How to Sell Insurance to Millennials

Insurance Agent
17 Jul, 2023
Author : PolicyBoss
Insurance Agent

India's millennial population comprises 34% of its total population. Millennials are considered the country's first generation with the greatest number of educated and technology-savvy population. Since they prioritise convenience over every other thing, their preferences and needs vary from the previous generations, including Baby Boomers and Gen X.

Therefore while selling insurance to them, the insurance agent or Point of Sale Person (POSP) needs to adopt a unique approach. It is important to understand that, unlike a traditional insurance agent, a POSP agent is authorised to sell insurance products of various categories from multiple insurers. Later in this write-up, we have discussed the benefits of the certification programme from PolicyBoss to help you become a successful POSP agent . For now, let us talk about some useful tips on how to start selling insurance policies to millennials.

Effective strategies to sell insurance to millennials

Explained below are some proven sales strategies that POSP agents must adopt while selling insurance plans to millennials:

  1. Avoid Traditional Sales Tactics: Millennials are known for their aversion to traditional sales tactics. One such process is the use of cold-calling to approach them. Cold-calling might make you sound pushy and old-fashioned, potentially leading to a negative perception of yourself as an insurance agent. Minnelials are generally known to prefer communication through digital channels like social media and messaging apps.

    As many people are not interested in purchasing insurance plans over a phone call, the outcome of cold-calling could be time-consuming and inefficient for you. Instead, an effective approach for you as a POSP agent should be focusing on building relationships with potential clients through networking events, referrals, and digital marketing efforts.

  2. Select the Means of Communication That is Popular Among Millennials: It is essential to be aware of the preferred means of communication that millennials prefer to use. One such means of communication should be texting rather than a phone call while connecting with them to sell life insurance or other categories of policies.

    You must build a solid online presence and have an active social media presence to attract millennials. It does not mean that you should refrain from email marketing. As a POSP agent, email marketing allows you to increase your engagement levels.

  3. Improve the Response Time: The speed at which you respond to the customers' queries matters a lot. When selling insurance products to millennial customers, you should show your willingness to connect with them whenever they need you. It will show that you value your customer's time and concerns.

  4. Offer Them Value for Their Money: It is important to share valuable information about insurance policies with the millennials. This will help you build the required trust with your customers, despite the fact that such details are readily available online. You must emphasise the various facts as to how the insurance plan will help them spend less and save more. Additionally, to show you understand their needs better, you should provide personalised and exclusive deals.

  5. Keep Transparency: Millennials appreciate honesty and straightforwardness. You need to maintain transparency while explaining the policy to the millennials. You ought to properly explain the insurance policy, including terms & conditions and pricing.

  6. Create Easy-to-understand Content: The attention span of the millennials is considered to be lesser than its previous generations. Hence you must provide them with informative, short, and to-the-point content about the insurance plan.

    You must use blog posts, videos, and infographics to help millennials understand the value of insurance. While sharing the policy information, ensure that the content is free from jargon and other irrelevant information. You must remember that once you get their attention, it is easier to draw them in and sell insurance that fits their lifestyle.

  7. Adopt a Mobile-friendly Approach: A large number of millennials like to receive information on the go or more precisely on their smartphones. Hence, you must ensure that the digital tools being used are mobile-responsive.

  8. Collect Reviews: It has been observed that millennials tend to look at reviews before buying things. So, you should collect reviews of your services from your existing customers and put them on your social media handles. Positive reviews would help in attracting millennial customers towards you and also successfully selling insurance to them.

  9. Provide personalised recommendations: While interacting with millennial customers, you must carefully listen to them and comprehend their exact needs. To help them select the most suitable plan, it is important that you offer personalised recommendations. It will show that you have spent time understanding their needs, besides gaining their trust and faith.

  10. Unmasking the Myths: Insurance products do not seem attractive to several millennials, especially those who are unmarried and do not have children. Hence, as a POSP agent, it is your duty to unmask the various myths that go around insurance products. You must emphasise facts about insurance as viable investment products with lower risk.

How to become a successful POSP agent?

It has been seen that a POSP agent largely follows a streamlined process for selling insurance policies. Becoming such an agent is a work-from-home (WFH) career option that is suitable for homemakers as it offers flexibility in working hours. It is a commission-based business opportunity.

In order to become a POSP agent, you must get certified. This certification will help you learn how to sell the policies to customers, besides developing knowledge about insurance products. To become a successful POSP agent, PolicyBoss offers a certification programme. Any Indian citizen above 18 years of age and who has passed grade 10 is eligible for this certification programme.

The PolicyBoss POSP certification offers several benefits. Below are some of the benefits of PolicyBoss POSP certification:

  1. PolicyBoss has tie-ups with multiple insurers. Hence, you will be able to provide your customers with a wide range of options and earn more for yourself
  2. Minimal investment is a striking feature of PolicyBoss POSP certification
  3. A dedicated RM support from PolicyBoss for end-to-end support
  4. Training from skilled personnel
  5. PolicyBoss offers you a customised application and website
  6. Industry-first 'sync-contact feature' provides you with leads from your own contacts after you sync your phone with the PolicyBoss app.
  7. Timely settlement of payment

To Summarise

Some of the various traditional ways of selling insurance products do not appeal to the millennials. Therefore, you must bring a new perspective and use innovative strategies to sell insurance products to millennial customers. They are less likely to be interested in one-size-fits-all insurance products. Instead, they prefer products that are tailored to their specific needs and preferences.

Selling insurance products to millennials becomes seamless when you understand what they think about and what value they draw from a product. Additionally, you must ensure that you are easily accessible to them to answer their queries.

Following the effective tips and strategies discussed above in this article will help you reach out to the millennial market and easily sell insurance products to them.

We suggest you visit the official website of PolicyBoss to sign up for the POSP certification programme. It will help you earn commissions on insurance sales from the comfort of your home.

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