millennials do not fully understand the value of independent agents. In the new Agent for the Future research report, we dive further into these stats and what they mean for IAs. The report also provides some practical ideas for how agents can demonstrate their value to millennials:

Make your case up front

Create a “why work with an independent agent” web page, video or blog post and feature it prominently on your agency’s website and in your marketing efforts.

Talk about why potential customers should work with an independent agent and what it would look like to work with you. For example: you give customers a breadth of offerings and work hard to make sure they get the most comprehensive coverage for a good price. You can make sure their coverage grows with their assets over time, provide excellent service and so much more.

You can also make your case by highlighting online reviews and client success stories. Tell stories of times you went to bat for your clients and saved them time and money.

Show your expertise

Our research found that 80 percent of millennials want their agent to help them understand insurance.

As you build relationships with millennial clients, take time to answer their questions, explain their policy details, talk them through how their coverage works and more.

Be sure to establish yourself up as an expert online, too, so millennials will find your agency as they are researching insurance. For example, you could create a “frequently asked questions” page on your website. Or you could create a library of short explainer videos to send clients to view on their own time.

Create frictionless online experiences

Our research found that while buying insurance, millennials value easy access and time savings more than older generations. Millennial customers want the advice of an expert, but they also want some control over their insurance – for example, they don’t want to have to call you to get a copy of their insurance card.

Make it easy for them to conduct simple tasks through a self-service portal and to reach you via their preferred communication channel.

Be transparent

Millennials do a lot of research online before they buy insurance. They will know a general price range that they can get from a direct carrier and may not understand why an agent’s quotes might be higher – possibly because you’re showing them better than minimal coverage.

Talk clients through your process and how you arrived at the policy options you are suggesting, showing that you understand their unique needs. If there are extra fees involved, tell them up front and explain why.

For more stats and data-driven insights for how to show your value to millennials, visit AgentForTheFuture.com. There, you can download the full report; view an infographic with key stats; read president Tyler Asher’s insights into how ease, choice and advice are evolving; and get a one-page overview of all three reports.

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