The world we live in is changing fast and anyone who is unable to adapt to the new ways is likely to be left behind. For wealth managers, this fast-paced way forward is giving rise to a brand-new problem that they must adjust to How to Sell Insurance to Millennials?
How to get millennials interested in insurance?
With wealth transfers that will amount to $60 trillion over the next several years, many millennials are soon going to establish themselves on top of the economic pyramid.
In this blog, we have compiled the best set of tips that can help you own this new market and we suggest you keep reading:
Comparison shop over glamour
Gone are the days when financial advisers could use their conviction in speaking to sell high net-worth insurance to their clients. To millennials, glamour selling is just noise.
For instance, more millennials respond to comparison shopping over getting lured by traditional advertisements like TV, radio, and print.
So, if you are looking to capture their market, the best way to do so would be to give them the best insurance options according to their desired financial goals. Point the merits of your product out to them compared to others and you will be closing more high net-worth insurance sales than you could have imagined.
Business of ethics
The millennial generation is considered to be one of the most educated yet, with large numbers of their population having achieved post-secondary education.
This increased exposure to knowledge has built a strong foundation for ethical business practices and sustainable development.
Financial advisers who are eyeing to dominate the millennial market must bring in more sustainable investment ideas into their portfolios. If you can help an investment in a sustainable development company or get them insurance that manages their ethical responsibilities, then you have their attention.
Find them where they are
Capture the minds of the people by using the same mediums they use.
Research has concluded that millennials too want a lot of the same things in life as their previous generation. The only hurdle that stands in your way is that you are not communicating with them in their world.
Financial advisers will have to move to digital channels and integrate more tech into their business if they want to woo millennials. Get a website and social media page for your business, use infographics to explain your products, and target specific income groups through social media advertisements, and soon, to sell insurance to millennials will be the easiest thing you have done.
Bring in fresh perspective
The reason you or your wealth management firm is having a tough time finding potential millennials to sell high net-worth insurance is because you still think the old way.
Every new market has its fresh set of needs and the old ways do not appeal to the millennials.
To bypass this roadblock, you need to bring in fresh talent to your office. Selling to millennials becomes a lot easier when you have people on your team who know how they think and what they value in a product.
Deliver information according to their attention span
Good luck trying to get them to sit and listen to your hour-long presentations.
The current average attention span is 15 seconds on the internet. This generation is used to consuming huge amounts of information in small digestible chunks. So, get rid of all the material you have on your products that are long and drawn out.
Keep things easy. Use lists, pointers, and graphical representation to get the overall message faster. Once you have their attention, it will be easier to draw them in and sell insurance that fits their lifestyle.
A FUN FACT FOR YOU, FOR READING TILL HERE.
Get them the reviews
8 out of 10 millennials say they look at reviews of a product before they hit on the Buy button.
If a generation is so concerned with the utility of simple retail products, imagine the scrutiny high net-worth insurance is likely to face. So, keep yourself prepared ahead of time.
Collect reviews of your products and services from your existing clients and put them on your website and social media handles. Once you establish what you do in context with your consumers, you are way more likely to command their attention and sell insurance to them!
Set up levels of information
Don’t start with case studies and presentations immediately.
Millennials consume information differently, but still want access to detailed perspectives. So, even when you are preparing info material for your insurance products, keep in mind to create different levels of information.
Bite-sized and fast for on the go, and detailed reports for those who want to know more. Give them options to get interested in and find out about insurance, and you are more likely to get leads that convert.
Break the myths
One of the reasons why life insurance does not seem an attractive product to millennials is because they look at it as a necessity and not an investment.
Many of the millennials who are not married and do not have children think they do not need life insurance. As a new-age financial adviser, it is your duty to deconstruct the various myths that go around insurance products and represent them as a viable investment product with lower risk.
Also, research has shown that many millennials overestimate the investment required to get high net-worth life insurance or any form of insurance for that matter. If you can enlighten them on the actual costs and benefits, then achieving a high market share among millennials will become a lot easier. ‘
To Know more also read: Why a life insurance policy is an important asset for entrepreneurs?
Make access easier and exclusive
If you are targeting to Sell Insurance to Millennials, specifically high net-worth millennials. then be upfront about it. Make sure that you are easily accessible on your website, lead forms, and social media ads, but always mention the earning threshold you are looking for in clients.
This will allow you to reach out to the millennial market and filter only the right income group for your product without having to say much! You could also include a referral and loyalty plan for your millennial clients because that’s what they are used to.
Follow these 9 tips and to sell your next millennial prospectus. If you are a wealth management firm that is looking to evolve and reform in line with the industry’s new worldview, then the Continental Associate Network is the right choice for you. Get in touch with us at CAN and book a free one-on-one consultation that will help you dominate the HNW insurance space!