As reported by PropertyCasualty360.com, millennial business owners are more likely than other generations to work with insurance agents on a wide variety of insurance and financial issues, according to recent survey data.
According to Nationwide’s fourth annual Business Owner Survey, 69% of millennial business owners work with an insurance agent, followed by boomers at 66% and Gen X at 59%.
The most common reason for working with an insurance agent among all generations is the trust that business owners place on the guidance and expertise from an agent.
Further, millennials are relying on agents for guidance in more areas than other generations, especially boomers. Retirement (37% vs. 26%), banking (25% vs. 4%) and succession planning (21% vs. 9%) show a wide generational gap.
Use of insurance agents is widespread among business owners.
- Over six-in-ten business owners (63%) report having an insurance agent, while almost seven-in-ten millennials have one (69%).
- Business owners with between 100-299 employees are most likely to work with an insurance agent (80%), those with fewer than 50 employees are least likely (57%).
- Guidance and expertise (41%) are the driving forces behind the agent relationship, more so than practical considerations like level of coverage (25%) and efficiency (23%).