Young Adults, Men and High-Earners Most Likely to Use Social Media for Insurance

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*Best of 2010: Con­sumer Spend­ing Fore­casts*

As in oth­er indus­tries, insur­ance com­pa­nies are weigh­ing the ben­e­fits of social media for pro­mo­tion and cus­tomer inter­ac­tion. A new sur­vey from Mintel Com­pere­me­dia sug­gests insur­ers’ efforts would be best spent tar­get­ing young adults, men, and high-income earn­ers, as these groups are the most like­ly to already use social media for insur­ance research and com­mu­ni­ca­tion.

Mintel Com­pere­me­dia asked sur­vey respon­dents where they last researched insur­ance poli­cies and only 4% said on a blog, online dis­cus­sion group or social net­work­ing site. How­ev­er, 10% of indi­vid­u­als mak­ing between $75k and $100k a year, 9% of those aged 25–34 and 6% of men researched poli­cies on social media web­sites. More­over, these adults were more like­ly to say they post­ed a ques­tion on a social net­work­ing site as part of their insur­ance research.

Adults under age 34, men and those earn­ing upwards of $75,000 con­sis­tent­ly report­ed more usage of and inter­est in social net­work­ing. Because these indi­vid­u­als are already engaged in social media and because they use the Inter­net more for insur­ance research, pol­i­cy man­age­ment and pur­chas­ing, I’d like to see insur­ance com­pa­nies start tar­get­ing them when cre­at­ing social net­work­ing ini­tia­tives,” says Daniel Hayes, VP of insur­ance ser­vices at Mintel Com­pere­me­dia.

Only 11% of all respon­dents said they fol­low com­pa­nies on social net­work­ing web­sites, but 20% of 25–34s and 19% of those earn­ing $75k-$100k said they do. Younger adults and men are also more like­ly than aver­age to say they find adver­tis­ing on social net­work­ing sites use­ful.

When shop­ping for insur­ance, 35% of 25–34s and 30% of $100k+ earn­ers said they pre­fer the Inter­net to an agent. This com­pares to 23% of all respon­dents.

Sur­vey, Mintel Com­pere­me­dia. 11 Mar. 2010.  Web.  5 Apr. 2010.