Millennials are paying more attention to insurance brands
- With more disposable income and evolving family needs, millennials are paying more attention to insurance brands, according to a new survey, says Benefits Pro. Harris Poll’s 29th annual survey, the EquiTrend Study, found that millennials are demonstrating greater interest in insurance brands more than Baby Boomers and Gen-Xers. The study measures brand appeal over a time period.
- According to the study, millennials' shared values connect with life insurance and property and casualty insurance companies, and are more likely than the general population to trust and recommend these insurance companies.
- Measuring quality, familiarity and buying likelihood, the study found that the brands millennials preferred most were Blue Cross and Blue Shield for health coverage, Guardian Life Insurance for life insurance and AAA Auto & Home Insurance for property and casualty coverage.
Millennials interest in insurance brands shouldn't be surprising. As with all generations, maturity leads people to think more about protecting the things that have the most value to them, such as their families, investments like their homes and property they purchase, such as cars and household goods.
This poll may point to why voluntary benefits packages are seeing major growth among younger workers who are reaching various life stages at different rates. “One size fits all” is not necessarily right for all employees in one generation, which is why allowing them to choose from an array of benefits offerings is a sound idea.
Millennials have shown particular interest in any benefits that allow them to prepare for retirement. And according to some studies, they're farther ahead in savings and investing in employer-sponsored retirement plans than boomers. They are also are the most tech-savvy of all generations. In the world of automation, accessing information and staying connected are easy tasks for this mobile generation. Their benefit options should reflect that, too.