The purchasing habits of millennials are difficult to figure out, and as the largest generation in the U.S., your insurance business’ future depends on your ability to reach them.
Revealed in a recent study commissioned by Effective Coverage and performed by ORC International, what we do know about millennials is that they aren’t likely to purchase home and renters insurance from local agencies. In fact, 18-29-year-olds are 50% less likely than their parents to purchase from local representatives. Of all the groups surveyed, millennial renters were the least likely to purchase policies from individual agents. Forty percent of all age groups surveyed purchased home insurance policies from local insurance agencies, yet only 24% of millennials followed suit.
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