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Posts in ‘Millennials’

A Hidden Danger in the Gig Economy

Oct 01

Millennial working freelance in coffee shop

The Gig Economy or Freelance Economy has become the norm for many workers. According to a recent survey, more than 53 million Americans are doing freelance work. That’s 34% of the entire workforce. And no one is embracing freelancing more than Millennials. A full 69% of Millennials surveyed said they would prefer to freelance provided they could find enough projects to earn the salary they want.

Yet for all the flexibility and freedom, freelancers miss out on traditional corporate benefits. And while most freelancers understand the need to purchase individual health coverage, another key piece of their safety net remains off the radar –life insurance.

Reports show that only 34% of adult Millennials own an individual life policy. Yet 55% are already married or in a domestic partnership. Among older Millennials, between ages 25-34, there are now 10.8 million households with children. Unless these families proactively take steps to protect themselves, they remain vulnerable to financial disaster.

How can insurers raise awareness of the need for life insurance? How can they break though when Millennials have become so resistant to traditional advertising approaches? The answers to these and other questions can be found in our new ebook, The Essential Guide to Marketing Life Insurance to Millennials. Download your copy today.

If you would to tap our expert guidance, contact Mark Silverman for a free, custom consultation.

Millennials and The Future of the Insurance Industry

Jul 29

Millennials

As stated in a recent industry publication, the goalposts for the life insurance industry are shifting, driven in part by the expectations of the next generation of customers who represent an enormous area of growth for new policies that will be issued over the next 25 years. While they will continue to be awoken to the need and importance of life insurance by the same traditional key life events—marriage, having children, family health scares—their expectations of how the industry will help them understand coverage options, and experience getting coverage in place is markedly different to their parents’ expectations and experiences.

Life insurance marketers are scrambling to understand the Millennial audience, its expectations, needs and preferences. As mentioned in our previous post, traditional consumer research often falls short when it comes to uncovering true, actionable insights. What insurance marketers are clamoring for are findings that will show them exactly what to say to Millennials, and how and where to say it.  If you would like to know how to develop marketing that reaches the SOUL of the Millennial consumer, request our free ebook today.

Secrets to Selling Life Insurance to Millennials – Part II

Jun 23

Millennials, roughly defined as everyone born between 1980 and 2000, are the hot topic for marketers across industries. But perhaps no industry is struggling with the Millennial conundrum quite as much as the insurance industry. For life insurance marketers, separating Millennial myth from reality is the key to success. While popular perception says Millennials are single and living at home or sharing an apartment with friends, reality is that sizable segments within Millennials are shouldering significant family responsibilities.

Among older Millennials, between ages 25-34, there are now 10.8 million households with children. Further, with Millennials accounting for 80% of the 4 million annual U.S. births, the number of new Millennial parents stands to grow exponentially over the next decade. The birth of a child is a proven trigger for life insurance purchase. And given that 57% of Millennial mothers are unmarried, the need for the life insurance safety net is palpable.

Identifying Millennials with an insurance need is only the first step. The more difficult task is speaking to them in a way that will get them to stop, pay attention and take action. Rather than sitting around a conference room table guessing and experimenting with what will resonate with this audience, Bodden Partners believes the best way to understand any consumer is to listen to them.

We have developed a proprietary, trademarked interviewing technique which we call The SOUL Process. We hold in-depth, one-on-one listening sessions with consumers and potential buyers about their needs as well as their attitudes and reactions to a particular product offering and brand. The ultimate goal of the questioning technique is to get consumers to disclose what they would need you to say and how you would need to say it in order for them to be interested in your product.

Curious about how it works?  Request our free ebook today.

Secrets of Selling Life Insurance to Millennials – Part I

May 28

Millennials, roughly defined as everyone born between 1980 and 2000, are the hot topic for marketers across industries. But perhaps no industry is struggling with the Millennial conundrum quite as much as the insurance industry. According to a LIMRA study, only 34% of Millennials own individual life insurance.

The Census Bureau projects that the Millennial population at 75 million people, and growing. This generation continues to expand as young immigrants swell their ranks. With a growing influx of immigrants and immigrant births, Millennials are the most diverse generation in history, yet among marketers there is a tendency to assume they are the same when it comes to their lifestyle, use of technology, attitudes, behaviors, opinions and preferences.

For life insurance marketers, separating Millennial myth from reality is the key to success. In upcoming editions of this blog, we will be exploring the challenges and opportunities of marketing life insurance to Millennials. We invite you to join the conversation.