New research has found that nearly a third of millennials — those born between 1982and 2000 — qualify as urban professionals earning inexcess of $75,000 per year, according to Nielsen. That represents approximately 24 million U.S.consumers — a massive number by any stretch, and one thatcontinues to grow rapidly.
The good news for auto insurance carriers offering usage-based insurance (UBI) is that thisparticular group of consumers has proven to be vastly moreaccepting of the telematics technology that makes UBI possible. Infact, a recent study by Nielsen points out that upscale millennialsare 79 percent more likely than the average consumer to use telematics programs.
So how do you as an insurer engage this rapidly growingdemographic to increase participation in your UBI program? Here area few ideas.
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