Understanding the cultural differences among insurance customers can prove to be helpful for insurance agents as they're prospecting for new leads, a new report from ProducersWeb indicates.
According to the website, a better understanding of how people with various ethnicities respond to certain products can help agents in their marketing activities. For example, an increasing number of Hispanic Americans are gravitating toward life insurance because income levels are rising. Despite this, however, this group of buyers have not been as receptive to financial service products.
Another aspect to consider when dealing with consumers with Latin heritage is the product offering's cost.
"Issues of price, security and reputation are as important to Hispanics as well as the mainstream market," said ProducersWeb. "Since a great number of Hispanic consumers come to the United States with little to nothing, it is a good strategy to approach them by telling them, 'protect what you have earned.'"
Something else to factor into insurance marketing techniques is how societal norms can influence insurance buying behavior. ProducersWeb notes that because people are constantly exposed to their peers, lifestyle choices and behaviors can impact how likely someone is to buy a particular product.
Other potential influences on buying include age, occupation, economic circumstances and personality types, the source notes.