GEN Y
Reaching
How to reach them.
Communication
Meeting Expectations
Specific Recommendations
Is your agency reaching Gen Y?
Many agencies are already successful in reaching Gen Y. Our research with agents shows that a little extra effort can go a long way in reaching this group. As one agent put it, "They actually become very good clients. They buy new houses and start families. I can talk to them about umbrellas. I can talk to them about life insurance - be it for their business or their family - and they're very receptive to that. Our website tells them about the companies we represent, the customers we serve and staff contact information. They use it as a tool. But when they want to buy, they want to have a face that they can associate with for service issues or recommendations or explanations."
Gen Y represents huge opportunity for your agency.
As you discover more about what Gen Y is looking for, you'll find that they're really looking for you, but doing it in their own way. They are looking for what you have to offer: Personalized service and offering them the right insurance coverage at the right price. Their needs go beyond more than a simple Internet transaction.
Gen Y uses technology every day.
Technology empowers them in ways never before imagined. This new generation has never experienced life without computers. In fact, many of them were booting up computers long before they were hopping on bikes.
It’s not about competing with the Internet.
The good news for agents is that our research shows that it's not about "competing with the Internet." It's about a combination which uses your agency's Website along with recommendations and referrals to communicate how you can meet their needs in ways they can clearly understand. The Internet is merely one method Gen Y uses to help them make decisions. You already offer what Gen Y is looking for. It's all about making the connection.
Your website is a “virtual” representation of you.
While they are really looking for the people in your agency who can best help them, where they will meet you and your agency is on the Internet – on your agency’s Website.
Your Website is a simple way to describe who you are and what you do for your clients and customers. Think of it as an extended marketing brochure. While it's easy to understand why knowing more about your agency and what you can do for them would be important to any potential customer, it is especially important for those in the Gen Y age group. They have grown up with the Internet and simply assume that they can find out about a product or service by visiting that company's Website. If they don't find the information they are looking for when they visit a company's Website, they will mostly likely click the "back button" and look somewhere else. Our Gen Y focus group research clearly bears this out.
Some expectations are new - many are the same.
To be successful, agents need to understand those expectations and how to meet them. The results from our focus groups offer guidance. While the sheer volume of content that Gen Y has at its fingertips is nearly unlimited, this generation is still relationship oriented. They would prefer personal contact.
More than price
Of course, price is important. But their own individual experiences with insurance tells them that insurance is not always simple and that all insurance is not the same. Whether through their own experiences or those of family, friends, acquaintances, peers or work associates, they have unique questions and concerns. Answering questions and dealing with concerns is what your agency specializes in.
Recommendations & referrals remain important.
Recommendations are based on successfully matching what an individual needs with those who have been able to meet those needs. Recommendations come from matching needs with solutions. When it comes to recommendations, Gen Y individuals are the same as any other age group. They act on recommendations based on hearing the positive experiences of others leading them to believe that their own needs can be matched with solutions. In this way, they are the same as your other customers.
Gen Yers have high expectations of technology.
It’s especially true for Gen Y that their first impression of your agency is your Website. They will judge you by what they see. Gen Y individuals perceive an agency's Website as an extension of the agency itself. If the Website is good, that speaks well of the agency. If the Website is perceived badly, Gen Y individuals tend to steer clear of the agency. Your people are your most important product. Remove the obstacles to meeting them and your agency. When they use your Website to access your people and your products, what they see must be competent - that is how you will be judged. You and your customers know what you have to offer and its value. Your Website needs to communicate that value and allow customers to approach your agency via the Internet.
Recommendation 1
If your agency isn't reaching Gen Y, it can affect the value of your agency and your ability to perpetuate. Since the Gen Y age group represents future growth and new business, the number of current customers demonstrates a trend. Decide it's necessary to take steps to attract and retain Gen Y customers.
Recommendation 2
Do you know how many Gen Y clients you currently have as policyholders? Many agencies don't know the actual number of customers they have in the 20-30 year age group. Most are surprised when they do count to find the answer. For example: One 3rd generation agency in the mid-Atlantic found that Gen Y customers represented only 5 % of their PL auto book. For another agency in America's heartland, the percentage was 6 %. And a prominent agency in a mid-sized city placed their count at 8 %. Run a report to find out how many Gen Y accounts you have.
Recommendation 3
Hear what Gen Y individuals have to say about their needs. Now that this research has helped you develop a better understanding of this age group, what they are looking for and how they are looking for it, develop a plan to reach them. Put it all Together!
Recommendation 4
Develop an action plan for your agency. Other resources from PIA and The Partnership can help.
Access these resources online:
Small Business Insurance & The Internet
http://pianet.com/pia-partnership/voiceoftheclcustomer
As part of a recently completed research project examining the perspective of small business owners, The PIA Partnership and its participating companies have developed and provide access to a wide variety of tools and resouces. These can be found on the "RESOURCES" page of this website.
Practical Guide to Successful Planning
http://pianet.com/pia-partnership/successful-planning
The PIA Partnership has created this tool specifically for agents. Its purpose is to assist agents in planning efforts within their own agencies and coordinating those plans as they work with the carriers they represent. It does not matter whether you are new to planning, have had previous experience, or are currently involved in planning efforts, this tool can help you be more successful.