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Reaching Out to the Next Generation
Kristen Savage, Director-Individual Property and Casualty at The Bensman Group, recently received the newly established Certified Advisor of Personal Insurance (CAPI) designation offered by The Aresty Institute of Executive Education at the Wharton School of the University of Pennsylvania and Chubb Personal Insurance. Kristen was one of 37 agents and brokers nationwide who completed the CAPI program, which is designed to provide insurance professionals with additional tools to meet the needs of their high net worth clients.
At the conclusion of the 12-month course, each participant presented a project. “My project was targeting Millennials and how to capture that generation, especially by working with our existing clients,” says Kristen, who joined Bensman in 2007. As part of her CAPI project, she learned about the kinds of factors that drive this generation of emerging wealth.
For example, she says, Millennials prefer to do business and to communicate online, and they want to see things clearly and simply. They tend to be price-driven, but they also factor their time into their consideration of price. This can involve a change in approach, Kristen says.
“The way we do business is traditionally face-to-face meetings or extensive phone calls to go over a proposal,” she says. Millennials are not interested in spending that much time; instead, they want things laid out for them clearly and simply – and electronically.
They also are less concerned about accumulating things than many previous generations have been. Instead, they want to spend their money on experiences such as travel rather than on buying a big house or a fancy car.
“They also are driven by the idea of making a difference,” both in their lives and in their work, Kristen says.
As part of her outreach to Millennials, Kristen is focusing on the college-age children of her existing clients, building relationships with and becoming a trusted resource so that, as the children become adults, both they and their parents are comfortable reaching out for advice and insights.
Kristen notes that her CAPI course was time-consuming, including both online courses and trips to attend courses at Wharton and elsewhere. However, she says she received great support from the rest of the Bensman team.
“Fitting everything in was quite a time commitment, and it was challenging to do that while also doing my job,” she says. “But it was really rewarding, and I got a lot of support. Now I am excited to be sharing what I learned with my colleagues and with our clients.”
You can talk to Kristen about this or any property/casualty insurance issue at 847-572-0828 or email@example.com.