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Millennials recently passed baby boomers as the largest demographic in the U.S., so it's essential for insurance companies to understand their habits and preferences. (Photo: Monkey Business Images/Shutterstock.com) Millennials recently passed baby boomers as the largest demographic in the U.S., so it’s essential for insurance companies to understand their habits and preferences. (Photo: Monkey Business Images/Shutterstock.com)

The use of digital tools in the insurance industry lags behind similar fields. Although more people are digitally managing their insurance policies, there’s still room for improvement, particularly among younger generations. While nearly 60% of 18- to 39-year-olds use mobile apps for banking, less than one-third use these apps to manage their insurance.

As businesses across industries continue to enhance their digital capabilities, insurance companies need to focus on providing the right mix of digital tools for younger insureds as well as other generations of customers.

 

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