Are You Missing Out On The Youth Market?

People in their 20s aren’t usually seen as a big market for insurance. But if you know how to reach them, they could bring in big money for your agency.

People between the ages of 20 and 30 years old are less likely to be insured. They have surprising purchasing power. And you can find most of them in one place – online.

20-Somethings: Making Money, But Uninsured

Insurance agents have often ignored the 20-something market. There was better money to be made selling individual policies to older clients – they had more income, and often had families to insure. And many people – younger adults included – were insured through a group policy with their employer.

That’s starting to change. Fewer employers are offering health coverage – especially for the kind of entry-level jobs 20-somethings usually take. Suddenly, a new market in individual policies is opening.

Consider two points:

• People ages 19 – 34 make up 40% of the uninsured population.
• People ages 25 – 34 have a median income of $55, 293 

This is isn’t just a large group of people who need insurance. It’s also a large group of people who have the money to buy insurance.

Find Them Online

How do you tap into that market?

Consider two more points:

• 85% of people 25 – 29 are on the internet. For people 30-34, that number is 83%.
• Among 20-somethings online, 79% are using the internet to research a product.

This generation doesn’t just try to find what they need on the internet – they expect to find what they need on the internet. For many people in the 20-something age bracket, the internet is the first place they’ll look for information about a product or a service.

What should the savvy agent do to get into this growing market?

• You NEED A Website. If you’re going to do business with 20-somethings, expect to do it online. Their first point of contact with you might be your site. And if they need your address or phone number, they aren’t going to the Yellow Pages to look it up – they’re going to find it online.
• Get Your Email Under Control. Is your inbox an overflowing mess of mail? Do you have trouble determining what’s junk and what’s not? Organize your email. Create a free email account with an online provider for your junk mail. Create another for lower-priority mail that you can read when you have time. Use your main account to communicate with your prospects.
• Buy Online Leads. Thousands of people go online for insurance quotes every day. By purchasing leads from online companies, you focus your budget and your energy on prospects who are interested in your service and ready to buy.

Using the Internet to grow your business isn’t just smart marketing. It’s practically a requirement to stay competitive these days. Fortunately, there are plenty of reputable companies to help you get your business online. By using internet technology to get leads and spread you sales message, you’ll open up new markets.

Finding 20-somethings who are ready to buy insurance doesn’t have to be difficult. With the right tools you can start quoting them policies, and start seeing more business.