Affluent U.S. boomer parents already own a fair amount of disability insurance and say they hate Internet ads.
Meanwhile, mainstream boomer parents are more likely to need to disability insurance–and they like Internet ads and already are quick to read about term life insurance online.
Researchers at Claritas Inc., San Diego, have published data to support those conclusions in a report based on a 2005 telephone survey of 35,000 U.S. households, including 9,000 that say they have disability insurance.
Claritas is preparing to release the next batch of survey data in June. Firm researchers recently tried to whet disability insurers’ and marketers’ appetites for the new data by sharing samples from the vast collection of 2005 results.
What Your Peers Are Reading
Claritas can break the data down by age group, and it also can break data down using “lifestage groups.” Claritas does not segment the lifestage groups by age, but many of the lifestage groups–such as the Accumulated Wealth group, which includes many parents in affluent suburbs, and the Mainstream Families group, which includes parents in middle-income neighborhoods–are dominated by younger boomers.
Other lifestage groups, such as the Affluent Empty Nests group, are dominated by older boomers, who may not believe they need disability insurance or may no longer be healthy enough to buy disability insurance at a reasonable price.
The insurance, “psychographic” and leisure preference results for the lifestage groups include everything from how likely members of the groups are to buy credit card mortgage disability insurance through agents to how likely they are to do needlepoint.
Making careful use of demographic data and other forms of survey data is especially important in the insurance market because “people want to feel that the agent understands their needs,” says Candace Thornton, insurance practice leader at Claritas.
When marketers are thinking about selling disability insurance to boomers, for example, “you could think that boomers are a homogeneous cohort, but they’re not,” Thornton says. “They’re in desperate need of segmentation.”