Insurance agents across the nation have been waiting, and waiting and waiting for Millennials to start buying life insurance and other life stage related insurance products. However since Millennials are marrying, starting families and buying homes later than previous generations, many insurance companies are unsure when to begin targeting Millennials in earnest.
“Life insurance is for old people. I’m young with my whole future ahead of me. Life insurance can wait, my student loans can’t. ”
Studies show that on average only about 20% of members ever engage with an association after joining. Some members may attend an association conference or take advantage of a professional development meeting, but the vast majority of members never get involved or become engaged with the association.
According to the just released 2016 Insurance Barometer Study, 51 percent of Millennials and 30 percent of people overall are very or extremely likely to consider wearing an activity tracker and share those results with a life insurance company in return for financial rewards for healthy behaviors.
Insurance marketers are living in the best of times and yet in the worst of times. The need for protection has never been more evident. Americans are being bombarded by more risks from more sources than ever before.
According to industry research, the vast majority of Association members do not attend their organization’s conference. What is behind these numbers? Where members in the past may have looked to associations for community and networking, social media is now redefining how people interact. Once a primary resource for relevant industry-specific information, Associations now compete with a host of tailored information resources proliferating online.
Associations of types and missions are struggling with low member engagement and participation. The value proposition associations offer their members can now be found by other means. Once a primary resource for relevant industry-specific information, associations now compete with a host of tailored information resources proliferating online.
In our research, we have found that most Associations and professional groups are eager to increase the number of members who attend their conferences. According to recent industry research, 80% of members do not attend the Association’s annual conference. When asked about their reasons for not attending, many members respond that the conference is irrelevant, boring, inconvenient and expensive.
At this very moment, a client is handing its agency reams of reports to brief them on a new product. The target audience is described in detail. Be they Millennials, Baby Boomers, or a segment with a catchier name, say Alpha Moms, chances are if you showed the description to the target they wouldn’t recognize themselves.
Associations invest heavily to provide conferences, meetings, and training opportunities to members yet industry statistics show only 20% take advantage of these offerings. What can associations do to increase attendance? This blog post is the first of five-part series that will answer that question.
