Reaching the Underinsured Millennial

Reaching the Underinsured Millennial

June 27, 2016

Millennials. The digital-native generation. Generation Y. No matter what you call them, you’d better get busy figuring out how to reach them. Roughly defined as everyone born between 1980 and 2000, Millennials are the hot topic for marketers across industries. But perhaps no industry is struggling with the Millennial conundrum quite as much as the insurance industry.

Recent studies reported that Millennials are currently the most underinsured generation today, and are the least likely to have health, auto, renters, life, and disability insurance. WHY are they such a tough market? They’re young. They’re strong. They’re invincible. Or so they think. Although really, this is nothing new. Remember when you were in your 20s? Enough said. And surveys show that more and more of these young people are dealing with financial problems tied to student debt, lower paying jobs, or no job at all.

1 in 3 Millennials would prefer to purchase insurance online

With an estimated 75 million people, and growing1, this Millennial generation is the most diverse generation in history, yet among marketers there is a tendency to assume they are the same when it comes to their lifestyle, use of technology, attitudes, behaviors, opinions and preferences. The only safe assumption is that they really, really love their technology.

According to a recent Pandora Soundboard panel survey, 1 in 3 Millennials would prefer to purchase insurance online2. We also found that 51% of Pandora insurance holders have engaged in new insurer activities in the past 3 months (research coverage, search for providers, get a quote)2. So, what’s the magical combination for winning their attention? The key to selling insurance to Millennials is to reach them with the right message, at the right time, within an environment they visit daily. Our suggestion? Try Pandora. And here’s why…

1 in 3 Millennials would prefer to purchase insurance online

With over half of U.S. Millennials rocking out on Pandora each month, you can reach this insurance-reluctant market through the power of Pandora’s unique audience data4. By observing over 1 billion data points daily, we’ve unlocked actionable insights and behaviors of the Millennial audience to discover distinctive custom audience segments most valuable to your brand, at scale. Additionally, insurance campaigns on Pandora deliver 2x greater stronger call-to-action compared with other competitive audience platforms5.

Here’s a sample of our Millennial insurance category segments available today:

  • Life Insurance Owners
  • Homeowner Insurance Owners
  • Recently Moved Homes
  • Insurance Carrier Switchers
  • New Home Buyers
  • Renters
  • Uninsured Listeners
  • Homeowners
  • Married Status(s)

At the end of the day, Millennials, DO need insurance. What they need is to become more aware of the types of insurance available to them, and how they can benefit from it. Delivering the right message works, with the right media to the right audience.

When Pandora Plays, Your Message Works. To advertise with us:

click here

Sources:
1. http://www.pewresearch.org/fact-tank/2015/01/16/this-year-millennials-will-overtake-baby-boomers/
2. Pandora Insurance Soundboard Study, N=1529 Nov 2015
3. Nielsen, Music 360 Study, January 2015
4. Pandora comScore Multiplatform, May 2016
5. Pandora Insurance Soundboard Study, N=1529 Nov 2015; Q: Have you ever sought out more information about an Insurance provider after seeing / hearing an ad on the following platforms: Pandora, Spotify, YouTube, AM/FM Radio, Other

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