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Dec 13
On Our Mind: The Insurance Buyer of Today

By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & Development​​

Millennials? … Gen Y?… Gen Z?….

I frankly get confused and often times don't know who goes into what category.  Well I guess that is not true- I know that I am a full-blown Baby Boomer. That being said, I believe we all must become more familiar with the changing demographics, the changing demands, belongings, expectations and norms... and more specifically how does that affect the way we deliver insurance?

It turns out that Millennials were responsible for all new vehicle sales growth in North America during the first quarter of 2018 according to data compiled by Experian. More specifically, Millennial market share increased while market shares from other generations remained unchanged or fell during the same period. There is no reason to believe this trend will not continue. ​

What does this mean to you- the insurance producers? Well for starters, we all better appreciate and respect the buying power of this demographic and the others in line closely behind them. What do they want from their insurance agent? Do they want a slick web site? Do they want interaction via social media? How about 24/7 access? What about someone their own age to deal with? What about being up to speed with terminology, jargon, common beliefs and values? Will they even want to talk with a person if they can buy insurance through an Amazon- like portal?

Well, my opinion is they will indeed want to talk with a real-life person BUT that person needs to be able to relate and communicate in ways they will understand and be comfortable with. However, I also strongly believe having the technology and atmosphere to make ourselves on par with the insurtech outfits is just as important.

If one of these prospective insurance buyers came in to your office (and that is what we want right??) what would be their reaction to your environment? Are there piles of files on your desk? Is there a typewriter from the 60s on your desk too? Do you have a comfortable and modern place for them to sit with you and have a freshly steamed milk with vanilla-flavored syrup marked with espresso and topped with a caramel drizzle for an oh-so-sweet finish while you discuss their risk exposures?

Here are a few upcoming webinars that can help you better understand some of today's exposures and better prepare you for dealing with the insurance buyer of today. (We can't help you with that old typewriter though!)​

ABEN - Those Kids and Their Cars​​

 ABEN - Little This a Little That: New Threats & Possibilities


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