Vertis Inc., a Baltimore-based provider of targeted advertising, media and marketing services, today announced the results of its Customer Focus 2004: Insurance study, which reveals that some consumer audiences are willing to purchase dental, health and life insurance through resources other than an agent."With both life and dental insurance purchases, Generation X adults (28 - 39) were more willing than the average adult to consider utilizing the Internet, telephone or direct mail to initiate their policies," says Therese Mulvey, vice president, marketing research, at Vertis. "The results of the study show that Generation X adults are 10% more likely than the average adult to purchase life insurance and seven percent more likely to purchase dental insurance through channels other than the insurance agent."
The trend continues among Generation Y (18 - 27) adults in their purchases of both health and dental insurance. The Customer Focus 2004: Insurance study shows that these adults are 7% t more likely than the average adult to purchase health insurance and 8% more likely to purchase dental insurance without the use of an agent.
The Vertis Customer Focus 2004: Insurance study shows the following additional findings, which provide insight into the differences in consumers' insurance purchase plans and trends.
Insurance interests of Generation X adults
- 20% of this group would consider purchasing high face life insurance, 5% more than the average adult.
- 10% more Generation X adults than average adults consider purchasing mortgage insurance.
- Five% more Generation X adults would consider purchasing identity theft insurance than average adults.
- Juvenile whole life insurance is also a priority as 15% of Generation X adults, compared to nine percent of average adults would consider its purchase.
- Of the Generation X adults that would consider purchasing insurance products direct, over 50% expressed that they would consider purchasing life or dental insurance from the Internet, phone or direct mail instead of their agent.
- In the next 12 months 4% more Generation X adults than the average adult plan to get a price quote for life insurance on the Internet.
Potential insurance purchases by Generation Y adults:
- 44% of Generation Y adults would consider purchasing long term insurance, 13% more than the average adult.
- Hospital insurance, which provides for emergency cash when hospitalized for out-patient surgery, is considered by 46% of this group, 16% more than average adults.
- 14% of these individuals are inclined to purchase insurance for their pets, 7% more than the average adult.
- Of the Generation Y adults that would consider purchasing insurance products direct, over 50% expressed that they would consider purchasing health or dental from the Internet, phone or direct mail instead of their agent.
- 32% of Generation Y adults and 28% of adults with annual household incomes between $50,000 and $75,000 indicated that they would also consider using financial products or services from an insurance company.
Source: Vertis Inc.
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