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AXA Lab/Alpha UX survey sheds light on attitudes, buying habits of this misunderstood demographic

While Generation Y recognizes the importance of insurance, young adults tend to be price-sensitive. (Photo: iStock)

You’ve seen them on their smartphones at the dinner table, during work, at parties, even in the movie theaters while "watching" a movie. Millennials, or those born between 1981 and 2000, have not only taken over the workplace. They are now your biggest market and opportunity.

A recent survey commissioned by AXA Lab, the digital arm of the multinational insurer, and produced by Alpha UX, a company that specializes in getting to know your target market, set out to discover how millennials view insurance. 

Even so, advisors and insurers can’t ignore the 83.5 million millennials living and working in the U.S. as a market segment.

The report’s findings also provide an insight into Gen Y’s consumer profile:

    • 80% sleep with or next to their cellphones.

    • 59% use mobile to compare prices while shopping in a traditional store.

    • 81% of U.S. adults ages 18 to 34 have smartphones.

    • 10% of millennials are either mostly offline (8%) or almost always offline (2%); this means that 90% are almost always online and connected (23%), mostly online and connected (28%), or a mix of both (39%).

When AXA Lab and Alpha UX asked millennials to write three adjectives that describe insurance today, their findings shed light on their perception of the industry:

    • 23% said “expensive.”

    • 16% said “necessary.”

    • 14% said “safe.”

    • 13% said “helpful.”

    • 11% said “important.”

The survey was conducted online between February 17-24, 2016 and included responses from 1,175 U.S.-based millennials ages 18 to 35.

Read more here.
Posted 11:57 AM

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