New research has found that nearly a third of millennials — those born between 1982 and 2000 — qualify as urban professionals earning in excess of $75,000 per year, according to Nielsen. That represents approximately 24 million U.S. consumers — a massive number by any stretch, and one that continues to grow rapidly.
The good news for auto insurance carriers offering usage-based insurance (UBI) is that this particular group of consumers has proven to be vastly more accepting of the telematics technology that makes UBI possible. In fact, a recent study by Nielsen points out that upscale millennials are 79% more likely than the average consumer to use telematics programs.
So how do you as an insurer engage this rapidly growing demographic to increase participation in your UBI program? Here are a few ideas.
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