It appears we have a real generation gap when it comes to buying auto and homeowner's insurance. Indeed, a key lesson suggested by the results of recent surveys by Deloitte Research could be summed up with the following advice to personal-lines insurers: Get consumers while they're young!
Surveys of 1,080 auto insurance consumers and an equal number of homeowners found that the two youngest segments (ages 18-25 and 26-34) were the least inclined to renew their current coverage–and were the ones who shopped their personal-lines business most frequently.
In addition, "The Voice of the Personal Lines Insurance Consumer" surveys found a higher percentage of younger respondents bought direct from carriers (even though they had the most serious trust issues in dealing with the industry), while younger consumers who had bought through agents expressed less loyalty to their intermediaries.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
