Capturing the Millennial Life Insurance Market

The Millennial generation can be defined as anyone born between 1981 and 1996. Now the largest population of adults in the U.S., millennials are an important target audience for insurance agencies and companies. Insurers should pivot their marketing and sales tactics to appeal to this group of 30- and 40-something adults who are shifting their focus to long-term investments, family concerns, and retirement planning. Now, the insurance company’s job is to effectively reach and educate the millennial population on their life insurance policy options, why it’s best to secure coverage while young, and how much life insurance they need. In this article, we’ll cover proven strategies for marketing to millennials.

Be Authentic

Studies show that millennials place a higher value on authenticity than previous generations. So, put away the gimmicky marketing content and sales tactics–these won’t persuade a millennial audience.

This generation is also very informed–93% of millennials own a smartphone, which puts the Internet at their fingertips. With endless choices and information to scroll through, millennials are more cautious about who they give their money to. They do research and shop around. So, it’s important to produce authentic content and modernize your traditional marketing strategy in order to build trust and stand out. Here are some tips on being authentic in your insurance brand’s marketing and sales strategy:

Be Purpose-Driven, Not Product-Driven

Consumers are 4-6 times more likely to purchase a product or service from “champion purpose-driven companies”. Moreover, 94% of global consumers say that they value companies with a strong sense of purpose.

If you don’t already have a purpose statement (not to be confused with a mission statement), think about how your insurance brand can advance or improve people’s lives. For example, Allstate’s “Our Shared Purpose” page states:

“We empower customers with protection to help them achieve their hopes and dreams. We provide affordable, simple and connected protection solutions.”

Once you have crafted your own purpose statement, incorporate it into the copy on your website and in blogs, emails, and social media posts along with examples of how your purpose plays out in your everyday operations.

Be Transparent

Transparency is imperative to the success of your insurance brand. Transparency builds trust, strengthens existing customer relationships, and reduces customer attrition. For insurance businesses, transparency means being open about pricing, benefits, and terms of the policies you offer. Make yourself available to answer questions. Millennial consumers want to feel like they are finding the best solution to meet their needs, not like they are being sold something one-size-fits-all.

Harness the Power of Social Proof

Online reviews and testimonials are a powerful marketing tool. Solicit positive customer reviews for Google and Yelp, as well as testimonials and stories to share on your website and social media. This should include personal as well as business customers. Share these positive reviews across social platforms to increase credibility and trust.

Emphasize The Benefits of Buying Young

Your marketing messages should highlight why it’s important to begin a life insurance plan at a young age. In fact, life insurance is most important to have in your 30s, 40s, and 50s when you are working, raising a family, and paying off a mortgage. Discuss benefits such as:

  • The younger you are, the lower your premiums will be.
  • Accumulated cash value will be higher.
  • Protects your debts from being passed off to another family member.
  • Set up your children for financial success.
  • Financially covers your spouse in the event of a passing.
  • Covers the cost of burial, funeral service, etc., so it’s not a burden on relatives.

Create Engaging, Shareable Content

Millennials came of age with social media and viral content. Tap into this generation’s natural tendency to share things online by creating engaging content people will want to share.

  • Use humor: Humor is a great way to reach a younger audience. One way to do this is through meme marketing. You can either create your own from scratch or use a meme template that is currently trending. Just remember that meme life cycles can be short, so it’s important to keep up with trends.
  • Be educational: Life insurance can be a hard-to-understand topic. Hosting webinars, sharing statistics on social media, and posting relevant blog content on your website will turn your marketing channels into valuable educational resources.
  • Don’t get too technical: Avoid the overuse of technical jargon–there’s nothing less engaging than a bunch of terms your lay audience doesn’t understand. Ensure your educational content is relatable and easy to understand for the average reader who may not know much about life insurance policies.

Launch Google Search, Google Display, and YouTube Ad Campaigns

Studies show that millennials have a higher favorability rating than both Gen Z and Gen X when it comes to online search ads, online ads and video ads. This means you should be leveraging these marketing platforms more to target your millennial audience than any other audience. Here are some tips to creating a successful advertising campaign targeting millennials:

  • Narrow the target age group: Set your target age demographic to 25-45 years old.
  • Be specific in your audience targeting: For Display and YouTube campaigns, make sure you’re specific when creating audience segments. Use Google’s “In Market” segment “Life Insurance” to target people specifically in the market for your product.
  • Deploy retargeting: Retargeting ads can increase conversion rates by as much as 150%.

Be Active on Social Media

Like we said, this generation came of age or grew up with social media. Today, over 80% of millennials claim to be active on social media. So, meet your millennial audience where they are by leveraging Influencer- Driven Marketing. Companies earn on average $5.20 for every $1 they spend on influencer marketing.

Social media is also one of the best places to share your engaging content like memes and webinars. You can also show the human side of your business by posting “behind the scenes” or “out in the community” photos of employees.

Offer Online Portals & Apps

Millennials are a technology-driven generation. They seek convenience and want the process of applying for life insurance to be simple and straightforward. Offering online account openings, live chatbots, and mobile apps are effective ways to attract and retain millennial leads.

Having a strong online presence is also great for your brand image. Millennials are impressed by companies that appear to be technologically on-trend and up-to-date. Lagging or non-existent online portals and mobile apps can turn millennials off.

Get Help Marketing to Millennial Customers!

PrintMail works with insurance brands to streamline their insurance customer communications and upgrade their mail marketing and insurance digital marketing efforts. Get in touch with our team to learn more about how PrintMail Solutions can generate more leads for your insurance brand.