The Millennial Experience
Every independent agent knows that their ability to build personal and long-lasting relationships with their clients is what will set them apart from the rise in technology. The biggest mistake that independent agents make is thinking that they have to compete with technology to gain access to the millennial client base. What you have to do is not fight technology; you have to embrace it and learn to give the millennials the client experience that they are looking for from an agent.
What Millennials Want
Millennials have grown up with technology. They have been bombarded with every catchy tagline and marketing strategy known to man, and they are immune. They expect everyone to offer better service, competitive pricing, and choice of carriers. This is just the same tired old sales pitch that millennials have come to expect from corporate America. Anything that feels like their parent’s way of doing business is going to deter a millennial client.
A new way of doing business
The millennials have always rejected the “old way of doing business.” Their refusal to do things the way we’ve always done them has caused some to dub them the “me” generation, mistakenly confusing their independence and their innovation for narcissism. However, millennials have grown up in a very tense economic climate – an economic climate that caused their parents to lose jobs, homes, investments, and their retirement. Millennials are not rejecting the “old ways” because they are spoiled; they are rejecting the “old ways” because they represent insecurity and failure. Asking millennials to go back to the ways that destroyed their parent’s financial security is like tasting something disgusting and then asking your friend to try it. We’ve all done it, but have any one of our friends ever said, “Sure, I’ll take a bite of that thing you just proclaimed to be disgusting?” No. So, stop trying to get millennials to trust a system they have seen fail “bigly.”
Millennials know how to get a million quotes online, comparing and contrasting carriers and coverage. They’ve done their research long before they ever get to you, the independent agent. This is where you need to grab them – in the research phase of buying insurance. You may not be able to understand why they don’t just pick up the phone and call. For one, millennials don’t talk on the phone; they chat, text, snap, or tweet. Second, millennials, as most young people tend to be, are impatient – and, yes, a little spoiled by the Internet. Because of the Internet, they are used to instant gratification. If they are searching for insurance, it’s because they want to buy insurance now, not wait for a response from you to schedule a meeting to talk about insurance.
You need to create an online presence where you can provide answers and solutions to questions millennials haven’t even asked yet. The good news is that it’s the same questions that anyone ever has about insurance, so you just need to think about the types of questions your Baby Boomer clients have been asking, and then translate the answers into compelling, trustworthy, and relevant online content connected to your agency. This is how you create a great experience for the millennial client. Don’t sell, inform!
Selling insurance to millennials
Finally, once you have hooked the millennials to your site, you have to be ready quickly when they are ready to buy insurance. From the time they express an interest in your service, you have to be ready to respond with an immediate online quote. If they have to wait too long for you to close the deal, they will have surfed their way to your competition.
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