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.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.