Targeting Millennials with Insurance Market 2018: Admiral, Aviva, AXA, Hastings Direct, Churchill, Tesco Bank, Barclays, The Post Office, Thomas Cook, Nationwide, O2, Petplan, Animal Friends, Asda, Pets At Home, Argos

Targeting Millennials with Insurance

Report Summary

"Targeting Millennials with Insurance", explores consumers who have not yet entered the mass market. It identifies how millennials' needs and preferences differ to the mass market and where the opportunities lie in targeting them. With reference to each general insurance product, it discusses the opportunity in targeting millennials, product penetration and the top providers among millennials, and what product features are important when targeting the demographic.

Millennials have differing needs and preferences when it comes to insurance compared to mass market consumers. This needs to be kept in mind when developing products and services. Ownership of insurable assets among millennials is low due to the economic landscape they have grown up in making it hard to save. They are more likely to rent than own a home, are interested in car sharing, and they prioritize holidays and short-term experiences as opposed to longer-term goals. These factors mean that in some product lines standard insurance packages do not fit their needs. Millennials are also digital natives who prefer to access goods and services online and will favor technologically innovative insurance policies.

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The Insurance industry is seeming to be fairly competitive. Some of the leading market players include in this report: Admiral, Aviva, AXA, Hastings Direct, Churchill, Tesco Bank, Barclays, AA, Direct Line, Metromile, Cuvva, Allianz, Belong Safe, Back Me Up, Insure A Thing, Trov, Alpha, The Post Office, Thomas Cook, Nationwide, O2, Petplan, Animal Friends, Asda, Pets At Home, Argos, Kennel Club, Healthy Pets, FitBark, PitPat, Bought by Many.

Scope

- There are 14.7 million millennials in the UK, which amounts to 28.6% of the adult population.
- Millennials are most engaged with car and travel insurance. This is because they are more likely to learn to drive and go on holiday before moving out from home. 75.3% and 61.6% of millennials have car and travel insurance respectively.
- Contents insurance is the most popular home insurance policy type among millennials. This is due to the fact that the majority of millennials live in privately rented accommodation.

Reasons to buy

- Size the opportunity that exists in the millennial segment.
- Understand the differing values, behaviors, and insurance needs of customers aged 18-34 compared to the mass market.
- Improve customer engagement by recognizing what is most important to millennial customers and how insurers can adapt their products and services to meet their needs.
- Discover the leading providers by product within the millennial market and what they offer.

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