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Young Consumers' Life Activity Rises: MIB

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MIB Group Inc. says young U.S. consumers may have shopped a little more for August than in August 2016.

The Braintree, Massachusetts based data collection group says U.S. individual life insurance application activity for consumers under age 45 increased 0.2%, year over year.

That’s the first increase MIB has reported for the 0-44 age group since April.

(Related: Life Application Activity Drops Again in July: MIB)   

The overall life activity level was 1.5% lower, year-over-year. But the year-over-year decrease was down from 2.6% in July, and it was the smallest year-over-year decrease reported since April.

Activity fell 2.6% for consumers ages 60 and older. Those consumers are members of the baby boom generation or earlier generations.

Activity for consumers ages 45 to 59, who are either younger boomers or members of Generation X, fell 4%.

MIB runs databases that life insurer and other insurers use to verify the information consumers put on coverage applications.

Managers believe the system provides verification services for more than 90% of the life applications processed in the United States and Canada.

— Read Insurer Tech Projects That Made a Difference on ThinkAdvisor.

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