Understand your Audience Before you Start Selling Insurance Policies
Selling insurance policies to different generations is a challenge every agent of the 21st century faces. Insurance agents must understand that they are living in an era that supports the highest number of generations. However, every generation grew up in a different manner and hence understanding their nature and nurture is first and foremost. Doing so can give important insights on how to prepare one’s pitch and be successful in selling insurance policies. The key factor that creates distinctive differences between the generations, is the advancement of technology. Over time technology advancement has been exponential and has altered the way of living. While the elder generations are patient and diligent. The younger ones who grew up with technology are hasty and more practical.
Generation diversity and the arising opportunity
Generation diversity refers to the variety of people representing different age groups, working together. Such diverse environment creates various opportunities for insurance agents. That is why understanding their buying behavior is of significant importance when selling insurance policies.
Millennials are slowly taking their step towards adulthood and are predicted to be the largest population. Although millennials are not the only probable investors, they will soon seek to provide coverage to what holds dear to them. According to Forbes, Millennials have a lower median income and less disposable income than past generations. An agent must be prepared to provide guidance and value if they wish to thrive in the long run. The millennials grew up with technology and do not consider a direct contact a must when making purchases. In addition to this, according to Entrepreneur, because of the sheer number of products available, millennials tend to research before making a purchase. This is why going online, adopting digital solutions and social media marketing can be fruitful.
Along with them are the generation z who grew up with technology shaping their lives. While millennials inherited technology, the generation z are the main digital audience. However, gen-z are young and expect proper guidance. They might not yet need coverages, but are soon to step toward adulthood and hunt for one. This is why constantly guiding them towards their needs and staying up to date with technology is extremely crucial. The traditional method of selling insurance policies is old fashioned for them and will not grab their attention. Agents must focus on being versatile and try out various marketing strategies. Growing up with technology, gen-z are not accustomed to waiting and require quick services. They are dependent on customer service and rate services accordingly.
These are the generations that grew up with technology and its services, however there are those who grew up without the ease of technology and the hardships of war. Such circumstances lead them to become independent and prefer direct communication. They spent most of their outdoors and rely on hard facts backed by proper documents. When approaching such audiences, agents must be well informed and formal. The speaking tone must be business like if agents wish to grab their attention.
Selling insurance policies to different generations is a double-edged sword. Along with opportunities it forces agents to become flexible and versatile. It keeps them on their toes and pushes them to be creative with their approach. While traditional methods triumph when selling insurance policies to the older generations, the same won’t work for the younger ones. It is an agent’s responsibility to realize this and move forward accordingly.