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Generation Y Is Out of Sorts With Insurance the Way Grandpa Did It

Isn’t it interesting that the youngest people who hold insurance policies are the ones least likely to be satisfied with either their coverage or their insurer? According to a study done by J.D. Power and Associates in 2010, the members of “Generation Y,” who were born between 1977 and 1994, just don’t like the old fogies running the insurance world. That’s right! The kids are mad as heck, and they’re not going to take it any more!

Gen Y Has Different Expectations

The 17-35 age group grew up in a technological world. They do not want to get on the phone, press “1” for English, and be forced to drill down through a load of menus before they get to speak to a customer service representative. In fact, they don’t want to speak to a person at all. They want email updates on their coverage, and email answers to their questions — and otherwise? Leave us alone. Thanks.

Also known as the “thumb generation” for the unusual strength and dexterity they’ve built up texting and playing video games, the Gen Y group is made up of the insurance customers most likely to jump ship in favor of a company more to their tastes. At least 25 percent surveyed say they want more electronic communication and resources from their insurers, but less than 13 percent say they’re getting it.

Additionally, the insurance industry lags behind in utilizing the social media sites so beloved by their younger customers. Out of 50 media-savvy industries ranked by the New York firm NetProspex in the fall of 2010, insurance came dragging in at 42. The industry, as a whole, does not tell its corporate story well online; fails to cultivate contacts on Facebook, Twitter, or LinkedIn; and does not share valuable information. Who ranked worse than insurance? Well, funeral homes came in at 50th. There’s an “ouch” for you.

The best time to find out how much you can save on your present insurance policies is right now!
We provide you with the convenience of online shopping, the benefit of comparison quotes, and the offer of excellent cheap insurance coverage through our relationships with the very best companies in the industry.

Are Any Insurers Getting It Right?

According to the same study by J.D. Power, updated for 2011, the ten best auto insurance companies in terms of customer satisfaction are:

– Amica Mutual
– Erie Insurance
– Shelter Insurance Cos.
– Auto-Owners Insurance
– Ameriprise
– State Farm
– Geico
– State Auto Insurance Cos.
– American Family Insurance
– Alfa Insurance

Surprised that there are companies on that list you’ve never heard of? You shouldn’t be. The old way of doing insurance was simply to compete for the cheapest rates. Inexpensive coverage has been the bellwether of a company’s popularity in years past, but now it takes more than just low rates for an auto insurer to rise in customers’ esteem.

The Best Policy May Blend Low Cost with High Satisfaction

Younger customers want to be able to communicate in the medium that serves them best, and they want innovative insurance products like pay-as-you drive auto policies that actually monitor driving habits and mileage logged to award discounts based on real-life behavior.

Your first step in finding a low, affordable price for you policy is to use an online quote engine. Your next step is to find out as much as you can about your company and the ways in which they will interact with you and you can interact with them. Many insurance customers today are finding out that the mix that best serves their needs is a combination of low-cost coverage and high-value customer service.

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