According to Nationwide’s fourth annual Business Owner Survey, millennial business owners are more likely to work with insurance agents than those in other generations. They are also more likely to seek agent counsel on a variety of financial issues. The Nationwide findings, via Edelman Intelligence, involved a 20-minute online survey among 1,000 U.S. business owners. The survey found that only 66% of baby boomers work with an insurance agent and 59% of Gen Xers do, versus 69% of millennial business owners. Nationwide says they identified the trend as driven, in part, by caution.
Amy Shore, president of Nationwide’s P&C Sales and Distribution says that millennial business owners came of age during the 2008 recession – a time of economic crisis marked by uncertainty in financial markets, significant job reductions across the country and a sudden downturn in the real estate market. “For that reason, it’s not hard to understand why this generation is more motivated than generations that came before them to proactively take steps that satisfy their need for stability,” says Shore. “Seeking professional advice intended to position a business for success over the long-term is exactly what business owners stand to gain by working with an agent.”
Some of the survey results regarding millennials include:
- 37% of millennials also use agents for guidance on retirement
- 25% of millennials rely on agents for expertise on banking
- 21% of millennials rely on agents for succession planning
- 70% of millennials say they have filed a claim for their business
Other statics from the report include:
- 80% of business owners with 100-299 employees are more likely to work with an agent.
- 41% said they seek guidance and expertise
- 62% of boomers said they have never filed a claim.
Choices for insurance include:
- Coverage Options
Whatever your reasons (or your generation), ALLCHOICE Insurance is here for you.