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Targeting Millennials with Insurance

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Restricted to one authorized user; Open on 1 PC/ mobile / Tablet only.
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  • Details
  • Table Of Content
  • Licence Rights
  • Section Purchase
  • Products and Companies

Details

Targeting Millennials with Insurance

Summary

"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.

Scope

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.

READ MORE

Table Of Content

Scope

Table of Contents

Millennial Characteristics

Car Insurance

Home Insurance

Travel Insurance

Pet Insurance


List Of Figure


List Of Table

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Products and Companies


Companies

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

Targeting Millennials with Insurance

Summary

"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.

Scope

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.

READ MORE

Scope

Table of Contents

Millennial Characteristics

Car Insurance

Home Insurance

Travel Insurance

Pet Insurance


List Of Figure


List Of Table

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Companies

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