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From Boomers to Millennials: Offering P&C Insurance Across Multiple Generations
April 22, 2016
Digital_Generations.jpgDemand for digital channels is booming. In the next three to five years, property and casualty net premiums gained through digital channels will grow to 23 percent.1 And that growth is driven by another market shift – consumer demographics. As the property and casualty insurance needs of younger consumers’ begin to emerge, insurers are recognizing the rising call for fast, easy, multi-channel access to insurance products and the need to evolve quickly to meet the demand.
Changing Demographics Drive a New Insurance Environment
The Pew Research Center estimates that by 2028, millennials (ages 19 through 35) are expected to surpass Generation Xers (ages 35 through 51) in size. Similarly, Generation Xers will pass up baby boomers (ages 52 through 70) by that same year.2
As younger consumers enter the property and casualty insurance market, it’s clear that they have vastly different personal priorities from previous generations. These priorities are driving their shopping habits and product preferences. For example, millennials are much more likely to own pets than individuals over 35.3 They are also half as likely to be homeowners compared to those 45 years and older.
Source: Bolt
April 22, 2016
Digital_Generations.jpgDemand for digital channels is booming. In the next three to five years, property and casualty net premiums gained through digital channels will grow to 23 percent.1 And that growth is driven by another market shift – consumer demographics. As the property and casualty insurance needs of younger consumers’ begin to emerge, insurers are recognizing the rising call for fast, easy, multi-channel access to insurance products and the need to evolve quickly to meet the demand.
Changing Demographics Drive a New Insurance Environment
The Pew Research Center estimates that by 2028, millennials (ages 19 through 35) are expected to surpass Generation Xers (ages 35 through 51) in size. Similarly, Generation Xers will pass up baby boomers (ages 52 through 70) by that same year.2
As younger consumers enter the property and casualty insurance market, it’s clear that they have vastly different personal priorities from previous generations. These priorities are driving their shopping habits and product preferences. For example, millennials are much more likely to own pets than individuals over 35.3 They are also half as likely to be homeowners compared to those 45 years and older.
Source: Bolt
