I suppose these are somewhat like getting life quotes this way or mailed to you. It is confusing and time consuming; any insurance is complicated and generally hard to understand, and to be honest, a bit dry at times.
knowall, the Millenial crowd in particular have very short attention spans. They want to click, click,click and be through with it. Auto Insurance may be too difficult for their distracted minds.
agent: lol I was going to put something like that – not just millenials either – I guess
I believe it was the IBM branding officer was on one of the morning news (CBS?) yesterday and said the millens will be 75% of the market in 2030 (date?) He said they actually want to meet face to face before purchasing…….
What does an IBM branding officer know about insurance and purchasing habits? By the way, the current crop of Millenials will be 40+ by 2030, prime prospects for agents. Maybe they will come to their senses by then on their protection needs.
Millennials were born between 1980 and the early 2000’s. In 2030, Millennials will be 30 to 50 years old.
February 23, 2015 at 12:32 pm
knowall says:
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Agent: all we can do is fight the good fight; if they want to get insurance someplace other than us caveat emptor — if there is no coverage they can run back to mommy and daddy – who are already tapped out putting them through “higher education.”
Since IBM survived the 1980’s and 90’s by reinventing themselves, what they say may have some bearing in the marketplace.
February 27, 2015 at 9:48 am
Agent says:
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knowall, many of the millennial crowd live at home with Mom & Dad because they can’t get a job. They go online with GEICO or some other online service, get a premium for minimum limits on their Prius, then go running to Mom and say, can I use your credit card to pay for this?
February 24, 2015 at 1:18 pm
insurance is fun! says:
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Oh Agent, your quaint, little, old geezer, I just don’t get the kids these days humor is so cute.
Online is great for the auto only buyer looking for minimium coverage, but who with any significant assets is buying coverage online. Most people have no idea of replacement cost values, limited tort, PIP etc… I think some of the people involved seem to have limited insight on insurance as well. They make it sound so simple. Personally I have incresed limits on sump pump failure, endorsements to cover off premise use of power vehicles “electric Razor Scooters in the street”. There is a place online for some insurance buyers, but it is limited.
Excellent point, CIG – online policy shopping is significantly more useful to those looking for the best price for “basic” coverage. When you start binding multi-line policies or high-value policies where a full understanding of what is covered and to what extent is really important (e.g., like you said, replacement cost vs ACV or what’s covered vs. what’s excluded), doing so online, more often than not, will end up causing the policyholder a lot of ‘headaches’ when they actually have a claim.
Good points about the more affluent customer. But when Walmart is ranked as the # 1 retailer, but ranks at the bottom of every customer service or consumer satisfaction survey, it says something about buying habits and what people will tolerate. I am sure Google, like Geico & Progressive, will have no problem with targeting the majority market that doesn’t want or need a consultative approach to their insurance.
SWFL: I have Comcast on the phone for you – they are unhappy you didn’t mention them at the bottom of the customer service satisfaction scores along with Walmart. :)
Sorry, late to the game here but I think we have to accept the fact that auto insurance is a commodity. Millenial or not, people shop online. Getting a quote and bind online without having to go back and forth with paper (assuming the state regulators allow it) is the desired result.
I suppose these are somewhat like getting life quotes this way or mailed to you. It is confusing and time consuming; any insurance is complicated and generally hard to understand, and to be honest, a bit dry at times.
knowall, the Millenial crowd in particular have very short attention spans. They want to click, click,click and be through with it. Auto Insurance may be too difficult for their distracted minds.
agent: lol I was going to put something like that – not just millenials either – I guess
I believe it was the IBM branding officer was on one of the morning news (CBS?) yesterday and said the millens will be 75% of the market in 2030 (date?) He said they actually want to meet face to face before purchasing…….
What does an IBM branding officer know about insurance and purchasing habits? By the way, the current crop of Millenials will be 40+ by 2030, prime prospects for agents. Maybe they will come to their senses by then on their protection needs.
Millennials were born between 1980 and the early 2000’s. In 2030, Millennials will be 30 to 50 years old.
Agent: all we can do is fight the good fight; if they want to get insurance someplace other than us caveat emptor — if there is no coverage they can run back to mommy and daddy – who are already tapped out putting them through “higher education.”
Since IBM survived the 1980’s and 90’s by reinventing themselves, what they say may have some bearing in the marketplace.
knowall, many of the millennial crowd live at home with Mom & Dad because they can’t get a job. They go online with GEICO or some other online service, get a premium for minimum limits on their Prius, then go running to Mom and say, can I use your credit card to pay for this?
Oh Agent, your quaint, little, old geezer, I just don’t get the kids these days humor is so cute.
Online is great for the auto only buyer looking for minimium coverage, but who with any significant assets is buying coverage online. Most people have no idea of replacement cost values, limited tort, PIP etc… I think some of the people involved seem to have limited insight on insurance as well. They make it sound so simple. Personally I have incresed limits on sump pump failure, endorsements to cover off premise use of power vehicles “electric Razor Scooters in the street”. There is a place online for some insurance buyers, but it is limited.
Excellent point, CIG – online policy shopping is significantly more useful to those looking for the best price for “basic” coverage. When you start binding multi-line policies or high-value policies where a full understanding of what is covered and to what extent is really important (e.g., like you said, replacement cost vs ACV or what’s covered vs. what’s excluded), doing so online, more often than not, will end up causing the policyholder a lot of ‘headaches’ when they actually have a claim.
Good points about the more affluent customer. But when Walmart is ranked as the # 1 retailer, but ranks at the bottom of every customer service or consumer satisfaction survey, it says something about buying habits and what people will tolerate. I am sure Google, like Geico & Progressive, will have no problem with targeting the majority market that doesn’t want or need a consultative approach to their insurance.
SWFL: I have Comcast on the phone for you – they are unhappy you didn’t mention them at the bottom of the customer service satisfaction scores along with Walmart. :)
Rosenblatt – that is the best comment you have ever made on this site. Thank you.
Rose said it plans to expand into the renters and homeowners markets this year.
Sorry, late to the game here but I think we have to accept the fact that auto insurance is a commodity. Millenial or not, people shop online. Getting a quote and bind online without having to go back and forth with paper (assuming the state regulators allow it) is the desired result.
Just saying…..