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Yes, You Can Reach Millennials.

June 13, 2016  |  Posted by Nick Peterson  |  4100 Views

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MacNeill Group, along with the entire Insurance Industry, is facing some major changes. In fact, some might call this a new era. Nearly 20% of the industry is nearing retirement age, according to the Insurance Society of Philadelphia (which would equal 512,900 professionals nation-wide).

The national workforce typically sees a 45% increase each year in workers over 55, but in the Insurance Industry over the span of 10 years there has been a 74% increase in those over 55. What this reveals is not only issues in filling these empty positions with a fresh workforce, but also utilizing the proper marketing strategies for the slipperiest of demographics – the millennials. Millennials make up 25% of the U.S. population, and by 2025 they will account for an estimated 75% of the global market, according to Agency Nation.

“Yes, these numbers are important because of the sheer volume of this generation (larger than baby boomers), but they are equally important because of how millennials buy things.” – Brent Kelly

This can present a sticky situation for those employers and marketers who don’t do well with change, because change is the one thing you can count on to stay the same.

A commonly known fact about millennials is that they expect more out of their employers than any previous generation, which explains why they have a tendency to move jobs at the most minute level of dissatisfaction. That is equally applicable when it comes to millennials finding an insurance agent. As an agent, speed is the key to staying astride of the ever-changing technological influence over this burgeoning generation.

There are simple steps that you or your agency can do to increase your marketing returns in order to win the millennial vote.

Get (and stay) social.

According to a recent study on Millennial Marketing powered by Future Cast, millennials are 2.5x more likely to be an early adopter of technology than other generations. Not to worry, you don’t have to be on every social media platform, but if you can’t be found on at least 2 of the literally hundreds of options out there, you are missing out on the easiest ways to bring in new business.

“You’ve got to get out there, you’ve got to grab this technology, and you’ve got to figure out how to make it work. And you can’t be talking about insurance. You have to be a human.”     – Marty Agather, Trusted Choice.

Have a purpose.

Millennials don’t take well to advertisements. 84% have said that word of mouth is their primary source of influence when deciding to make a purchase, which is nothing to balk at. So as difficult as it may be to stop pitching people, it’s your tips, tricks and shareable material that will be your crowning glory when bringing in new clients. Helpful tools will get passed around whether you are aware of it or not, and when it does, make sure your good name is attached.

Attracting a younger crowd to a career in the Insurance Industry may be a beast of a different color, but there is a light at the end of the tunnel. This generation is driven by values, whether it be dollar value (bang for your buck) or moral value (working for an organization that stands for something). Where employee retention is concerned, we now know that these are the indicators of high quality to this group.

Provide developmental opportunities.

According to the Deloitte Millennial Survey, millennials want to feel in control of their careers. But don’t take it personally, because apparently they feel the need to be in control of all aspects of their lives more so than others. This presents the perfect opportunity to allow them to rise to the occasion and change the course of the industry.

Create the “perfect” job environment.

By encouraging mentorship and an increased interest in their growth, the road to success will be paved for you. FastCompany simplifies it as, “Many millennials want to make the world a better place, and the future of the work force lies in inspiring them…..90% want to use their skills for good.”

By achieving an increased understanding of the goals that the next generation maintains, we can better understand the future of the work force, but more importantly the future of the Insurance Industry altogether.

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