Industry-related

5 ways to connect with millennials

According to the most recent ASISA Gap study, South Africans are still dangerously under-insured with a 63% life cover gap and a 55% disability cover gap. Most of these individuals are what we commonly call millennials, falling within the 18 – 35-year age group. When it comes to life insurance options, this market is particularly uninformed, and it’s at this critical stage when their career is just starting, that it’s most important for them to protect their future income. Financial advisers have a critical role to play in raising public awareness of the importance of income protection, and they can make a huge difference in people’s lives by the advice that they give.

Here are 5 simple ways to reach and connect with millennials in today’s world:

 

  1. These individuals have grown up in an electronics-filled world and spend a great deal of their social time in the digital space. Mobile is the most relevant because more time is spent on mobile devices than any other platform, with the average millennial checking their phones 150 times per day. If you have a powerful message to communicate, there’s a stronger chance a younger audience will connect with and share your message through a digital or social platform, because that is where they “hang out”.

  2. Millennials are being continuously bombarded with marketing and advertising messages. To get and keep their attention, your communication needs to be short, interactive, and fresh.

  3. Youths want to be part of the conversation, and dislike one-way conversations where they feel a product or brand is talking at them, rather than with them. They want to feel connected and involved. They want customised and personalised communications that resonate with them, and which they can interact with.

  4. They value relationships and are drawn to brands that they view as transparent and authentic, and products that offer solutions that address their needs.

  5. Don’t underestimate the power of word of mouth. Millennials define themselves by the products they use. If they find a brand or product they believe in, they will tell everyone – both face to face and on social media. They have the potential of being indispensable brand ambassadors.

 

FMI’s #21Lives campaign captures the stories of 21 of our claimants in short documentary-style videos. The stories help raise awareness of the impact of injury or illness, they simplify the message that sometimes gets lost in a complex industry, and they humanise insurance in a way that relates to a younger generation. In sharing these videos, Financial Advisers have the a powerful tool to connect with people in today’s world, and ultimately, change how life insurance is perceived and sold.