Why Are Life/Health Insurers Ignoring Gens X and Y?

Health and life insurers may be missing out on new business opportunities by just targeting one generation. Research from Mintel Comperemedia shows health and life insurers pay far more attention to Baby Boomers than they do to Generation X and Generation Y, but Generation X is very interested in health and life insurance, and say they'll purchase these products in the near future (17% more likely for health insurance, 23% for life insurance).

Mintel commissioned exclusive consumer research through Greenfield Online to explore 550 Gen X (ages 30 to 44) consumer attitudes and behaviors toward financial services.

In the 12 months ending June 2009, Gen Xers received 15% fewer health insurance marketing direct mail pieces than Boomers. Information Mintel gathered from other studies showed Gen Y saw even fewer offers: 25% less than their parents' generation. For life insurance, the younger generations are equally ignored: Gen X and Gen Y received 18% and 23% fewer mailings, respectively, than Baby Boomers did in the past year.

"Generation X is under-served and over-interested in life and health insurance, making them the perfect target market," comments Daniel Hayes, VP of insurance services at Mintel Comperemedia. "Because Gen Xers are concerned about providing for both young children and aging parents, adequate insurance coverage is extremely important. They want to keep themselves and their dependants healthy, but they also need to know their families will be provided for if they aren't around."