Targeting Millennials with Insurance
"Targeting Millennials with Insurance", explores consumers who have not yet entered the mass market. It identifies how millennials' needs and preferences differ to the mass market and where the opportunities lie in targeting them. With reference to each general insurance product it discusses the opportunity in targeting millennials, product penetration and the top providers among millennials, and what product features are important when targeting the demographic.
Millennials have differing needs and preferences when it comes to insurance compared to mass market consumers. This needs to be kept in mind when developing products and services. Ownership of insurable assets among millennials is low due to the economic landscape they have grown up in making it hard to save. They are more likely to rent than own a home, are interested in car sharing, and they prioritize holidays and short-term experiences as opposed to longer-term goals. These factors mean that in some product lines standard insurance packages do not fit their needs. Millennials are also digital natives who prefer to access goods and services online and will favor technologically innovative insurance policies.
There are 14.7 million millennials in the UK, which amounts to 28.6% of the adult population.
Millennials are most engaged with car and travel insurance. This is because they are more likely to learn to drive and go on holiday before moving out from home. 75.3% and 61.6% of millennials have car and travel insurance respectively.
Contents insurance is the most popular home insurance policy type among millennials. This is due to the fact that the majority of millennials live in privately rented accommodation.
Reasons to buy
Size the opportunity that exists in the millennial segment.
Understand the differing values, behaviors, and insurance needs of customers aged 18-34 compared to the mass market.
Improve customer engagement by recognizing what is most important to millennial customers and how insurers can adapt their products and services to meet their needs.
Discover the leading providers by product within the millennial market and what they offer.
Table of Contents
Single User License:
Corporate User License:
Admiral Aviva AXA Hastings Direct Churchill Tesco Bank Barclays AA Direct Line Metromile Cuvva Allianz Belong Safe Back Me Up Insure A Thing Trov Alpha The Post Office Thomas Cook Nationwide O2 Petplan Animal Friends Asda Pets At Home Argos Kennel Club Healthy Pets FitBark PitPat Bought by Many
select a license
NEWSLETTER BY CATEGORY
I would like to thank Ken research team for meeting our report deliverables. The report is very good and we appreciate your well cooperation. ... "., Coldwell Banker - Riyadh "
The research you conducted was very helpful for us and the integrity of your research approach gave us great confidence in the data. Look forward to collaborating again in future... "International and Business Dev. Director, Duta Abadi Primantara"
An excellent provider. Thorough, precise and outstanding insight. They drill down to what we need and their reports are effective at integrating text with supporting graphics and charts. Their reports are a great resource to go back too. ... "General Manager SBU Manufacture, PT. KIMIA FARMA, TBK"
Coherent, high-quality, thoroughly-researched reports. We received a very quick response to all our queries which eventually expedited the entire process.... "VP Innovation, Engineered Profiles LLC"
Well structured, the insights they shared with us were very helpful and reliable. Their timely assistance make their services invaluable to us. I would highly recommend them and would definitely use them again in the future if needed... "President, VPP E-Data Services, VPP E-Data Services"