Poll Shows Generation X Needed for Online Insurance Sales
A new survey that looks at consumer Internet usage concluded that property and casualty insurance companies seeking new customers online should target consumers who are in their 30s. The survey, which polled 1,000 online banking customers in late 2009, found that individuals in their 30s are technologically more experience than individuals in their 20s.
Not What Experts Expected
The vice president of online market strategy for Wells Fargo noted in a recent article that most members of the p&c industry assume that the younger generation of buyers have better adapted to technology and would be best for buying insurance online. However, the study revealed that those in their 30s are more apt to embrace the digital revolution.
Other Data from the Survey
Overall, the survey found that more people than ever feel comfortable managing at least one aspect of their life online. For example, 80 percent of the respondents said that they pay bills or make money transfers online and 60 percent of both Generation Y (ages 18 to 29) and Generation X (30 to about 45) use online research to understand or purchase auto insurance.
However, the survey did find that only 38 percent of all respondents have gone beyond simpler transactions such as banking to manage more complication transactions such as the 401k or IRA online.
Even more, those who reach above their 40s show less interest in managing their lives online (about 50 percent of those in the 50-year-old age group surveyed) and would prefer to simply handle things the old-fashioned way.
Do you feel comfortable shopping for insurance online?