I recently published a research report called What Consumers Want From Insurers that examined what consumers cared about the most when it came to their insurance providers. In our analysis of survey responses from nearly 5,000 US consumers, we found that consumers most want:
- a good reputation from life insurers
- low prices from auto/home insurers
- high quality coverage from health insurers
We took the analysis one step further and looked at how responses differed across five generations of consumers: Gen Y (18 to 27), Gen X (28 to 41), Younger Boomers (42 to 51), Older Boomers (52 to 62), and Seniors (63 and older). It turns out that Younger Boomers care the most about the actual coverage. Here are some other interesting factoids that we found:
- Life insurers: Gen X wants low prices, Younger Boomers want good coverage, and older consumers want a good reputation.
- Auto/home insurers: Young consumers want low prices, Younger Boomers want good coverage, and older consumers want good service.
- Health insurers: Gen Y and Seniors wants good service, Gen X wants low prices, and Boomers want good coverage.
The bottom line: Insurers need generational-specific strategies.