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Insurity/Microsoft ‘Millennials in Insurance Survey 2008’. Survey of Adults “Millenials” 18-27 years old. Survey Methodology. Executive Summary. Executive Summary – Technology & Internet Usage.
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Insurity/Microsoft ‘Millennials in Insurance Survey 2008’ Survey of Adults “Millenials” 18-27 years old
Executive Summary – Technology & Internet Usage • Not surprisingly, more than ninety percent of “millennials” say they use web-based searches and email on a daily basis. Additionally, more than seven in ten say they use instant messenger (71%) or visit social networking sites (77%) frequently. • Those under 24 are more likely to say they use instant messenger and visit social networking sites on a frequent basis. • About a third or less say they use the following technologies or services – gaming communities such as Xbox live (35%), personal blogs (28%), personal websites (26%), Skype or other internet phone services (24%), virtual worlds such as Second Life (14%). • Close to two-thirds (64%) say the belong to 1 or 2 social networking sites similar to Facebook and MySpace. 15% say they do not belong to any social networking sites. • Those from rural areas and older “millennials” (24+) are more likely to say they do not belong to these types of sites. • Men are more likely to say they belong to 3 or more social networking sites compared to women (25% vs. 18%). • Non-whites are more likely to say they belong to 3 or more social networking sites compared to whites (34% vs. 18%). • Close to half (48%) of “millennals” say when they have a bad customer experience, they are likely to blog or post their experiences online (20% “frequently”, 28% “occasionally”) • Close to nine in ten (87%) say they access their primary or preferred social networking site at least a couple times a week, with the majority saying they access these sites daily (64%).
Executive Summary – Expectation & Considerations • Three-quarters or more “millennials” say they would expect to have or use the following within a professional workplace – web-based searches (80%), office productivity applications (79%), company provided desktop, company email accounts. • Less than half of the respondents say they would expect or use the following within these work environments – social networking sites (40%), company provided virtual meetings (42%), personal instant messenger (45%), mobile or smart phones paid by company (48%), Wikipedia or other Wikis (49%). • Nine in ten (91%) say having more access to newer, innovative technologies would make them more likely to consider potential job opportunities, with more than a third feel strongly about this (38% much more likely to consider). • Men are more likely to feel strongly about this (45% vs. 31%), and so are Americans (39% vs. 27%). • Interestingly, “millennials” who say they would consider the insurance industry as a possible career choice are more likely to feel strongly about this (48% vs. 25%). • 85% of “millennials” say the opportunity and ability to work with newer, innovative technology is important to them when deciding to consider job opportunities, with a third (35%) say this is “very” important. • Out of the other five opportunities tested, only the ability to have a flexible work schedule or location was considered more important to these respondents. • The ability to work with newer, innovative technology was seen as more important than – being able to dedicate time to outside charitable efforts (70%), being able to work with people their age (71%), opportunities to work on collaborative team projects (72%), and the ability to telecommute or work from home (77%).
Executive Summary – Insurance Industry • More than half (55%) of “millennials” say they would consider the insurance industry for a possible career or currently work within the industry. • U.S. respondents are significantly more likely to say they would consider the insurance industry compared to their counterparts in Canada (56% vs. 41%). • Close to two-thirds of “millennials” believe the insurance industry can be described by the following statements: • The insurance industry has a poor public image – 65% • This is especially true among those age 18-20 (67% vs 56% older) • The insurance industry is old in general – 63% • Adopting more online technology to better serve their customers appear to be the priority among “millennials”. • Three-quarters or more say insurance companies should adopt the following to better serve customers – web-based support (89%), personal web portals with full view of accounts (86%), and live online chats with agents (76%). • Additionally, close to two-thirds say they should also adopt automated phone response (69%), company blogs to post concerns (69%), and instant messaging with agents (67%). • Those under 24 are more likely to believe adopting mobile alerts is important to better serve customers compared to older “millennials” (66% vs. 53%). • Additionally, “millennials” from the U.S. were consistently more likely to place greater importance on insurance companies adopting these technologies to better serve customers. • Currently, it appears that most “millenials” are currently choosing to interact with their insurance companies over the phone or through a call center. • However, it is evident that these respondents would prefer to have other avenues more available through the web, email and online chats. • Close to half (48%) say their family is their most trusted source of advice when deciding to choose an insurance company.
Technology they use daily Please tell me if you use any of the following technologies or services on a daily or frequent basis? % saying “yes”
Membership to social networking sites Please tell me how many social networking sites such as Facebook, MySpace, etc. you belong to at this time?
How often and how long on these sites? From the following list of choices, how often would you say you access your primary or preferred social networking site? From the following list of choices, how much time would you estimate you spend on these social networking sites each time you visit? (Among those who visit)
Report bad customer experiences When you have a bad customer service experience, how often do you blog about it or post your experience in chat rooms or social networking sites?
Current work environment Do you currently work within a professional workplace, office or office space environment?
Technology expectations of workplaces Regardless if you work in this type of office environment currently or not, please tell me if you would expect to use any of the following technologies or services within a professional workplace, office, or office space? % saying “yes”
Importance of newer, innovative technology Would having more access to work with newer, innovative technologies make you more or less likely to consider a potential job opportunity? • Total breakdown: • Much more likely -38% • Somewhat more likely - 53% • Somewhat less likely – 5% • Much less likely – 4%
Perception of Insurance Industry I’m now going to read you some statements and after each one I would like you to tell me how well you believe this statement describes the insurance industry – very well, somewhat well, not too well, or not well at all? % saying “well”
Importance of certain work environment opportunities Now I’m going to read you a series of opportunities that could be available within certain work environments. After I read each one, please tell me how important each one is or will be to you when you are deciding to consider job opportunities – very important, somewhat important, not too important, or not important at all? % saying “important”
Insurance profiles Now I am going to ask you some questions about insurance. Please tell me if you currently have insurance for any of the following? If you do, please indicate if you personally own the insurance or if you are covered under someone else’s plan?
Importance of adopting customer service tools Please tell me how important you think it is for insurance companies to adopt the following technologies to better serve their customers – very important, somewhat important, not too important, or not important at all? % saying “important”
Communication with insurance companies When you have to interact with your insurance company, which of the following ways do you most often chose to communicate with them by? When you have to interact with your insurance company, which of the following ways would you prefer the most when you have to communicate with them?
Trusted sources From the following list of choices, who would you say is your most trusted source of advice when deciding to choose an insurance company?
Likely activities during decision making process Please tell me if you would do any of the following activities when comparison shopping for an insurance company?
