Generation X, those between the ages of 47 and 32, now represent larger sales potential, $3.6 trillion in a 12 month period, than baby boomers, at $2.2 trillion, and generation Y, at $0.3 trillion, according to “Life insurers cast the net wider for growth: Enter Gen X,” a white paper from Deloitte.

“Carriers should now reconsider the scant attention paid to this formerly discounted, underinsured and underpenetrated generation,” Deloitte said. “While at first glance it may seem that the pursuit of this segment necessitates more resources than other generations, Xers’ high brand loyalty is very likely to help defray the initial acquisition cost through additional product sales over time.”

To gain the trust and loyalty of this underinsured generation, Deloitte’s Center for Financial Services offers these suggestions for targeting Gen X customers:

• Employ tech-forward marketing and customer contact channels, including social and virtual media, and direct self-purchase options. Gen X is influenced by social media and review sites, such as Angie’s List, Epinions, and CNET.

• Focus on community-based niche marketing opportunities. Gen Xers distrust institutions, but value the opinions of their social circle when making purchase decisions.

• Leverage analytics to find high value and high conviction customers. Gen X is in the life stage for catalysts such as getting married, having children or changing jobs.

• Deliver value with affordable, flexible and scalable products. insurers may need to construct products with lower premium prices, potentially offset by improving processes, distribution, targeted marketing and even lifetime customer value.

• Don’t employ a traditional “push sales strategy” from intermediaries that do not reflect the youth and diversity of this market. Deloitte suggests redefining the role of agents to educator-focused marketing executives, helping customers understand the need and benefit of protection-based life insurance coverage, alleviating doubts and directing them towards appropriate products and the purchasing method of their choice.

• Pursue opportunities created by the Patient Protection and Affordable Care Act or the advantages of worksite marketing. Direct-to-consumer channels offer a potential to cross-sell ancillary products, including life insurance.

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