There are droves of Boomers who "have always had State Farm" and don't plan or care to switch companies. Well, now they are getting to the age where they are needing less policies due to downsizing or dying off and this will, sooner rather than later, mean a big hit to the "relationship builder", cough, that is State Farm Insurance.
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Since you are into facts what is the percentage of boomers versus “children” as you call them? Absent that you are must making up crap!
Boomers use your company, not their children and that is a fact. The cost is almost double the price so that is why you are not gaining more customers. The cost. is. too. high.
There is going to be a place for insurance advisors for a long time. True, millenials currently use agents less but that is partially based on the fact they don’t own a home or have much in terms of financial resources. I won’t make jokes about living in their parents basement and using Uber for everything from transportation to food delivery.
For many homeowners there is a real uncertainty in terms of ascertaing insurance amount versus purchase price, ACV versus RC, special limit coverage, flood insurance in a flood plain versus not in a flood plain, EQ insurance, hurricane deductibles, how to cover a boat or snowmobile, purpose of a PLUP policy just to name a few. Professional advice is important for people with a lot to lose.
Whats humorous is that we always think the next generation is "different". I've heard all the talk about millennials don't want to stay at a company, want to live in dense urban centers, etc. Now some of the fastest growing areas for aging millennials are places like Indianapolis, Des Moines, Kansas City. Why...well now they would like to buy houses they can afford, get married have kids. and so the cycles go. Yes they are higher tech and shop around more....while they had the time, suspect kids will change that. Kind of interesting, if you live long enough you see all the cycles repeating.
Whats humorous is that we always think the next generation is "different". I've heard all the talk about millennials don't want to stay at a company, want to live in dense urban centers, etc. Now some of the fastest growing areas for aging millennials are places like Indianapolis, Des Moines, Kansas City. Why...well now they would like to buy houses they can afford, get married have kids. and so the cycles go. Yes they are higher tech and shape more....while they had the time, suspect kids will change that. Kind of interesting, if you live long enough you see all the cycles repeating.
Agreed. SF's Boomer customer base is literally dying off. (Sorry to put it in those terms.) The younger crowd has no interest in SF. We're slow, antiquated, and anti-technology. SF is romanticizing the past with agents and feelgood ads on TV. During the next recession, as with all recessions, people will begin to comparison shop everything, including insurance. SF is screwed come next recession.
I have worked in claims for years and the largest number of policies are owned by boomers. Newer gens shop around more and care less about agents.