Publication: Insurance Business America
Date: August 9, 2019
Tyler Asher, president of independent agent distribution, Liberty Mutual Business Lines and Safeco Insurance, talked to Insurance Business magazine about our new millennials research.
In true myth-buster fashion, Liberty Mutual Insurance and Safeco Insurance 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. “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.”