Business Development 12/04/2015
10 Points From NAILBA Multicultural Growth Breakout
By Kiersten Brauner
Ten key points from the NAILBA34 breakout on Multicultural consumers and their impact in the insurance industry.
Speakers:
George Gore
Michael Gomez
Vincent Hip
Moderator:
Mammen Verghis
- Women are the most powerful demographic in the U.S. economy (they control half the GDP).
- 55% of women are equal breadwinners in the home.
- In the last decade, 90% of population growth was multicultural.
- Multicultural buying power is $3 trillion.
- A sincere commitment to learning about culture is important when entering a diverse marketplace.
- Hiring agents who span all cultural segments can set your agency apart.
- If you successfully build trust with a culture that values family, you increase the chance of referrals.
- Being visibly active in the cultural community builds trust within the target market.
- The insurance conversation should be tailored to cultural nuances and not a one-size-fits-all pitch.
A Total Market Approach. Prudential, 2015. Print.
