Know your customers!The insurance company friends who look at this page might be interested in this new study. Contact me if you would like to read the full article! Millennials are the Least Satisfied with Homeowners and Renters Insurance Millennials, also known as Gen Y, are those born between 1977 and 1994. According to a J.D. Power study released last week, Millennials are “the largest group of homebuyers and renters in the United States, and are more critical of their homeowners and renters insurance experiences than any other generational group.” The study takes into account three specific types of insurance including homeowners, renters and life. For homeowners and renters insurance, the study dissects five individual factors comprising interaction between the customer and insurance agency, overall policy contributions, insurance cost, billing method, and claims process. However, the claims experience only accounts for 10% of the overall score. On a 1,000-point scale, Millennials score an average of 755 for homeowners and 784 for renters. The highest homeowners score goes to Pre-Boomers, which were born before 1946 (age 69 or older) averaging 846. Boomers born between 1946 and 1964 (age 50-68) achieved the highest renters score at 829. In comparison with all other generational segments, Millennials rank lowest among every study factor, especially for interaction and claims. “Millennials are a critical demographic for insurance companies, given that they are the largest group of homebuyers and renters, as well as the largest group of prospective life customers,” said Valerie Monet, director of the insurance practice at J.D. Power. “Insurers in one or all of these product categories need to pay very close attention to Millennials and adapt their business model to meet the needs of this large segment, which often involves evaluating the usability of their website and finding new ways to communicate with customers, such as through the use of email, apps and online chat.”
Posted on: Wed, 01 Oct 2014 20:29:44 +0000
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