Menu

Agent for the Future™
Demonstrating The Value Of IAs to Millennial Insurance Consumers

We at Liberty Mutual and Safeco Insurance believe that independent agents (IAs) are the best advocates people have while they navigate insurance choices. We know the value of independent insurance agents, and we want to help them succeed.

Liberty Mutual and Safeco Insurance surveyed more than 2,800 insurance consumers (including 1,600 millennials) to learn how they think about and purchase insurance. We found that many insurance consumers do not fully grasp the value of agents. This is especially true of younger consumers, who are more likely than older generations to buy insurance online and are more ambivalent about using agents. To thrive in the future, IAs need to prove their value to win over the next generation of insurance buyers. Here are some of the key stats you need to know from our research:

Scroll

Most millennials think they can do the work of an agent by themselves

0%
of millennials said they could replicate what the agent did for them on their own
16%
"I could totally do what my agent did on my own"
55%
"I think I could do it, but prefer not to"
24%
"I couldn't do what my agent did on my own"
6%
"Not sure"

Millennials do their own research and take other independent actions while working with an agent

0%
of millennials take some other action while working with an agent

Actions taken while working with an agent

Millennials Gen X Baby Boomers
Discussed options with family and friends
33%
24%
17%
Researched insurance companies
31%
24%
24%
Researched your agent
20%
12%
6%
Gotten your own quotes separately
17%
19%
16%
Researched insurance terminology
16%
8%
4%
Worked with another agent
12%
6%
6%

Millennials are open to using agents, but they need some convincing

Likelihood to work with an IA in the future:

63%
Neutral
16%
Very Unlikely
21%
Very Likely

Reasons millennials chose not to work with an IA:

23%
Prefer to research/buy myself
22%
More expensive to work with an IA
22%
Prefer an agent who works directly for the insurance company
21%
I am my best advocate
19%
I can get a better deal on my own
18%
I have unique needs

How to demonstrate your value to millennials

  1. 1
    Create a "why work with an IA" page or video
  2. 2
    Highlight client success stories
  3. 3
    Actively seek out online reviews
  4. 4
    Answer common insurance questions on your website
  5. 5
    Talk clients through how you arrived at policy suggestions
  6. 6
    Utilize self-service portals and multi-channel communication
  7. 7
    Dispel misconceptions about how products are priced
  8. 8
    Be transparent about how you are compensated
Download Report Back to research
Share
LinkedIn
A picture of a one-page summary of our research

Research Overview
Get a one-page overview of our millennials research

Download a simple one-page overview of some key insights from all three of our research reports about millennial insurance consumers to talk through with your staff.

Download Now!
Close