Millennials and Generation Z are drastically different from previous generations, and these two groups are going to make up the majority of your customer base in the years to come. For this reason, it’s imperative that you market your agency in a way that appeals to them specifically, which means thinking outside the box when it comes to strategies and methods. This article focuses on some of the unique needs of the younger generations along with tips for how to appeal to them.
For this generation, freelancing or being a contract worker is the norm, and there is no work-provided health coverage. Look for ways to market your agency's insurance plans that appeal to these younger generations that allow them access to competitive rates with lower monthly payments when not injured or ill.
Not Everyone Owns a Car
Many Millennials and members of Generation Z don’t own cars. This is due to their preference for sharing rides (think Uber, Lyft, Zipcar) or renting cars (Turo), rather than owning a car which means car insurance isn't something they need.
Renting is Becoming the New Normal
The traditional American dream of owning a home is being eclipsed by a new trend. More and more young people are living in rental properties instead of buying homes. The shift from homeownership to rentals affects how these generations use insurance services — including what kinds of coverage they are seeking.
How to Appeal to Them
Millennials and members of Generation Z are tech-savvy and know how to conduct online research. These individuals thoroughly investigate a product or service before committing. Your job is to make buying insurance appealing, so they follow through. Here are three ways insurers can appeal to younger generations.
Flexible Insurance Solutions - These generations are changing the game in many ways and finding new and alternative ways to live and work. They need flexible insurance solutions that suit their lifestyles.
Focus on Technology – Millennial and Gen Z clients appreciate a user-friendly platform that allows them to keep track of their policy and make premium payments easily.
Personal Touch – Market surveys indicate that they value the user experience over everything else. While they might do their research online, they want to feel a connection with the person who they are doing business with. If you want to offer insurance for the younger generations, incorporate technology and personalized service into your business plan.
Join Affordable American Insurance to get the support you need to market yourself and your agency to your target audience, including access to top insurance providers with insurance options for every generation. Contact us today for more information.