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Agent for the Future™
Understanding millennial insurance consumers

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

0 million
millennial adults in the U.S. in 2019
*Pew Research Center
80%
of millennials own a car
45%
of millennials own a house
78%
non-homeowners plan to buy a house within the next 9 years

Millennials can see the value of IAs and good coverage

Insurance channel purchases:

Independent Agent
Exclusive Agent
Online
  • Millenials
    Gen X
    Baby Boomers
  • Millennials
    Gen X
    Baby Boomers

Purchasing factors

52%
The most comprehensive coverage for a good price
50%
Understanding my coverage
49%
Reputation for good service
40%
Price comparisons from competing insurance companies
36%
Easy purchase process
31%
Lowest price, even if it means a basic policy

Millennials want to be informed consumers

0%
of those who have worked with agents want their agent to help them understand insurance
What they want to know:
the coverage and how it works
what to expect if they have a claim
the unique features of their policy
how to manage their policy online

Millennials are more digitally engaged than older generations, but still value human touch

0%
learned about an agent through
digital engagement
How they choose one agent over another:
online reviews
social media engagement
modern website

What millennials want
in an agent

50%
inspire trust
49%
Seasoned insurance professional
29%
Get to know their customers

Millennials who use agents are happy with their decision

66%
say they are satisfied with
their agent
81%
plan to use their current
agent again
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Millennial Myths: What Agents and Brokers Need to Know

Quiz
How well do you know millennial insurance consumers?

Our research busted several common myths about how millennials think about and purchase insurance. How well do you know millennial insurance buyers? Take our quiz to find out.

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