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Mintel Comperemedia reveals gap in health, life insurance direct marketing to Gen X and Gen Y
Chicago (July 29, 2009)---Your age may determine how much insurance companies spend trying to get you onboard. New research from Mintel Comperemedia, a service that provides direct marketing competitive intelligence, shows health and life insurers pay much more attention to Baby Boomers than they do to Generation X and Generation Y.
In the 12 months ending June 2009, Gen Xers received 15% fewer health insurance marketing direct mail pieces than Boomers. Gen Y saw even fewer offers: 25% less than their parents generation. For life insurance, the younger generations are equally ignored: Gen X and Gen Y got 18% and 23% fewer mailings, respectively, than Baby Boomers did in the past year.
Health and life insurers seem to favor marketing to older adults, but in doing so theyre missing vast market opportunities. All generations can benefit from health and life insurance coverage, so age shouldnt dictate insurers direct marketing strategy, states Daniel Hayes, vice president of insurance services at Mintel Comperemedia.
Recent consumer data from Mintel shows Generation X is very interested in health and life insurance, despite getting less direct mail. Gen Xers are less likely than average to say they own non-employer based life or health insurance, but theyre more likely to say theyll purchase these products in the near future (17% more likely for health insurance, 23% for life insurance).
Furthermore, 63% of Gen X adults told Mintel it is important to be well-insured when it comes to life insurance, versus just 58% of the general population agreeing with that same statement.
Generation X is under-served and over-interested in life and health insurance, making them the perfect target market, comments Daniel Hayes. Because Gen Xers are concerned about providing for both young children and aging parents, adequate insurance coverage is extremely important. They want to keep themselves and their dependants healthy, but they also need to know their families will be provided for if they arent around.
Mintel says Gen Xers are 72% more likely than the average American to say theyre currently saving for a childs education. But at the same time, theyre preparing to support their parents: 53% of Gen Xers say they expect to be the primary caregiver for a parent or other relative.
Mintel Comperemedia provides competitive intelligence for businesses looking to advance and improve their direct marketing strategy. Tracking direct marketing (including mail, email and print advertising) targeted at consumers, small businesses and insurance agents, Mintel Comperemedia offers a unique perspective on everything from banking trends to insurance trends to credit card statistics. For more than 38 years, Mintel has provided insight into key worldwide trends, leading the industry for consumer, product and media intelligence.
Joanna Peot
Public Relations Executive
312-628-7946
jpeot@mintel.com