The Inside Scoop on Millennials: 8 Sales Insights

Many thanks to the Georgia State University students who conducted the research cited here and offered their insights — Andres Cruz, Ann Hoang Nafiz Islam, Ranier Lopez — and to Munich Re and Mark Costello, the project's sponsor.

From the mouths and minds of Millennials, here are eight fresh insights into how and where to reach this prime target group for IDI sales.

1. Maintain a personal touch, even if it's via Skype, FaceTime, phone or text. Disability insurance is not an online-only sale. It's too complex. The type of interaction Millennials prefer may depend on what stage of the purchase decision they're in.

“If it's the beginning of buying the insurance, maybe I'd like to have an in-person meeting, phone call or Skype call. But over time, or if you've purchased the product, just being able to text or call might be easier.” Ranier Lopez

“The human component will be very hard to replace, but whatever can be done online should be optimized to work for the millennial market.” Andres Cruz

2. Appeal to Millennials' socially conscious, altruistic attitudes. Four out of five Millennials purchase from a company that supports a cause they care about. Talk about the values of the carriers you recommend, such as green initiatives and giving back to communities. Use Facebook to promote local events and causes you support.

3. Leverage Millennials' investing mindset and pivot toward protection. Fifty-four percent of Millennials already have plans for retirement. More than 50 percent would invest their money to generate a return rather than lower expenses or pay off debt. With income and assets to protect, older Millennials are strong candidates for income protection insurance.

“It's an awareness issue. Emphasize protecting your income for your future to achieve your retirement goals.” Andres Cruz

4. Mention mental health coverage. Awareness of mental health issues is high among Millennials. Twenty percent know someone who has suffered from a mental disorder.

“They might feel invincible physically, but more susceptible to pressure, depression or loneliness, or any emotional issues.” Andres Cruz

5. Emphasize income. Research on product names confirmed that “disability insurance” is seen as a confusing or negative name. Talk about “income protection insurance.”

6. Target entrepreneurs, startups and business incubators. Startups may not provide benefits but may pay high salaries to their driven, tech-savvy founders and employees. Look for and connect with local business incubator and entrepreneurship programs. Consider bundling individual income protection insurance with a guaranteed standard issue product or other benefits.

7. Build Awareness: Early, often and online. Half of Millennials surveyed know someone who missed work or school for 30 days or more after a disability event. But many had never heard of individual disability insurance, or they thought it was related to medical insurance. Most were surprised to hear it can help protect their income and were interested in learning more. Consider offering informational sessions on campuses or through networking groups to build early awareness, referrals and future demand.

Also ask customers to post online reviews of your service on sites like Yelp and Google reviews. Having a strong online presence can be a big differentiator.

“People like to do their own research, looking through different websites, Google searches and past customers' reviews.” Ranier Lopez

8. Be social. Focus on Facebook, Snapchat, Instagram and YouTube. Millennials spend an average of one to three hours a day on social media. Build your online brand and consider Facebook advertising to highly targeted groups, such as fans of local sports teams. Use humor. Consider partnering with a popular YouTube content creator.

Do You Know Millennials?

Young: Ages 17-36. Born between 1981 and 2000.

Large: The largest generation in history: 90+ million in the U.S.

Social Media- and Tech-Savvy: 63% stay updated on brands through social networks.

Altruistic and Socially Driven: 81% have donated money, goods or services.

Financially Interested: Many aspire to work toward and achieve financial independence.

For more fast facts and sales tips, review our infographic: Target Millennials for IDI Sales.

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