Nationwide’s P&C Sales & Distribution has conducted a new survey among Millennial business owners and found that they are more likely than other generations to work with insurance agents on a wide variety of insurance and financial issues.
“Millennial business owners came of age during the 2008 recession—a time of economic crisis marked by uncertainty in financial markets, significant job reductions across the country and a sudden downturn in the real estate market,” said Amy Shore, president of Nationwide’s P&C Sales & Distribution. “For that reason, it’s not hard to understand why this generation is more motivated than the generations that came before them to proactively take steps that satisfy their need for stability. Seeking professional advice intended to position a business for success over the long-term is exactly what business owners stand to gain by working with an agent.”
The survey also revealed that 69% of Millennial business owners work with an insurance agent, followed by Boomers at 66% and Gen X at 59%. In addition, Millennials depend on agents for guidance in more areas than other generations. Retirement (37 % vs. 26 %), banking (25 % vs. 4 %), and succession planning (21 % vs. 9 %) show a wide generational gap.
