Gen Y Consumers, Love Entrepreneurship, Prefer Tech Savviness

January 19, 2011

It’s no big surprise that more and more people are turning to the ‘net to shop for and purchase their insurance coverage, but the latest Employers Small Business Opinion Poll shows confirms that members of Generations X and Y are adamant about wanting their insurers to interact online.

The survey showed that almost half (46%) of those polled who fell into Generation Y say they plan to start their own businesses in the next five years. Even in the middle of uncertain economic times these results show that the 18-25 year old Gen Y segment represents a greater than average entrepreneurial spirit. In fact, 8 percent have already started a business.

Similarly Gen X (ages 26-45) respondents shared the desire to create new businesses in the same time frame, to the tune of 35%, though the inclination to start a business in the next five years is markedly lower among Baby Boomers (ages 46-65) at 21% and nearly non-existent among members of the Silent Generation (those over 66 years old).

Following this trend, the Gen Y and most of the Gen X survey respondents also said they feel that being tech savvy is an important feature of an insurance company. In fact, 70% of Gen Y-ers (oh whom 67% are active users of social media sites) felt that way, and 86% of them want online insurance quotes, while 83% want online customer service, 81 percent believe online policy management is a must, and 79% are feel that online payment options are essential.