How To Market Life Insurance To Millennials And Beyond

You know, for a 12 trillion dollar industry that’s got more research behind it than Wikileaks has on Clinton…the life insurance business sure does seem to struggle with how to market.

I get it. In the past, business came to the agents. But as the economy shifts, the digital market continues to grow and millennials tend to play a larger and larger role in society…that which worked in the past is quickly becoming irrelevant.

Let’s start with what the industry is already doing.

1.    Calculators. Awesome. I have this visual of a bunch of overpaid accountants sitting in a room wearing suspenders and glasses saying that we need to put a bunch of calculators on a website. 

You know, in case millennials accidentally stumble upon a crappy, non-mobile friendly website and wants to calculate how much their life sucks and how they’re going to die broke and alone.

2.    Logos and Graphics. Companies have dumped millions of dollars into research and design of fancy logos. MILLIONS of dollars. 

Want to know the hidden truth? Nobody actually gives a shit about your logo if you’re not doing anything to connect with people where they are. No, really. 

Don’t get me wrong.  My agency makes lots of money on branding and we want you to keep giving it to us. But branding is a crucial part of strategy. Notice the key word there – part. 

An Uber driver might have a gorgeous, state of the art vehicle. But if nobody knows about it…the driver goes hungry. And if the driver is a dick, nobody is going to want to ride with him again. Priorities, people. Priorities.

3.    Commercials. Insurance agencies are doing a wonderful job spending massively unnecessary amounts of money on overpriced traditional advertising that, once again, nobody gives a shit about. It’s all on a false premise – that people actually watch commercials. 

Guess what? People go out of their way to avoid watching commercials. Except, perhaps, on Superbowl Sunday. 

Don’t believe me? I’m about to shut you down with three simple words. DVR. Netflix. Hulu.

That’s right. People want to avoid being sold. You’ve got some great chops when it comes to storytelling and video production? GREAT. Invest that in social media. You don’t? It’s all good. Call me. I’ve got plenty of people for that.

Now let’s explore what the industry SHOULD be doing.

1)  Content Marketing. Simplify the narrative about life insurance. Write content in a compelling way that actually means something to the people reading it. Help them understand how they’re going to be better off…have more money…be safer….be better prepared. Be fun. Be engaging. Be entertaining. Be conversation. Have fun and don’t be too technical. And make sure you have a damn attractive headline that will make people open it.

2)  Video is a powerful tool. It’s such a visual platform. Don’t use it to sell – use it to tell stories. Capture the stories and moments of individual lives and families that showcase the type of lifestyle that you’re essentially trying to sell. And make sure to use it strategically. 70% of video content starts consumption on social media without audio. There’s a trick here. Make sure to do your homework and create some seriously kick-ass, eye-catching content.

3)  The Social Narrative. We can target consumers through social media in ways we’ve never had access to before. We have more information and more data more easily accessible then you even realize. But again, a word to the wise – don’t try and “sell” shit on social media. It just doesn’t work. Engage. Provide value. Create relationships. Understand the platforms you’re using and how different types of content are consumed.

Perhaps the biggest mistake that the industry makes? It doesn’t look outside of the industry. Insurance companies are so focused on what their competitors are doing and how they are doing it that they aren’t looking outside of their world for ideas, inspiration, tactics or techniques. It’s a classic mistake. Overpaid middle management steals ideas from competitors…the employees who fall under them smile and nod and golf clap so they don’t get in trouble….and everybody loses.

Oh, and for the love of God, get some new speakers at your conferences. Those old men are boring as shit. You need some people like me.

That’s all. It’s time for you to get back to work. You’ve got a long road ahead of you. Make it a fun one.

Written By:

Kyle S. Reyes is President and CEO of The Silent Partner Marketing. He’s also an acclaimed keynote speaker on entrepreneurship, leadership, marketing and social media. You can find him on Facebook and LinkedIn.