Selling Insurance To Baby Boomers The Right Way

According to the 2006 US Census “Facts for Features” and Special Editions, 78.2 million baby boomers currently live in the US, with an average increase of 7,918 baby boomers each day. With an estimated spending power of $2.1 trillion this year, the generation is starting to be a lucrative target market for many companies. Some industries have been formed by companies targeting this high-spending market.

Many insurance agents attempt to target the baby boomer market by using the same old marketing plans used to generate leads for them. The successful insurance companies realize that this market is unlike any other, and have implemented more specialized marketing plans just to target this market segment.

Below you’ll find tips on how to sell your insurance services to baby boomers, including identifying what strategies will help you and your company achieve its marketing objectives. Follow these fundamental tactics, and your insurance company will be on its way to generating thousands of more insurance leads from the highly-profitable baby boomer market.

What Services Can I Provide to this Market?

Successfully marketing to baby boomers requires you to first identify what their needs and wants are. Below is a small list of example services you can offer to the baby boomer market which they’ll be interested in.

• Saving on home insurance
• Saving on car insurance
• Managing assets for retirement
• Long-term health insurance
• Insurance coverage for life

Baby boomers want to maintain a healthy lifestyle, protect their assets and cut unnecessary costs on both home and auto insurance. They will gladly use your service for years if you can effectively provide them and benefit their lives in the overall sense.

How to Identify What Selling Strategies Work For Your Company

Contrary to what some marketers will tell you, the baby boomer generation is obsessed with absorbing new information and self-improvement and they’re most effectively taught when they are able to present their own ideas and see real-life case examples they can relate their lives to. These five tactics listed below can help you increase your insurance sales:

• Provide practical information using facts.
• Deliver your information more effectively by hosting seminars and discussion groups that involve active interaction between the groups.
• Provide real case-studies that can relate to their life experiences
• Customize your services as much as possible to match your client’s wants and needs.
• Avoid agitating your prospects emotionally by respecting their lives and experiences. Although younger generation clients might be easily emotionally motivated to buy, the baby boomer generation will not be so easily motivated to use your services by their emotional state.

Selling to baby boomers will take a lot of effort, but once you can earn their trust in your services, and help them discover how their lives will improve drastically by being insured, you will be able to successfully tap into the lucrative baby booming market and have lifelong customers for your business paying you money over and over again for years to come.

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