Millennials or Gen Y make up a huge part of the economy, but their personal economics are quite different from previous generations. They respond to relationships better than they do to informational reports and really seem mostly focused on wanting happiness. So, how does this translate to creating a successful marketing campaign targeting this generation?
Do not sell insurance to millennials by fomenting fear. Instead, providing a little insight into how the real world functions may be the biggest favor you could do for a millennial.
Provide real life examples of how purchasing different types of insurance will benefit them and help them be prepared and plan a successful and happy life in all aspects.
So many teenagers feel they have so few assets that there is no need for insurance coverage. The truth is that one bad event could easily wipe them out and affect their loved ones as well.
In reality, the reasons for this group’s behavior are much more complicated. On top of this, not all millennials are the same. They have different income levels, different political affiliations, and different levels of financial sophistication. Each person may require a slightly different approach.
Below are some of the insurable areas of their life:
Domestic insurance that is meant to cover loss of their valuables and belongings.
Car Insurance to protect themselves in the event of an accident and to keep them on the right side of the law.
Health insurance is also very important because, no matter what they believe, they will become sick at some point.
Life insurance, because no one is invincible, and if something happens to them, they should not leave behind any financial burdens behind.
Perhaps, with a few more years under the belts and a little more financial security, more millennials will seek out ways to buy insurance on their own.
For now, they may require a little convincing about the benefits to them before making the decision to purchase different types of insurance coverage.