Money 2.0 Conference - Frequently Asked Questions(FAQs)

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Selling Insurance To The New Generation

The millennial and Gen-Z generations work differently, party differently, and socialize differently. Unlike baby boomers, home and car buying do not figure on the top of their agendas. Therefore, to resonate with this demographic, insurers must understand their preferences, embrace new communication models, and tweak their traditional marketing strategies. This is what will help insurance companies expand their client base in a short span of time.

Don’t know where to begin? Through this piece, the Money 2.0 Conference reviews and highlights what you should know about them and their habits:

They live the digital life

The Gen Z population, in particular, has grown up on a diet of memes and social media! The internet is part and parcel of their lives. To reach out to millennials and the Gen Z crowd, insurers must acquaint themselves with these rapidly-evolving digital environments and stay up to date with trends.

Millennials and Gen Zers consult the internet for information when they venture into the prospect of buying insurance. Moreover, they are also more likely to purchase insurance online than their counterparts. Therefore, to cater to them, insurance agencies must have a respectable web presence as well as offer secure payment gateways to facilitate fast transactions. In addition to this, keeping them engaged online through relatable content is vital to ensuring business growth.

Human touch still reigns supreme

Contrary to popular belief, this demographic prefers a personal, human touch in all forms of communication. Instead of reaching out to major insurance firms, they are more likely to build relationships with independent agents who offer stellar client service. This also results in renewals and referrals. At the same time, they also prefer to trust people before they trust the brands, which means that you need good customer support and sales teams to ensure that your target audience sticks around.

Their insurance needs are unique

As mentioned earlier, millennials and Gen Zers are making different choices than their older counterparts. They aren’t as excited about investing in the real estate market, are likely to marry late, and rent instead of own a home. But this doesn’t mean that they don’t crave stability and aren’t interested in the protection that insurance policies often provide.

On the contrary, they have special insurance needs and want to safeguard their valued possessions. For instance, interest in pet, electronic equipment, and renter’s insurance policies have skyrocketed in the past few years.

However, that’s not all. As reviewed at post-COVID finance conferences in Dubai, traditional insurance policies like life and health have made a comeback after the COVID-19 pandemic. Their popularity has surged and to ride on this trend, insurance agencies must walk the extra mile to educate their target audience through their preferred channels.

They want fast, seamless experiences

Gen Zers and millennials shift seamlessly between the offline and the online world. Therefore, an omnichannel approach would be an ideal strategy to reach out to them. This includes having physical stores that have access to prior online correspondences, as well as adopting predictive analytics tools to study their online purchasing behavior. The younger generations expect insurance agencies to be comfortable with the channels they prefer.

They are more socially conscious

Neutrality is a thing of the past and maintaining brand reputation is perhaps more important than ever before. Gen Zers, in particular, are known to research the ethical and social stances of brands before they decide to become their customers. They are more inclined towards small businesses and strongly believe that brands must take a stand on the most crucial issues such as gender equality, climate change, and racism. This is evidenced by the fact that major corporations that have been notoriously neutral have recently started walking the extra mile to project and market themselves as socially conscious forces.

They seek guidance and answers

While millennials and Gen Zers turn to their families and friends for references, they still have a lot of questions about insurance policies and how these can benefit them. Here, insurance agents can guide them and alleviate their anxieties. This includes explaining the finer details of policies, helping them find the right coverage after understanding their needs and lifestyle, as well as assuring them that having insurance is the foundation of good risk management in life.

On that note, here are some strategies through which brands can assist them through the tricky world of insurance:

  • Having a team of passionate insurance agents with product know-how, impeccable communication skills, patience, and the ability to build relationships.

  • Uploading informative videos on YouTube that deal with the questions and concerns of your target audience.

  • Posting blogs and articles that are relatable and useful.

They prefer personalized policies

When catering to younger generations, it is no secret that personalization is the key to building long-term relationships and clocking in sustainable revenue growth. As talked about at various global finance events, tailor-made, individualized policies are a huge yes for millennials and Gen Zers!

Brands that offer personalized products come off as thoughtful, caring, and attentive to the needs of their target audience. Gone are the days when a “one-size-fits-all” approach would work in such competitive markets. The new crowd is now looking for sophisticated experiences and insurance agents who can offer them flexible, tailor-made policies which can be tweaked when new possibilities come their way in life.

Conclusion

In order to remain profitable in this competitive, rapidly-evolving insurance landscape, it is vital that you update your messaging and marketing tactics to catch the attention of the untapped market of millennials and Gen Zers.

Get a comprehensive view of the arena and acquaint yourself with market insights and expert predictions by making time for upcoming finance conferences in Dubai and Las Vegas, such as the Money 2.0 Conference. The three-day event will bring together remarkable individuals who matter in finance, insurance, banking, and cryptocurrency, as well as highlight revolutionary ideas that can make a difference and catalyze positive change. Walk away with empowering information, give your brand’s visibility a significant boost, and get to know your target audience better by connecting with them directly at our global platform!

11/25/2021 - 07:36

Yash Dogra

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Yash Dogra
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Yash Dogra is deeply interested in learning more about the world of finance and is a cryptocurrency enthusiast. He is a member of the organizing committee of the Money 2.0 Conference which will explore insurance and finance trends, acquaint attendees with new financial management tools, and highlight tactics to stay safe from fake/fraud investment schemes as well as spam and stock market scams.