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Microsoft Insurance Industry Survey Research Results
Survey of Adults “Millenials” 18-27 years old
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Survey MethodologyDATA COLLECTION DATES: April 21 – March 27, 2008
METHOD: Online survey
SAMPLE SIZE: 704 adult “Millenials” 18-27 years old
SAMPLE: A total of 503 interviews were conducted in the U.S. and 201 conducted in Canada. Total percentages were weighted to more accurately reflect the population proportions of both countries.
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Executive Summary
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• Not surprisingly, more than ninety percent of “millennials” say they use web-based searches and email on a daily basis. Additionally, more than seven in ten say they use instant messenger (71%) or visit social networking sites (77%) frequently.
– Those under 24 are more likely to say they use instant messenger and visit social networking sites on a frequent basis.
– About a third or less say they use the following technologies or services – gaming communities such as Xbox live (35%), personal blogs (28%), personal websites (26%), Skype or other internet phone services (24%), virtual worlds such as Second Life (14%).
• Close to two-thirds (64%) say the belong to 1 or 2 social networking sites similar to Facebook and MySpace. 15% say they do not belong to any social networking sites.
– Those from rural areas and older “millennials” (24+) are more likely to say they do not belong to these types of sites.
– Men are more likely to say they belong to 3 or more social networking sites compared to women (25% vs. 18%).
– Non-whites are more likely to say they belong to 3 or more social networking sites compared to whites (34% vs. 18%).
• Close to half (48%) of “millennals” say when they have a bad customer experience, they are likely to blog or post their experiences online (20% “frequently”, 28% “occasionally”)
• Close to nine in ten (87%) say they access their primary or preferred social networking site at least a couple times a week, with the majority saying they access these sites daily (64%).
Executive Summary – Technology & Internet Usage
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• Three-quarters or more “millennials” say they would expect to have or use the following within a professional workplace – web-based searches (80%), office productivity applications (79%), company provided desktop, company email accounts.
– Less than half of the respondents say they would expect or use the following within these work environments – social networking sites (40%), company provided virtual meetings (42%), personal instant messenger (45%), mobile or smart phones paid by company (48%), Wikipedia or other Wikis (49%).
• Nine in ten (91%) say having more access to newer, innovative technologies would make them more likely to consider potential job opportunities, with more than a third feel strongly about this (38% much more likely to consider).
– Men are more likely to feel strongly about this (45% vs. 31%), and so are Americans (39% vs. 27%).– Interestingly, “millennials” who say they would consider the insurance industry as a possible career
choice are more likely to feel strongly about this (48% vs. 25%).
• 85% of “millennials” say the opportunity and ability to work with newer, innovative technology is important to them when deciding to consider job opportunities, with a third (35%) say this is “very” important.
– Out of the other five opportunities tested, only the ability to have a flexible work schedule or location was considered more important to these respondents.
– The ability to work with newer, innovative technology was seen as more important than – being able to dedicate time to outside charitable efforts (70%), being able to work with people their age (71%), opportunities to work on collaborative team projects (72%), and the ability to telecommute or work from home (77%).
Executive Summary – Expectation & Considerations
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• More than half (55%) of “millennials” say they would consider the insurance industry for a possible career or currently work within the industry.
– U.S. respondents are significantly more likely to say they would consider the insurance industry compared to their counterparts in Canada (56% vs. 41%).
• Close to two-thirds of “millennials” believe the insurance industry can be described by the following statements: – The insurance industry has a poor public image – 65%
• This is especially true among those age 18-20 (67% vs 56% older)
– The insurance industry is old in general – 63%
• Adopting more online technology to better serve their customers appear to be the priority among “millennials”.– Three-quarters or more say insurance companies should adopt the following to better serve customers – web-based support
(89%), personal web portals with full view of accounts (86%), and live online chats with agents (76%).– Additionally, close to two-thirds say they should also adopt automated phone response (69%), company blogs to post concerns
(69%), and instant messaging with agents (67%).• Those under 24 are more likely to believe adopting mobile alerts is important to better serve customers compared to older
“millennials” (66% vs. 53%).• Additionally, “millennials” from the U.S. were consistently more likely to place greater importance on insurance companies adopting
these technologies to better serve customers.
• Currently, it appears that most “millenials” are currently choosing to interact with their insurance companies over the phone or through a call center.
• However, it is evident that these respondents would prefer to have other avenues more available through the web, email and online chats.
• Close to half (48%) say their family is their most trusted source of advice when deciding to choose an insurance company.
Executive Summary – Insurance Industry
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Detailed Findings
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94%
92%
77%
71%
59%
35%
28%
26%
24%
14%
Web-based search such as Google,Yahoo, MSN, etc.
Web-based e-mail such as Gmail,Yahoo mail, Hotmail, etc.
Facebook, MySpace, or other socialnetworking websites
Instant messanger such as Yahoo,MSN, AOL, etc.
Wikipedia or other Wikis
Gaming communities such as XboxLive, etc.
Personal blog
Personal website
Skype or other Internet phoneservice
Virtual worlds such as Second Life,etc.
Technology they use daily
Please tell me if you use any of the following technologies or services on a daily or frequent basis? % saying “yes”
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One 33%
More than 2 21%
Two 31%
None 15%
Membership to social networking sites
Please tell me how many social networking sites such as Facebook, MySpace, etc. you belong to at this time?
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Never 10%
Less than daily 24%
Daily 64%
How often and how long on these sites?
From the following list of choices, how often would you say you access your primary or preferred social networking site?
More than 30 minutes 33% 6-10 minutes 19%
21-30 minutes 15%
11-20 minutes 22%
5 minutes or less 9%
From the following list of choices, how much time would you estimate you spend on these social networking sites each time you visit? (Among those who visit)
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Occasionally 28%
Never 28%
Rarely 24%
Frequently 20%
Report bad customer experiences
When you have a bad customer service experience, how often do you blog about it or post your experience in chat rooms or social networking sites?
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No 62%
Yes 38%
Current work environment
Do you currently work within a professional workplace, office or office space environment?
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80%
79%
76%
75%
68%
62%
57%
53%
50%
49%
48%
45%
42%
40%
Web-based search such as Google, Yahoo, MSN, etc.
Office productivity applications such as Word, Excel, PowerPoint, etc.
Company-provided desktop PC
Company e-mail accounts
Web-based e-mail such as Gmail, Yahoo mail, Hotmail, etc.
Company intranet or web portal
Company-provided conference call line
Company-provided notebook or tablet PC
Internal company instant messanger
Wikipedia or other Wikis
Mibile or smart phone paid or supported by the company
Personal instant messanger such as Yahoo, MSN, AOL, etc.
Company-provided virtual meetings
Facebook, MySpace, or other social networking websites
Technology expectations of workplaces
Regardless if you work in this type of office environment currently or not, please tell me if you would expect to use any of the following technologies or services within a professional workplace, office, or office space? % saying “yes”
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Unlikely 9%
Likely 91%
Total breakdown:• Much more likely -38%• Somewhat more likely - 53%• Somewhat less likely – 5%• Much less likely – 4%
Importance of newer, innovative technology
Would having more access to work with newer, innovative technologies make you more or less likely to consider a potential job opportunity?
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Yes, would consider 51%
Definitely not 14%
Probably not 31%%
Yes, currently work for 4%
Consideration of Insurance Industry
Do you think you would consider the insurance industry as a possible career option now or in the near future?
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65%
63%
58%
53%
The insurance industry has a poorpublic image
The insurance industry is old ingeneral
The insurance indsutry has olderworkers
The insurance indsutry is notinnovative
Perception of Insurance Industry
I’m now going to read you some statements and after each one I would like you to tell me how well you believe this statement describes the insurance industry – very well, somewhat well, not too well, or not well at all? % saying “well”
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91%
85%
77%
72%
71%
70%
Being able to have flexible workschedules and work locations
The ability to work with newer,innovative technology
The ability to telecommute or workfrom home
Opportunities to work oncollaborative team projects
More likely to work with people yourown age
Allowing you to dedicate the time youwant to outside charitable efforts
Importance of certain work environment opportunities
Now I’m going to read you a series of opportunities that could be available within certain work environments. After I read each one, please tell me how important each one is or will be to you when you are deciding to consider job opportunities – very important,
somewhat important, not too important, or not important at all? % saying “important”
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Insurance profiles
55%
41%
29%
24%
16%
17%
25%
36%
22%
20%
12%
8%
20%
22%
49%
56%
73%
74%
Car
Health
Life
Home
Other vehicle
Rental
Yes, personally Yes, covered under another plan No
Now I am going to ask you some questions about insurance. Please tell me if you currently have insurance for any of the following? If you do, please indicate if you personally own the insurance or if you are covered under someone else’s plan?
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89%
86%
76%
69%
69%
67%
59%
Web-based support
Personal web portals with full view ofyour accounts
Live online chats with agents
Automated phone responses
Insurance company blogs to postconcerns, questions, etc.
Instant messanging with agents
Mobile alerts (vis SMS, etc.)
Importance of adopting customer service tools
Please tell me how important you think it is for insurance companies to adopt the following technologies to better serve their customers – very important, somewhat important, not too important, or not important at all? % saying “important”
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Communication with insurance companies
Currently do most often
Would prefer to do
Phone or call center 55% 35%
Regular mail 6% 4%
The web or their website 8% 13%
E-mail 14% 21%
Live online chats 2% 10%
At their branch office or in-person 14% 17%
When you have to interact with your insurance company, which of the following ways do you most often chose to communicate with them by?
When you have to interact with your insurance company, which of the following ways would you prefer the most when you have to communicate with them?
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48%
14%
12%
11%
5%
4%
3%
2%
Family
Your insurance agent
Your friends
Company website
Third-party consumer website
Newspapers, magazines, TV, othermedia
Work colleagues
Third-party consumer blogs
Trusted sources
From the following list of choices, who would you say is your most trusted source of advice when deciding to choose an insurance company?
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87%
84%
80%
57%
55%
55%
48%
42%
Ask friends and family directly
View products, services and rates incompany websites
Call multiple insurance companiesfor rates and information
Visit agents in person in branches oroffices
Seek advice fro third-party consumerwebsites
Ask friends or work colleagues viasocial networking sites
Call agents directly
Seek advice from third-partyconsumer blogs
Likely activities during decision making process
Please tell me if you would do any of the following activities when comparison shopping for an insurance company?
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Appendix
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Age
18 - 20 22
21 - 23l 25
24+ 53
Respondent ProfileWhere they live
City/Urban 44
Suburbs 31
Town or Village
Rural
12
12
Region
East/Northeast 20
Midwest 27
South 33
West 20
Race
White 30
Latino/Hispanic 8
Asian 11
Black/African-American 7
Other 5
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Recommended Reading: Generation Blend
• Technology and demographics are on a collision course. Digital Natives, Boomerang Boomers, and Generation X-ecutives are all grappling with the transformative implications of Web 2.0 technologies, and organizations are scrambling for the best ways to unlock the talents of a multigenerational workforce in a connected world. Generation Blend ventures deep into the technology age gap and provides real-world solutions to combine the best that younger and older workers have to offer.
• Find the book here: http://www.amazon.com/Generation-Blend-Technology-Microsoft-Leadership/dp/0470193964/ref=sr_1_1?ie=UTF8&s=books&qid=1199997785&sr=8-1