It appears we have a real generation gap when it comes to buying auto and homeowner's insurance. Indeed, a key lesson suggested by the results of recent surveys by Deloitte Research could be summed up with the following advice to personal-lines insurers: Get consumers while they're young!
Surveys of 1,080 auto insurance consumers and an equal number of homeowners found that the two youngest segments (ages 18-25 and 26-34) were the least inclined to renew their current coverage–and were the ones who shopped their personal-lines business most frequently.
In addition, "The Voice of the Personal Lines Insurance Consumer" surveys found a higher percentage of younger respondents bought direct from carriers (even though they had the most serious trust issues in dealing with the industry), while younger consumers who had bought through agents expressed less loyalty to their intermediaries.
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