Unlike traditional conversations with insurance agents that occurred either in person or on the phone, today’s insurance buyers have a lot of options available to them throughout the purchase process. While insurance companies rely on their long-time customers for retention, it is the younger generations that represent the largest group of potential buyers. In this infographic, we take a look at the path to purchase for modern insurance buyers in order to understand how to connect with them.
Here are three things you need to know about today's insurance buyers:
Quick Path to Purchase
Because consumers often buy insurance at the same time as another big purchase, like cars or homes, the purchase process can be very quick.
- 30% ≤ 1 day
- 30% 1-7 days
- 24% 1-2 weeks
- 10% 2-4 weeks
- 6% ≥ 4 weeks
Where do Brands Stand?
The speed of the insurance path to purchase is exacerbated by the fact that most consumers aren’t considering too many brands when they set out to buy.
- 54% of auto insurance buyers say they’re loyal to a specific brand
- 83% of auto insurance buyers say they initially consider between one to three brands
Did you know? Baby Boomers are 2.3x more likely to limit their search to a single insurance brand compared to Millennials. That’s why the opportunity lies in connecting with those younger consumers who aren’t yet loyal to a specific brand.
Millennial Insurance Buyers Are....
- Digitally Driven: Compared to the average auto or property insurance buyer, Millennials are much more likely to do their research and purchase online.
- Influenced by Others: Millennials don’t just seek out recommendations from their friends and family. Fifty-one percent also agree that consumer reviews are the most trustworthy source of information.
- Price Conscious: Seventy-three percent say that they always try to find the best deals when purchasing a product.
