{"id":13189,"date":"2018-12-11T04:13:07","date_gmt":"2018-12-11T09:13:07","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/millennial-business-owners-more-likely-to-work-with-agents\/"},"modified":"2018-12-11T04:13:07","modified_gmt":"2018-12-11T09:13:07","slug":"millennial-business-owners-more-likely-to-work-with-agents","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2018\/12\/11\/millennial-business-owners-more-likely-to-work-with-agents\/","title":{"rendered":"Millennial Business Owners More Likely To Work With Agents"},"content":{"rendered":"
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Cautious millennial business owners are more likely than other generations to work with insurance agents on a wide variety of insurance and financial issues, according to recent survey data.<\/p>\n

\u201cMillennial business owners came of age during the 2008 recession\u2014a 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,\u201d said Amy Shore, president of Nationwide\u2019s P&C Sales & Distribution.<\/p>\n

\u201cFor that reason, it\u2019s 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.\u201d<\/p>\n

According to Nationwide\u2019s fourth annual Business Owner Survey, 69 percent of Millennial business owners work with an insurance agent, followed by Boomers at 66 percent and Gen X at 59 percent. The most common reason for working with an insurance agent among all generations is the trust that business owners place on the guidance and expertise from an agent.<\/p>\n

Further, Millennials are relying on agents for guidance in more areas than other generations, especially Boomers. Retirement (37 percent vs. 26 percent), banking (25 percent vs. 4 percent), and succession planning (21 percent vs. 9 percent) show a wide generational gap.<\/p>\n

\u201cIt\u2019s important for us to provide advice and advocacy to Millennial business owners who are increasingly looking for ways to protect their assets, especially as their businesses grow,\u201d said Craig Concklin, president of Concklin Insurance Agency Inc. in Chicago. \u201cInsurance agents are business owners, too, so we can relate and respond to the concerns and questions from business owners who want to protect what matters most to them.\u201d<\/p>\n

Other key findings from the survey show:<\/p>\n

Use of insurance agents is widespread among business owners.
\n\u2022 Over six-in-ten business owners (63 percent) report having an insurance agent, while almost seven-in-ten Millennials have one (69 percent).
\n\u2022 Business owners with between 100-299 employees are most likely to work with an insurance agent (80 percent), those with fewer than 50 employees are least likely (57 percent).
\n\u2022 Guidance and expertise (41 percent) are the driving forces behind the agent relationship, more so than practical considerations like level of coverage (25 percent) and efficiency (23 percent).
\nPrice is the top consideration when selecting an insurance agent.
\n\u2022 Next in line is insurance coverage\/offerings, followed by customer service.
\n\u2022 While trust and guidance are reasons for having an agent, reputation ranks No. 5 on the list of reasons provided by the survey.
\nAlthough half of the owners have never filed a claim for their business, 70 percent of Millennials have.
\n\u2022 Half (51 percent) admit to reviewing their insurance policy on an annual basis.
\n\u2022 No universal milestone is driving insurance reviews. Business owners admit to a variety of reasons occurring across various time periods.
\n\u2022 Part of this reasoning may be that business insurance goes largely unused. Half of owners (53 percent) have never filed a claim for their business.
\n\u2022 Boomers have used their coverage to an even lesser extent, as 62 percent have never filed a claim compared to 30 percent of Millennials.<\/p>\n

The post Millennial Business Owners More Likely To Work With Agents<\/a> appeared first on InsuranceNewsNet<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cautious millennial business owners are more likely than other generations to work with insurance agents on a wide variety of insurance and financial issues, according to recent survey data. \u201cMillennial business owners came of...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/13189"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=13189"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/13189\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=13189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=13189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=13189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}