Advisor.ca | Gen Y Wants Social Media Insurance
Your Gen Y clients love using social media. And they want to insure it too.
They offer a potential emerging market for online insurance coverage, says research done by the Chartered Insurance Institute (CII) in the UK.
Its research shows younger clients are more aware of media risks than their Baby Boomer and Gen X counterparts in the UK. They’re intent on minimizing financial loss or reputation damage through online scammers.
CII found they’re most concerned with being able to control the commercial use of their name, image or other aspects of their identity. Over half (56%) of expressed an interest in protecting personal image rights through insurance cover.
Conversely, only 23% of those aged 55 and above were concerned with purchasing insurance to control publicity rights. And only one-third of those aged 45-to-55 felt social media insurance is necessary.
If an account is hacked or parodied by a third party, reputation and security damage can be significant. Limiting the impact scored highly among 18- to 24-year-olds, with 26% stating they consider insurance as a safeguard for their reputation. Only 5% of older users shared their concerns.