A survey recently conducted by
AXA Lab—the digital division of insurer Alpha UX—revealed that millennials are now the biggest market for underwriters, and that the best way to approach them is through their indispensable smartphones.
Millennials, or sometimes called Gen Y, refers to those born between 1981 and 2000. Approximately 83.5 million millennials are living and working in the U.S. as a market segment, reported
propertycasualty360.com.
AXA Lab’s study surveyed 1,175 millennials in the U.S., aged 18 to 35. It was conducted between Feb. 17 and 24.
The study found some very interesting details about millennials and their smartphone habits, which insurers looking to promote their products should take note of:
- 80% of millennials sleep with or next to their phones
- 59% use their mobile devices to compare prices while shopping in a traditional store
- 81% of U.S. adults aged 18 to 34 have smartphones
- 10% of millennials are either mostly offline (8%) or almost always offline (2%); conversely, 90% of millennials are online, whether almost always online and connected (23%), mostly online and connected (28%), or a combination of both (39%)
The survey also asked millennials to write three adjectives that best describe insurance—these descriptors could help gauge the generation’s perception of the industry:
- 23% said that insurance is “expensive”
- 16% used the word “necessary”
- 14% said “safe”
- 13% said “helpful”
- 11% said “important”
All things considered, insurers could capitalise on the popularity of smartphones among millennials for marketing purposes, but must try to highlight the necessity of insurance products and how they help better consumers’ lives.
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