MILLENNIAL GENERATION AND DEMAND FOR INSURANCE SERVICES IN NIGERIA

Abstract

In many countries, insurers are now redesigning their promotional activities to reach outto a special cohort, the millennials, who are believed to have huge resources at their disposal. This exploratory study aims at establishing what considerations influence the millennials in buying insurance coverages in Nigeria. Survey data obtained from 331 respondents were analysed in order to determine which insurance policies are common with the millennials, what mode of payments are preferred by them, which promotional channels of the insurers do they prefer and what specific factors influence their insurance buying decisions. Among other findings, the most popular insurance protections held by the millennials in Nigeriaare pension plans, health insurance and life insurance. Findings also show that the millennials prefer shopping on line, and that they will more likely purchase an insurance product if their peers say good things about that product and if the product has a social media presence. Insurers will need to consider investing more in digital technologies so as to make their presence felt on the social media.