The large number of 18-34 year olds living in rented property have a range of insurance needs. However, they have not been as attracted to insurance or as effectively engaged as other consumers. This brief builds a picture of their purchasing needs and preferences across personal lines products, highlighting opportunities for insurers to capture this group through the customer life cycle.
Identify the opportunities and current challenges in engaging with young tenants across the suite of personal lines products.
Build a proposition targeting 18-34 year olds, informed by their unique requirements and purchasing preferences.
What is the current insurance take-up by young, renting consumers and in what ways may this be increased?
How do young tenants prefer to purchase their insurance, and from which insurers?
There is a significant and growing market for home contents insurance tailored to the needs of those renting a room rather than a full flat or house.
While Petplan stands out as pet insurer of choice in the total survey, it dominates within the young tenants segment. Although absent from comparison sites, Petplan has built a strong Facebook presence.