The young people account for 20% of of the $180bn US auto insurance market. Here’s some trends in their buying behavior a la a BCG infographic:
- That nearly 40% are willing to buy from Amazon, Google, and others should put traditional insurance vendors in full on freak out mode.
- Once The Kids start the long (up to two weeks!) research process, they’re 70% more likely to switch than The Olds. So, it’s probably a good idea for incumbents to heavily get involved in research, pointing to native content sponsored “third parties” and providing their own research.
- As one of our Pivotal customers, Allstate, put it: “Everybody is going to disrupt the insurance industry. It hasn’t been disrupted in eighty-plus years.”