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How to Market to the Changing Needs of Senior Policyholders

When considering marketing needs, the older population is often disregarded as firms focus on the youngest generation, or that with the most purchasing power. However, senior policyholders are a loyal customer base that still needs service from their insurance agents. Try some of these tips for marketing to senior policyholders as their needs change over time.

 

How to Market to Senior Policyholders With Changing Needs

Research shows older consumers outspend younger ones — and they have the wealth and the means to do so. This means senior policyholders need help protecting their assets while they enjoy retirement years.

Here are some ways to market insurance products to your senior policyholders, even as their needs continue to change over time. Try some or all of these ideas to best meet the needs of this dynamic group of consumers.

 

Offer products and services tailored for an older population.

Different insurance products and services appeal to people at different times in their lives. An older population may be more interested in retirement or annuity products. They may need different auto insurance coverage or homeowner’s insurance if they have downsized to a smaller home or fewer cars in retirement. Some senior policyholders may want to help grandchildren with educational expenses or leverage assets to cover large purchases. Consider the population you are working with when cross-selling or upselling products and try to understand their needs first.

 

Provide education and hands-on service.

Your senior policyholders may want more hands-on help as compared with other generations. Offer to help with filing a claim, resolving billing issues, or contacting the insurer. Personalization is key in promoting positive, long-lasting relationships with senior policyholders so be sure to reach out and connect personally. Provide value through education about their coverage and any policy gaps. Talk about their changing needs and offer products designed for them.

 

Use an omnichannel experience for communications.

Omnichannel experiences mean the customer can decide how they want to communicate and can easily switch between methods as they wish. Some services are easily completed digitally, like obtaining a mailing address or a claim number. Other requests are more complicated and may require a phone call to resolve. Senior customers appreciate having options when contacting their agent.

 

Leverage technology to help senior policyholders.

Older adults may not be digital natives but they still want to engage and do business digitally. Help your senior policyholders to leverage the available technology. You could schedule a time to walk them through their consumer portal or help them access things like their ID card. When designing your digital portal, make sure it is consumer-friendly, intuitive, and simple to access on a mobile device.

 

Learn More With the American Agents Alliance

Access more valuable content to help you as you work with your senior policyholders — and those of all ages — by becoming a member of the American Agents Alliance. We’ve been empowering independent agents and brokers to thrive since 1962 with business discounts, networking opportunities, and our annual Conference & Expo.  

Become a member today!

 

 

External Links:

  1. https://institute.bankofamerica.com/content/dam/bank-of-america-institute/economic-insights/will-silver-spenders-continue-to-outpace-the-young.pdf
  2. https://www.bcg.com/publications/2023/marketing-to-mature-consumers

3. https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-omnichannel-marketing

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