Millennials are now the largest generation of adults in the U.S. The rise of the millennial consumer presents a huge opportunity for independent insurance agents. However, competition for millennial consumers is fierce.
We at Liberty Mutual and Safeco want to help IAs learn how to attract and keep millennial clients by understanding how they view insurance and how they make purchasing decisions. We recently surveyed 1,600 millennials, 600 Gen-Xers and 600 baby boomers about their insurance buying habits, key factors they consider when buying, what they look for in an agent, and more.
Millennials will make up much of the insurance market for the next few decades
millennial adults in the U.S. in 2019
Millennials can see the value of IAs and good coverage
Insurance channel purchases:
The most comprehensive coverage for a good price
Understanding my coverage
Reputation for good service
Price comparisons from competing insurance companies
Easy purchase process
Lowest price, even if it means a basic policy
Millennials want to be informed consumers
What they want to know:
Millennials are more digitally engaged than older generations, but still value human touch