The Young and Connected

A recent survey published by Mintel Comperemedia, a provider of direct marketing competitive intelligence, says young adults, especially men and high-income earners, are the groups most likely to use social media for insurance research and communication.

That finding sounds like somewhat of a “Well, duh!” conclusion, because young adults as a whole are the most prolific users of social media channels such as Facebook, YouTube, LinkedIn and blogs. However, it adds credence to the idea that social media is gaining in value as an avenue for reaching out to a population that may not be as receptive to traditional marketing channels.

Mintel Comperemedia surveyed 964 insured adults. While overall only 4 percent of respondents said they last researched insurance options on a blog, online discussion group or social networking site, 10 percent of individuals making between $75,000 and $100,000 a year, 9 percent of those aged 25 to 34, and 6 percent of men researched policies via social media channels. These individuals also indicated they were more likely to post a question on a social networking site as part of their insurance research.

Only 11 percent of all respondents said they follow companies on social networking Web sites, but 20 percent of those aged 25 to 34, and 19 percent of those earning $75,000 to $100,000 said they do.

“Adults under age 34, men and those earning upwards of $75,000 consistently reported more usage of and interest in social networking,” said Daniel Hayes, vice president of insurance services at Mintel Comperemedia. He said insurance companies would be wise to keep such individuals in mind when creating initiatives for social networking.

Younger adults and high earners are more likely to prefer the Internet to an agent when shopping for insurance the survey found. Thirty-five percent of 25- to 34-year-olds and 30 percent of those earning more than $100,000 said they prefer the Internet for insurance shopping, compared to 23 percent of all respondents.

In everything related to the Internet and technology, it seems nothing is certain but that change will come. Older adults are increasingly becoming interested in social media outlets, and in fact are the fastest growing sector in the social media space, according to Forrester Research. And the Federal Communications Commission recently unveiled an ambitious plan to vastly expand both the accessibility and speed of the nation’s broadband capability in the next 10 years to build “the world’s largest market of high-speed broadband users.”

While many of us may no longer be young, we can work on the “rich” component, and it looks like we definitely will be connected.