3 Characteristics of Young Insurance Customers (and how to Sell to Them)
- Thread starter sbkarren
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jbalkin
Expert
I'm not exactly the voice of my generation, but speaking for myself, I want an agent who's aware of and attentive to my needs. I plan to switch agencies when my car insurance renews. It's partly a price thing, yes, but it's mostly the impersonality with which they treat me. They call me once a year, around renewal time, ostensibly to review my policy, but it's really an attempt to sell me life insurance.
I don't fault them for trying to cross-sell me, but I am 31, no dependents, not married, and my assets consist of an 8-year-old Civic, a small condo, and many, many house plants. I need life insurance like I need EPLI, which is to say not at all. It drives me nuts that they haven't done the most basic research!
So yeah...we're not all just looking to save a few bucks.
I don't fault them for trying to cross-sell me, but I am 31, no dependents, not married, and my assets consist of an 8-year-old Civic, a small condo, and many, many house plants. I need life insurance like I need EPLI, which is to say not at all. It drives me nuts that they haven't done the most basic research!
So yeah...we're not all just looking to save a few bucks.I sell, very often big premiums, to young, up and coming, etc. I-Bankers, hedge fund guys, money managers, etc. That said, their attention span is about 30 seconds and even at that you've taken 15 seconds too long, LOL.
Seriously, what I've found is that I not only listen, but I empathize with them. If I am not one of them, young that is, I make sure I get it, really get it. I put myself in their shoes and make sure they know I get it and I've listened to every word they said. Now, it really depends who I am talking to -- the 25yo new on the scene guy who I was introduced to, or the 35yo, who is married, has kids, and is on the fast track up. He could be CIO in 5 to 10 years, who knows. In this marketplace, I don't find people "shopping price" -- they look and want to know, but it's not the shopping process per se. If someone does, I tell them why they shouldn't and how they should.
For younger people, more just starting out -- if they don't really have discretionary income, savings, cash flow, etc., to plan with -- I sell term. Maximum term. Convertible term. With waiver of premium. If price is an issue, I explain about options and flexibility, but I put it in terms a young person can understand. Yes, listen, but advise, counsel, and relate to them.
Good luck.
Seriously, what I've found is that I not only listen, but I empathize with them. If I am not one of them, young that is, I make sure I get it, really get it. I put myself in their shoes and make sure they know I get it and I've listened to every word they said. Now, it really depends who I am talking to -- the 25yo new on the scene guy who I was introduced to, or the 35yo, who is married, has kids, and is on the fast track up. He could be CIO in 5 to 10 years, who knows. In this marketplace, I don't find people "shopping price" -- they look and want to know, but it's not the shopping process per se. If someone does, I tell them why they shouldn't and how they should.
For younger people, more just starting out -- if they don't really have discretionary income, savings, cash flow, etc., to plan with -- I sell term. Maximum term. Convertible term. With waiver of premium. If price is an issue, I explain about options and flexibility, but I put it in terms a young person can understand. Yes, listen, but advise, counsel, and relate to them.
Good luck.
Well said listen don't sell you will be fine. That being said having a website that is easy to read is important because even if you were referred they will look you up online
- 1,506
Time is a HUGE issue for the younger Gen. No One wants to sit and discuss Ins needs for hours when they have worked HARD all day to come home to a Pitch. The young Dad or Mom wants time with their young kids or the opportunity to get a great bike ride in before the sunsets.
Don't pitch, Consult, recommend.
Don't waste time, have clients fill out a questionnaire before the meeting. It kills me when a financial guy digs in for 45 mins. (Send me a questionnaire and I will have that to you in a jiffy, Filled out and returned from my phone... I am conservative with my money, don't make me fill out a test to prove it.)
Refer to the questionnaire and say, "let me make sure I have a correct understanding of your needs....Is this correct.... This is what I suggest..."
Young Kids are smart and can keep up intellectually. Provide ways to speed up the process....
Don't pitch, Consult, recommend.
Don't waste time, have clients fill out a questionnaire before the meeting. It kills me when a financial guy digs in for 45 mins. (Send me a questionnaire and I will have that to you in a jiffy, Filled out and returned from my phone... I am conservative with my money, don't make me fill out a test to prove it.)
Refer to the questionnaire and say, "let me make sure I have a correct understanding of your needs....Is this correct.... This is what I suggest..."
Young Kids are smart and can keep up intellectually. Provide ways to speed up the process....
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