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Millennial Survey Reveals How the Most Underinsured Generation Spends on Insurance

Posted on February 07, 2017 by Jessica Martin in Digital Insurer

At more than 75 million people in the US, the millennial generation is now the largest living generation. They are also the most underinsured.

To help better understand why the millennial generation remains chronically underinsured, Vertafore went directly to the consumers shaping the future of insurance – surveying nearly 450 US millennials ages 18-35 on their insurance purchasing and personal finance habits.

The results? A love-hate dynamic. First and foremost, it is clear that millennials value insurance. Yet, priorities such as Netflix, cell phones, and eating out tend to win out over insurance purchases in day-to-day life. Where healthcare coverage remains a top priority for the generation, millennial renters remain the most at risk with more than half failing to spend the average of $144 a year on coverage.   

 The survey goes on to identify ways that agents can work to close the gap and continue to engage the millennial customer base, including the importance of easy-to-understand policies and having a mobile presence in place.


Check out the infographic for more insights into how millennials are investing in insurance and what that means for the agents selling it.

jessica martin PR & Analyst Relations Manager

Jessica Martin, PR & Analyst Relations Manager

Jessica is the public relations manager at Vertafore, working to share the company's news and messages to the media and to the public. She has over nine years of experience in public relations and communications, starting her career in television before moving into a career in PR. She's a Pacific Northwest native and a millennial who fully admits to using her smartphone for everything.





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