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Survey — Millennial Business Owners & Agents

Posted By Staff Reporter, Tuesday, January 8, 2019

Late last month Nationwide released its annual Business Owner Survey. The fourth annual survey looks at how business perceives insurance. One of the topics is how millennials view insurance agents.

They are — apparently — more likely than other generations to work with insurance agents. Even better for insurance agents, millennials also want agent opinions on financial issues outside of insurance.

Nationwide’s Amy Shore said the trend is being driven — at least in some way — by the 2008 financial crisis that led to the Great Recession.

“Millennial business owners came of age during the 2008 recession — a time of economic crisis marked by uncertainty in financial markets, significant job reductions across the country and a sudden downturn in the real estate market.” she said, “For that reason, it’s not hard to understand why this generation is more motivated than generations that came before them to proactively take steps that satisfy their need for stability.”

She that that’s why you’ll see more millennials “seeking professional advice intended to position a business for success over the long-term is exactly what business owners stand to gain by working with an agent.”

  69% of millennial business owners work with an insurance agent

  66% of baby boomers work with an insurance agent

  59% of Generation X work with an insurance agent

 

Those — from any of the generations — working with agents do so because they trust the guidance and expertise brought to the table by an agent.

Millennials are more likely to use agents for more than insurance:

  37% of millennials use agents for guidance on retirement

  Just 26% of baby boomers will do that

  25% of millennials rely on agents for banking

  Just 4% of boomers will do that

  21% of boomers rely on agents for succession planning

  Just 9% of baby boomers do that

 

Here’s an overall look at other survey results with all age groups included:

  80% of business owners with 100 to 299 employees are more likely to work with an agent

  57% of companies with under 50 employees are the least likely to work with an agent

  41% of business owners working with an agent seek guidance and expertise

  Just 25% talk to agents about practical issues like the level of coverage

  Half of business owners have never filed a claim for their business

  70% of millennials have filed one

  62% of boomers say they’ve never filed a claim

  Half the business owners review their policies annually

 

Overall, those working with insurance agents say they renew their policies with an agent:

  Most often due to price

  The second top reason is coverage and offerings

  The third most is customer service

 

These are the reasons those selecting an agent say they want when they do a new policy:

  Trust

  Guidance

  A good reputation

 Source link: Carrier Management

 

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Tags:  Business Owner Survey  how millennials view insurance agents  Nationwide 

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