The Future of Insurance: How to Market to Millennials
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Transcript of The Future of Insurance: How to Market to Millennials
© 2015 Agency Revolution, All Rights Reserved
The Future of Insurance: How to Market to Millennials
© 2016 Agency Revolution, All Rights Reserved
Remember, this is a ‘live’ webinar.
You can type your questions here.
© 2016 Agency Revolution, All Rights Reserved
Introducing: Michael Jans, President and CEO,Agency Revolution.
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Thank you to our sponsor
© 2015 Agency Revolution, All Rights Reserved
The Future of Insurance: How to Market to Millennials
© 2016 Agency Revolution, All Rights Reserved
Huge. Too big to
ignore.
The future. (They own it.)
Leading the changesin the marketingand sales process.
Requiring a different
way to sell to.
That millennials are:
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Vision
Understanding how influential this generation is
Why they buy...
What they love...What they hate.
ACTION ITEMS
To give agents and brokers:
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Obstacles
STOP
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Personnel who don't "connect" to the millennial.
"Feel" of the shop.Obstacles
STOP
Old School, Everything.
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Lack of insight on what makes them tick.
Obstacles
STOP
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Marketing messaging thatturns them off.
Obstacles
STOP
INTERRUPTION advertising doesn't work!
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© 2016 Agency Revolution, All Rights Reserved
Obstacles
STOP
Bigger than Boomers.
Values mature aslifestyle matures:Cars, Homes,Children, Businesses.
Underestimate their power.
83 Million in US alone
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No formal commitment to earn their business.
Obstacles
STOP
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Transformation
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1. Digital Native
• always connected
• expect other to do the same
friend
friend
friend
friend
friend
friend
friend
friend
Understand the Psychology
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2. Global Unrest
• trust must be earned
• exposure and recession have made weary
9/11
Terrorism
political disenfranchise
Student Debt
RECESSION
Libya
Afghanistan
Iraq
Understand the Psychology
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Transformation
Price is all that matters.Will pay premium forbrands they love.
Eliminate myths.
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Transformation
To Earn the Heart and Wallet of the Huge Millennial Generation.
7 Ways
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They Value Being Connected.
(And they do it online.)1
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95% claim that their friends are the most credible source of information about products and services.
Community is such an important social value, they place a higher than average value on being “liked.” http://www.shoutlet.com/blog/2013/07/marketing-to-millennials-three-powerful-stats-on-engaging-the-most-important-consumer-generation/
95%
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ACTIONS: Be Connected, a MILLENNIAL level of connected.
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Invite them to participate in yourReferral Program.
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Make your Team Page fun & fascinating.
2nd most visited page.
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Invite them to participate in your Online Reviews Campaign.
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Like them!
Show your appreciation.
From the Welcome Campaign forward.
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Agency Management System
New Lead Warming Campaign Over 10 Cross Sell Campaigns Birthday Campaigns “Lost Soul” Campaign
Welcome Kit Campaign Claims Campaign Account Review Campaign Reinstated client Campaign
NewLead
OngoingCustomer
NewCustomer Claim Birthday Lost
CustomerRegainedCustomer
Renewalin 90 Days
Guide Your Customer’s Journey
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2They Refuse to be Passive Consumers.
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Online Reviews
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Add Value.
Don’t be a commodity broker.
Help them be smarter.
Explain insurance.
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CSR Report Card system.
Email to survey: Seek their opinion.
I’d Like Your Opinion
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They value experiences in the product relationship.3
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Tell them your STORY. Don't sell, Tell.
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Invite your millennial Raving Fans to tell their story.
Invite a handful of them to the office to TALK.
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Authenticity Rules!4
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Human-to-Human marketing.
Be Real
Be Remembered Be Relevant
Human to Human
Marketing
Tell your story Share your values Don’t hide behind “brand”
Add value Nurture throughout lifecycle Know your customer
Use video Communicate frequently Entertain, inspire, educate
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Human-to-Human Marketing
Deliver nurturing messages once a month.
Add value in every communication.
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Create Community5
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Show it on your website.
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Host community events: - eCycling Day - Shredding Day - Safety Day
Be engaged in your community.
Blog about it.
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Support their communities.
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Don't Present with Old Technology!6
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If it's not “Responsive Design”, you're turning off and missing half your traffic.
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Your emails need to be responsive, too!
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YOU should control your site.Not your webmaster!
Upload:
‣ Video
‣ Articles
‣ FAQ's
‣ Blog
‣ Any Content
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Blog enough.
Even if Google is the only reader.
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Answer questions millennials will have.
Have your CSRs and producers createa list of questions.
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When Appropriate, Hire Millennials.7
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Let them be millennials.
If you're not committed to modern technology,…
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…you won't attract a modern team.
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Point Action Plan.9
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1 email marketing
• they check their smart phone 43 times per day
• email must be responsive
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Treat them as a person, not a prospect or a 'policy holder'
• touch them as a person at each stage in their lifecycle
- new lead - new customer - new claim - closed claim - birthday - renewal, etc.
2
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comprehensive library of content
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Deliver more value than ‘pitches'
• monthly newsletter, nurturing messages
• show appreciation and gratitude
• genuine disaster preparedness
3
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Use email to engage them in…
• online reviews campaign
• referral campaign
• testimonial campaign
4
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© 2016 Agency Revolution, All Rights Reserved
Your website. Highlight
• your team
• your community activity
• information relevant to them
• your story
• your values
5
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Your website. Make certain YOU are in control:
• upload your own content:
• articles
• FAQs
• video
• blog
• refresh it consistently
6
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Your website. upload your own content: • Web and emails both must be
RESPONSIVE7
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Social Media
• Focus on more on ‘how much can I give’ than ‘how much can I get?’
• Use it mostly for ‘top of the funnel’
• Don’t expect them to jump to the bottom of the funnel…without a middle
8
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Follow up…look in your email:
• REPLAY of this webinar (listen with your team)
• REVIEW SLIDES in Slideshare
• Give input to next training: Digital Marketing For Decision Makers (See link to survey. Participate and the course is yours, free!)
9
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See For Yourself. Request a Demo Today!
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81%
Research online before shopping
72%
Trust online reviews as much as personal recommendations
91%
Check email at least once a day
71%
Adults use Facebook
Consumer Behavior Has Changed
Sources: Pew Research Center, ExactTarget, Search Engine Journal
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And it’s not just millennials
15
Time spent online by Baby Boomers (more than millennials)
hours/week
1. http://www.bizjournals.com/phoenix/blog/techflash/2015/10/can-you-guess-which-group-is-online-even-more-than.html
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And it’s not just personal lines
84%
Deloitte: 84% of small business owners would purchase online to save money
So Far, So Close, James Colaço, Senior Manager, Monitor Deloitte, and Leader in Deloitte's P&C Insurance Practice
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Online shoppers who view a video on a web page are 1.6 times likely to purchase
(Most insurance clients aren’t too impressed…)
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A billion in disruption first half ‘16
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Earn my loyalty, and I’l reward you.
97% retention
2.5 referrals
25% more insurance
The Highly Loyal Insurance Client Delivers…
…SEVEN times the Lifetime Customer Value of a low loyalty client and THREE times the value of a neutral client! Yup, SEVEN times!
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Highly Loyal Insurance Client
I want a quote!
Lead
Guides each customer’s journey
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Comprehensive Content Library
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Easy To Use Campaign Builder
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Beautiful, Responsive Email Builder
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Easy, unlimited segmentation of book
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Current Integrations
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See For Yourself. Request a Demo Today!