Marketing Insurance

Abstract

Older consumers have a need for a wide variety of insurance products, but relatively few companies understand their needs and offer policies that appeal to this market. And selling such policies is not an easy task either, as sales associates must explain the benefits of owning the various policies that many older consumers do not think they need in part because they are not fully informed. Many companies develop products for the entire market, subscribing to the “one-size-fits all” notion, when older consumer needs for insurance products vary widely either because they are not fully informed about product benefits and risk factors or because they prefer to pay for only specific types of coverage. The challenging tasks for insurance companies are in educating consumers, developing a wide variety of policies, and pricing them “à la carte”. Establishing a trusting personal relationship between the older consumer and the company’s sales associate is crucial in helping older people understand the various options and in cross-selling multiple policies.