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'Upscale millennials' more likely to adopt usage-based insurance

Insurers must focus on what customers' value for UBI programs.

By Deke Phillips | Updated on March 17, 2017

New research has found that nearly a third of millennials — those born between 1982 and 2000 — qualify as urban professionals earning in excess of $75,000 per year, according to Nielsen. That represents approximately 24 million U.S. consumers — a massive number by any stretch, and one that continues to grow rapidly.

The good news for auto insurance carriers offering usage-based insurance (UBI) is that this particular group of consumers has proven to be vastly more accepting of the telematics technology that makes UBI possible. In fact, a recent study by Nielsen points out that upscale millennials are 79 percent more likely than the average consumer to use telematics programs.

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