Survey: Millennial business owners most likely to rely on insurance agents

Survey: Millennial business owners most likely to rely on insurance agents | Insurance Business America

Survey: Millennial business owners most likely to rely on insurance agents

A new survey suggests that Millennial business owners are the most likely generational demographic to work with insurance agents on financial issues.

The fourth annual Business Owner Survey by Nationwide Insurance found that 69% of Millennial business owners work with an insurance agent. By comparison, Boomers were at 66% and Gen X at 59%. Among all generations, the most common reason for working with an insurance agent is “the trust that business owners place on the guidance and expertise from an agent.”

Nationwide’s survey also discovered that Millennials are relying on agents for guidance across more areas of concern than other generations – especially compared to Boomers. These concerns include retirement (37% of Millennials vs. 26% of Boomers), banking (25% vs. 4%), and succession planning (21% vs. 9%).

Amy Shore, Nationwide P&C sales and distribution president, believes Millennials are more insurance-savvy than other generational demographics because they have been at the forefront of some of the biggest economic upheavals in recent history.

“Millennial business owners came of age during the 2008 recession—a time of economic crisis marked by uncertainty in financial markets, significant job reductions across the country and a sudden downturn in the real estate market,” Shore explained.

“For that reason, it’s not hard to understand why this generation is more motivated than the generations that came before them to proactively take steps that satisfy their need for stability. Seeking professional advice intended to position a business for success over the long-term is exactly what business owners stand to gain by working with an agent.”