The Future of Insurance: How to Market to Millennials

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The Future of Insurance: How to Market to Millennials


Remember, this is a ‘live’ webinar.

You can type your questions here.


Introducing: Michael Jans, President and CEO,Agency Revolution.


Thank you to our sponsor


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:


Vision

Understanding how influential this generation is

Why they buy...

What they love...What they hate.

ACTION ITEMS

To give agents and brokers:


Obstacles

STOP


Personnel who don't "connect" to the millennial.

"Feel" of the shop.Obstacles

STOP

Old School, Everything.


Lack of insight on what makes them tick.

Obstacles

STOP


Marketing messaging thatturns them off.

Obstacles

STOP

INTERRUPTION advertising doesn't work!


Obstacles

STOP

Bigger than Boomers.

Values mature aslifestyle matures:Cars, Homes,Children, Businesses.

Underestimate their power.

83 Million in US alone


No formal commitment to earn their business.

Obstacles

STOP


Transformation


1. Digital Native

• always connected

• expect other to do the same

friend

friend

friend

friend

friend

friend

friend

friend

Understand the Psychology


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


Transformation

Price is all that matters.Will pay premium forbrands they love.

Eliminate myths.


Transformation

To Earn the Heart and Wallet of the Huge Millennial Generation.

7 Ways


They Value Being Connected.

(And they do it online.)1


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%

http://www.shoutlet.com/blog/2013/07/marketing-to-millennials-three-powerful-stats-on-engaging-the-most-important-consumer-generation/


ACTIONS: Be Connected, a MILLENNIAL level of connected.


Invite them to participate in yourReferral Program.


Make your Team Page fun & fascinating.

2nd most visited page.


Invite them to participate in your Online Reviews Campaign.


Like them!

Show your appreciation.

From the Welcome Campaign forward.


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


2They Refuse to be Passive Consumers.


Online Reviews


Add Value.

Don’t be a commodity broker.

Help them be smarter.

Explain insurance.


CSR Report Card system.

Email to survey: Seek their opinion.

I’d Like Your Opinion


They value experiences in the product relationship.3


Tell them your STORY. Don't sell, Tell.


Invite your millennial Raving Fans to tell their story.

Invite a handful of them to the office to TALK.


Authenticity Rules!4


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


Human-to-Human Marketing

Deliver nurturing messages once a month.

Add value in every communication.


Create Community5


Show it on your website.


Host community events: - eCycling Day - Shredding Day - Safety Day

Be engaged in your community.

Blog about it.


Support their communities.


Don't Present with Old Technology!6


If it's not “Responsive Design”, you're turning off and missing half your traffic.


Your emails need to be responsive, too!


YOU should control your site.Not your webmaster!

Upload:

‣ Video

‣ Articles

‣ FAQ's

‣ Blog

‣ Any Content


Blog enough.

Even if Google is the only reader.


Answer questions millennials will have.

Have your CSRs and producers createa list of questions.


When Appropriate, Hire Millennials.7


Let them be millennials.

If you're not committed to modern technology,…


…you won't attract a modern team.


Point Action Plan.9


1 email marketing

• they check their smart phone 43 times per day

• email must be responsive


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


comprehensive library of content


Deliver more value than ‘pitches'

• monthly newsletter, nurturing messages

• show appreciation and gratitude

• genuine disaster preparedness

3


Use email to engage them in…

• online reviews campaign

• referral campaign

• testimonial campaign

4


Your website. Highlight

• your team

• your community activity

• information relevant to them

• your story

• your values

5


Your website. Make certain YOU are in control:

• upload your own content:

• articles

• FAQs

• video

• blog

• refresh it consistently

6


Your website. upload your own content: • Web and emails both must be

RESPONSIVE7


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


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


See For Yourself. Request a Demo Today!


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


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

http://www.bizjournals.com/phoenix/blog/techflash/2015/10/can-you-guess-which-group-is-online-even-more-than.html


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


A billion in disruption first half ‘16


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!


Highly Loyal Insurance Client

I want a quote!

Lead

Guides each customer’s journey


Comprehensive Content Library


Easy To Use Campaign Builder


Beautiful, Responsive Email Builder


Easy, unlimited segmentation of book


Current Integrations


See For Yourself. Request a Demo Today!

The Future of Insurance: How to Market to Millennials

Business

Transcript of The Future of Insurance: How to Market to Millennials