Millennials are connecting more with insurance brands, a new survey finds, tied to increasing spending power and changing personal and family needs.
The Harris Poll's 29th annual EquiTrend Study, which measures brand appeal over time, says millennials are showing more interest in insurance brands than the population in general.
Stronger emotional connection to P&C insurance companies
"Millennials have a stronger affinity for life and property/casualty insurance companies compared to baby boomers and Generation X consumers," the report says.
"Millennials report a stronger emotional connection, shared values and fit to life insurance and property and casualty insurance companies, and are more likely to trust, consider, and recommend these insurance companies compared to other generations."
The growing interest from millennials for insurance is boosting insurance brands overall, the study notes. As this demographic has focused more on its long-term needs, the insurance industry has responded.
"As the first group of millennials entered the workforce, insurance, specifically life and home, was often thought of as a luxury," says Joan Sinopoli, vice president of brand solutions at The Harris Poll.
"Now, a bit older and entering new life stages, millennials have more to protect and realize that employer-supplied insurance may not be enough. Leading insurance companies have taken note; several companies have adapted their marketing campaigns to cater to this important millennial customer."
Top insurance brands
The Harris Polls Equity Index looks at three measurements: familiarity, quality, and purchase consideration. For the latest survey, more than 100,000 U.S. consumers assessed more than 4,000 brands in numerous categories such as consumer goods, financial services, media, nonprofits, and others.
The insurance brands that ranked highest among all consumers were Blue Cross and Blue Shield (health), Guardian Life Insurance (life), and AAA Auto & Home Insurance (property and casualty).
Here are the 2017 property and casualty insurance brand of the year rankings, according to the Harris Poll:
1. AAA Auto & Home Insurance.
2. USAA Auto & Home Insurance.
3. State Farm Auto & Home Insurance.
4. American Family Auto & Home Insurance.
5. The Hartford Auto & Home Insurance.
Other property & casualty Insurance brands in study ranked below category average (alphabetically): Allstate Auto & Home Insurance, Esurance Auto & Home Insurance, Geico Auto & Home Insurance, Liberty Mutual Auto & Home Insurance, MetLife Auto Insurance, Nationwide Auto & Home Insurance, Progressive Auto & Home Insurance, The General Auto Insurance, Travelers Auto & Home Insurance.
Other Harris Poll findings include:
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The top five insurance brands are: (1) Blue Cross and Blue Shield; (2) AAA Auto & Home Insurance; health insurers Health Net (3) and Amerigroup (4); and Guardian Life Insurance (5).
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Consumers struggle to identify property and casualty companies as a good fit for them or as companies they share values with; however, the survey found a solid degree of trust with AAA and USAA (property and casualty).
- Esurance shows strong positive momentum; however it falls near the bottom of property and casualty companies for overall equity and has lower emotional connection scores.
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State Farm Auto & Home Insurance (property and casualty) is among the most familiar brands; USAA has strong quality positioning among both life and property and casualty insurance categories.
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Overall, health insurance companies are slowly increasing their brand scores. "With the exception of a dip in equity in 2016, health insurance brands have continued to modestly improve over the last five years," the survey says. "Blue Cross and Blue Shield has traditionally tracked well above the rest; however Health Net and AmeriGroup are closing the gap."
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