Generation Rent: Cost the Biggest Barrier to Young Adult Renters Insuring Against Theft and Damage | 07/31/17

Guidewire Software, Inc. (NYSE: GWRE), a provider of software products
to general insurers, today announced that the cost of insurance is a
significant reason cited by young adults, in rented accommodation, for
not taking out household insurance. In a survey,
commissioned by Guidewire, and conducted by OnePoll,
55 percent of respondents stated this is the main reason they do not
have cover. This was followed by not having anything worth insuring (24
percent) and one in ten stating they are uninsured because they do not
believe in insurance.

Overall, 60% of young Brits do not have home and contents insurance even
though 55% have lost or damaged property while uninsured. Those in the
West of the UK were least likely to have insurance (66%) while those in
the North and East were more likely to have cover.

Other key findings are:

  • Digitally obsessed to a point – With a quarter (25 percent) of
    Generation Rent respondents agreeing that their most precious
    possession is their digital/cyber identity and online content, the
    insurance industry needs to change both the type of product and level
    of service it offers to younger adults in order to adapt to
    generational differences. However, when asked what is the one thing
    they would most want to save in a fire or serious incident, 29
    percent, said their pet, ahead of their smart phone (23 percent) and
    computer (17 percent).

  • Want digital and human contact – As digital natives it might be
    expected that being able to speak to someone would be a limited
    concern for this generation, however this is not the case. Both human
    and digital contact are important factors for more than half of
    respondents when considering an insurer. 82% said it…

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