One of the recent surveys released by the Life & Health U.S. Research Center was a collaborative effort with the University of Southern Maine’s Dana Kerr, Associate Professor and MEMIC John T. Leonard Chair in Risk Management & Insurance. Surveying more than 300 people aged 18 to 24‑years-old, they provided their perceptions of the insurance industry by sector and as a career and opinions about insurance as a product and possible field of study. The questions captured sociodemographic information and previous exposure to the insurance industry.

Some of the key highlights included:

• 23% of respondents had never purchased any type of insurance
• 54% do not see insurance as a prestigious career, while the same number felt being educated about insurance is as valuable as being educated on other business topics
• 48% see insurance is a necessary and valuable product

Survey participants were asked about their own prior insurance purchase experiences:

Insurance Purchases: Ages 18 to 24

Almost half of respondents noted they were satisfied with their insurance purchases while the same percentage (41%) were indifferent about theirs.

Insurance Purchase Satisfaction Experience: Ages 18 to 24

Participants were asked on which media platforms they recalled seeing or hearing insurance advertisements or commercials. Only 6% didn’t recall seeing any ads.

Ad Recall: 18 to 24‑year-olds

Participants were asked how the ads they’ve seen shaped their attitudes and perceptions about the insurance profession, pursuing a career, studying insurance as an academic discipline and buying insurance. Ads had the least impact on interest in pursuing an insurance career, with over half (55%) of participants reporting no interest. Close to half (49%) also reported no interest in studying insurance as an academic discipline.

Ad Attitude & Perception Shaping: 18 to 24‑year‑olds

Participants were asked to choose which job responsibility they most closely associated with a career in the Property & Casualty and Life & Health insurance professions. Top responses included claims, underwriting, and actuarial.

18 to 24‑year-olds’ Perception of Insurance Career Job Responsibilities

For a deeper dive into the results about this cohorts’ perceptions of the insurance industry by sector, previous exposure to the industry, and opinions about insurance as a product and possible field of study, you can read our report.