MarketResearchReports.Biz announces addition of new report "Targeting Millennials with Insurance" to its database.
"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.
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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.
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Contact
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Albany, NY 12207
Tel: +1-518-621-2074
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