By Maxime Rieman Croll
The insurance industry has consistently been confounded by how to reach the millennial generation.
Consisting of those born (roughly) between the mid-1980s and the late 1990s, this is the generation that grew up just as the internet was exploding on the scene. It’s also a generation that’s highly skeptical of many of the traditional business tactics the insurance industry employs.
Part of the difficulty with selling insurance to millennials has to do with this generation’s very real feelings of financial insecurity.
A recent Wall Street Journal article points out that millennials are behind in key areas versus previous generations, such as income, homeownership and starting families. Because the generation came into adulthood just as the economy turned south from the housing market crash, many millennials feel financially insecure.
That financial insecurity ultimately leads to less spending on anything that may seem unnecessary in the short term, especially insurance products.
Still, it’s possible to get millennials to understand the value of insurance products, or the need for secure retirement planning. There are simple, non-intrusive ways to approach millennials on why certain insurance products and financial planning are necessary, and to help them understand how such purchases can be made affordable.