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Young Adults, Men, High-Earners Most Likely to Use Social Media for Insurance

Mintel Comperemedia asked survey respondents where they last researched insurance policies and only 4% said on a blog, online discussion group or social networking site. However, 10% of individuals making between $75k and $100k a year, 9% of those aged 25-34 and 6% of men researched policies on social media websites. Moreover, these adults were more likely to say they posted a question on a social networking site as part of their insurance research.

Daniel Hayes, VP of insurance services at Mintel Comperemedia, comments:

"Adults under age 34, men and those earning upwards of $75,000 consistently reported more usage of and interest in social networking. Because these individuals are already engaged in social media and because they use the Internet more for insurance research, policy management and purchasing, I'd like to see insurance companies start targeting them when creating social networking initiatives."

Only 11% of all respondents said they follow companies on social networking websites, but 20% of 25-34s and 19% of those earning $75k-$100k said they do. Younger adults and men are also more likely than average to say they find advertising on social networking sites useful.

When shopping for insurance, 35% of 25-34s and 30% of $100k+ earners said they prefer the Internet to an agent. This compares to 23% of all respondents.

Mintel Comperemedia surveyed 964 insured adults in February 2010.

About Mintel Comperemedia

Mintel Comperemedia provides competitive intelligence for businesses looking to advance and improve their direct marketing strategy. Tracking direct marketing (including mail, email and print advertising) targeted at consumers, small businesses and insurance agents, Mintel Comperemedia offers a unique perspective on everything from banking trends to insurance trends to credit card statistics. For more than 38 years, Mintel has provided insight into key worldwide trends, leading the industry for consumer, product and media intelligence. Follow Mintel on Twitter: http://twitter.com/mintelnews

Joanna Gueller
Mintel International
312-628-7946
jgueller@mintel.com