Those generations are notably more willing to purchase coverage than those older than them. Even in the face of inflation, Millennials and Gen Z are headed away on vacation and they are purchasing travel insurance to make sure that what they spend is covered against the unexpected. These two generations are far more willing to pay more to protect their vacation investments. Across all generations, 73 percent of people are willing to pay for travel insurance or refundable booking options for their trips, according to a recent report by the…
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What is the Silent Generation?
While Boomers, Millennials and Gen Z are regularly in the spotlight, this group is often overlooked. The Silent Generation is a term referring to people who were born between the years 1925 and 1945. Though they’re not in the spotlight as often as other age groups, they have defined needs and preferences in how they are served by the insurance industry. As popular as technology is, this group is less inclined to use it to obtain the services they require. The Silent Generation is among the least inclined to use…
Read MoreHomeowners insurance companies impacted by late home buying trend from Millennials
The change in trends between generations is leading to challenges for coverage providers. The results of new research have found that Millennials and the youngest of the Gen X generation have experienced substantial delays in buying homes, and this trend is affecting homeowners insurance companies. This trend has been made only worse by the trends in out-of-state migration from those same generations. Those trends toward migrations out of state are driven in part by the COVID-19 pandemic. That behavior is posing a risk to homeowners insurance companies. These, among other…
Read MoreMillennials are unsatisfied with interaction with homeowners insurance companies
Insurers are having trouble interacting with Millennials Homeowners insurance companies may be failing to meet consumer expectations when it comes to interaction, according to a new study released by J.D. Power, a global marketing research and information services firm. The study highlights “Gen Y” consumers, typically referred to a Millennials, as having the lowest satisfaction with insurers and their ability to interact with consumers. This demographic typically represents those born in the early 1980s and early 2000s and these people are becoming first-time homeowners and have high expectations of the…
Read MoreInsurance industry has trouble engaging millennials
Insurers find it difficult to connect with a new generation of consumers The insurance industry has been providing coverage across a wide variety of sectors for countless years, but never before in history have insurers had to deal with a generation of consumers that are obsessed with technology and their invincibility. Gallup conducted a survey recently highlighting the difficulty insurers are having with connecting with millennial consumers, those born in 1980 through 1996. These consumers have proven difficult to engage, which has left the insurance industry somewhat disconnected from this…
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