3 Characteristics of Young Insurance Customers (and how to Sell to Them)

[sbkarren]

With quick online quotes and a growing number of online insurance resources available to consumers, young insurance customers are being wooed like never before. To win and keep their business you need to understand three important characteristics of this audience:

Characteristics of Young Insurance Customers:

• They want to do it all online
• They'll only give you 15 minutes
• If they feel you are "selling" to them, they'll bolt

Corresponding tips on how to sell to these young customers can be found on the Engagex blog.

-Boyd

 

[TheFactor]

Shop all the major carriers as they shop by price alone. If you can show them that you did your due dilligence by shopping the best carriers and rates for them; they will go with you.

I hope this helps.

 

[TylerP]

I'm a 26 year old agent (property and casualty) and young people who are on a budget will obviously be more price oriented but if you find a rate in their ballpark (if they have previous insurance; mainly referring to homeowners), use your experience and education to put some doubt into there head about their current policy. I have a few friends who are buying new homes and the policies they have are just... scary to say the least. Named perils, ACV all the way around. Really just crap policies with no substance. Present it right and you can really make a splash in their money-hungry minds

We may be young but those of us that are getting into are late 20's, early 30's, are starting to see the light They just need a push.

Good luck

 

[axeman462]

I'm a 26 year old agent (property and casualty) and young people who are on a budget will obviously be more price oriented but if you find a rate in their ballpark (if they have previous insurance; mainly referring to homeowners), use your experience and education to put some doubt into there head about their current policy. I have a few friends who are buying new homes and the policies they have are just... scary to say the least. Named perils, ACV all the way around. Really just crap policies with no substance. Present it right and you can really make a splash in their money-hungry minds

We may be young but those of us that are getting into are late 20's, early 30's, are starting to see the light They just need a push.

Good luck

"

I can vouch for that. Im 28, and over the last couple years, I have started to realize I aint quite as invincible as I used to be

 

[joe90]

Im good at this. Dont assume they wont be interested. Find a good angle in the fact they will probably need the product soon, and can get it cheaper now, and talk quite fast. Less real need for rapport and more need for speed. Younger people are less likely to be alienated by the fact you are marketing and you are there to talk about a product. Get a touch of rapport and then move through the product. A lot of times younger people will have a conversation, and older people will make their mind up in silence and then justify their decision. Younger people will learn, and older people will not want to admit you know more than them. Younger people understand the idea of a product, far more than the concept of insurance itself. Older people understand insurance and probably hate having people trying to sell to them.

Go with the positives of youth. Confidence, expendable income, shiny new products.... make them feel mature to be buying an insurance product and never patronise them.

Its not hard. Like selling to foreigners its free money to those smart enough to see the angle and not just diss the lead.

Disclosure - i set company records selling life to 21 year olds. It was easy.

 

[EugeneM]

Younger people are an emerging market and its super trendy. Getting old enough to buy homes and own companies. One thing I noticed is younger people go to other young people if they have a choice. Most older salesmen are condescending and rude to young people. They show little interest in you during their presentation.

 

[agent992]

I think younger people are easier to sell to--they have no clue what insurance is or what to get..anyone can just get them what they want...

 

[AssociatePI.com]

This is why I'm worried about insurance aggregators coming to the USA. All of the younger generations will be shopping on price alone

 

[amandaturton]

There are price conscious shoppers and quality shoppers at any age. My advice is to not make assumptions based on the age of the prospect. Listen to what they say to you and sell accordingly. They'll go with you if you have the best rate for the needs they expressed. If they have contacted you, you have just as good a chance as any online offer.

 

[JohnATQuotit]

What many of my clients do is to quickly email a quote of all plans, stacked from cheapest to most expensive, while talking to the new prospect on the phone. Many young clients are first-time buyers and need to get over the initial sticker-shock of the cost. After the client gets the "holy cow, some of these plans are $XXX" out of their system, the broker will counsel the prospect that since they are young and healthy they probably don't need the Gold and Platinum PPOs.

The next step is to reduce the plans to those that actually make sense for the client and send them a new proposal (while they are still on the phone) containing 2-5 appropriate plans that they will help the prospect choose between in a side-by-side proposal format. This allows the broker to discuss the differences and educate their clients. Then the prospects can click ENROLL to complete the enrollment online.