As of today, there are at least four different generations in the market for insurance, and their needs cover the insurance spectrum. So, too, do the means of insurance agency marketing required to reach them. Though there is some overlap in generational preferences, today’s independent insurance agencies need to diversify their marketing tactics and insurance offerings to stay relevant in an ever-changing market.
Though some argue there are six consumer generations (including The Greatest Generation and Silent Generation), let’s focus on four of the most prominent: Baby Boomers, Gen X, Millennials, and Gen Z.
Find out more on the state of insurance agency marketing in our post on “Need to Know Stats on Insurance Agency Marketing”
The Veterans: Boomer Generation
The Baby Boomers, or Boomer Generation, are those born between 1946 and 1964, now in their mid-50s to early 70s. They are veterans in the consumer world as they’ve had years of purchasing to meet both their needs and wants. At this point, many Boomers are retired or nearing retirement and have a focus on enjoying life while preparing for end-of-life issues.
Though they didn’t grow up with technology, Boomers still take advantage of the value it provides. According to Pew Research, as of 2014, up to 65% of Boomers were on social networking sites and growing. As many are in retirement, they have more free time to do their research and most likely to find you via your website, so make sure it’s optimized for ease of purchase.
When it comes to service, the Boomer Generation prefers over the phone or in-person interactions, but are not opposed to online as long as the contact is personal. They’re also most likely to come to you via a referral, and happy to refer you if they like what you’re doing. Loyalty and personalization are important to Boomers, so if you play your cards right, you can count on them staying with you and spreading the good word.
Discover some of the surprising ways you can build your prospect pipeline
The Forgotten: Generation X
Yes, they do exist! Smushed between the Boomer Generation and Millennials, Generation X is small, but mighty, to the insurance market. Gen Xers, born between 1965 and 1980, make up 31% of total U.S. income and have some of the highest insurance needs. Caring for children and parents, Gen Xers need to ensure they have the proper coverage to take care of today and tomorrow.
As their families grow, so do life’s demands, so Generation X needs to get their information on-the-go. They were one of the first generations to experience social media through MySpace, and up to 80% are highly active on social media sites like Facebook and Twitter. Gen Xers love their information: being both technically and financially literate, they’re going to scrutinize every offer. You can bring Gen X to your side with coupons and discounts, and by helping them see the big picture with savings over the long-term.
Gen X was also the first e-mail generation, and they’re still hooked. Email marketing works wonders on this generation as they’re constantly checking email for updates from work and family. However, they’re also still interested in what you have to send in snail mail. A study from InnoMedia, NuStats, and Vertis found close to 90% of Gen Xers get the mail daily, and more than 2/3rds have used coupons they received in the mail.
Find out how to create a social media campaign for each generation here
The Newcomers: Millennials and Generation Z
Born between 1981 and 1996, Millennials make up a little over 30% of the world’s population, while Gen Z (born after 1997) make up 32%. Covering more than half of the global population, these two generations share similarities in their marketing preferences.
Authenticity is of utmost importance to both Millennials and Generation Z. Each value uniqueness and acceptance and they want to be seen as individuals,ntreated with integrity. They also value the opinion of their peers, looking to reviews (and leaving their own) when making a purchasing decision.
When it comes to reaching out to Generation Z and Millennials, online is their mode. However, they still value a personal touch. They’re looking for a combination of speed, efficiency, and personalization. They’ll expect you to gather data and create an individualized experience to meet their needs. And, being the youngest of these generations, they’ll look for value. Reach out via social media, specifically through video apps like Snapchat, Tick Tock, and Instagram, and grab their ears via music streaming channels like Spotify or their favorite podcast platform.
Reach each generation with the streamlined genius of marketing automation
Give the Generations What they Want with Partner Platform
Though each generation has its uniqueness, there are two commonalities among these diverse populations: personalization and mobility. Each seeks an individualized interaction, on-the-go. Give the generations what they want with the Agency-Branded Mobile app and Client Portal from Partner Platform. Both provide a personalized experience for your clients in the palm of their hands.
Find out more about the Agency-Branded Mobile app, Client Portal, and all Partner Platform’s capabilities today: get in touch with us at 800.747.7005, Option 6 and schedule a demo to see for yourself.
Sarah Deak has been contributing to the SIS team since 2013, covering topics like agency perpetuation, workflow improvements, data security, and marketing. She has a background in small business, working with organizations to improve their online presence and client engagement. Sarah also writes for the SIS newsletters and website, and counts herself lucky to hear from our many passionate, hard-working clients for our client stories. Her favorite part about working for SIS are the dedicated, service-minded people.