Survey Breaks Myths About Millennials and Insurance
There’s a widespread set of assumptions about millennial insurance buyers that are now being challenged. That younger insurance buyers don’t want to spend time researching their insurance options and would rather buy the cheapest product in the easiest way possible.
Not so, says new research by Liberty Mutual and Safeco. The carriers have published a research study that contradicts the majority of these widely held assumptions about the millennial generation’s insurance patterns and preferences, especially when it comes to the independent agent channel. The research study shows that millennial insurance consumers’ views of insurance are largely aligned with older generations. Furthermore, the study suggests that millennials are not more price-focused than previous generations and that they want the ease, choice and advice that independent agents provide.
“There’s a lot of misconceptions about millennials in the market. Our research showed us that price is a key purchasing factor for consumers of all ages, not just millennials,” said Tyler Asher, president of independent agent distribution, Liberty Mutual Business Lines and Safeco Insurance. “In fact, 52% of millennials said they want the most comprehensive coverage for a good price. That’s a pretty common misconception that we dispelled through the survey – millennials are looking for good coverage and are trusting the advice that independent agents can provide.
Another myth the Liberty Mutual and Safeco study breaks is the idea that millennials only want to work with other millennials or people similar to their age group. In fact, only nine percent of respondents said they wanted their insurance agent to be close to them in age. When asked to describe their ideal agent, most said they wanted “someone who inspires trust” and is a “seasoned insurance professional,” Asher explained.