Younger customers are almost twice as likely to change car or home insurance companies as older consumers, according to a new survey by Deloitte LLP.
In the prior year, 20 percent of 18- to 34-year-olds changed car insurance companies, compared to only 10 percent of those over 50. Almost 15 percent of the younger survey respondents signed with a new auto insurer between 12 and 24 months ago, compared to 9 percent of those over 50.
Among homeowners, about 12 percent of the youngest demographic had changed insurers in the previous year, compared to just 5 percent of those 51 and older. Fifteen percent of younger consumers bought from a new carrier between 12 and 24 months ago, compared to 6 percent of older customers.
Among all policyholders, 45 percent had never switched home insurance carriers, and 30 percent had never changed car insurance companies.
Social media, cellphone applications and other high-tech communication options are more important to younger customers, the survey found. Almost 50 percent of those 18 to 34 said communication over several channels was extremely or very influential when deciding to switch car insurance carriers, versus slightly more than 20 percent of respondents over age 35. For homeowners 18 to 34, about half said numerous touch points were influential, compared to only 19 percent of those over 50.