Millennials are connecting more with insurancebrands, a new survey finds, tied to increasing spending power andchanging personal and family needs.

The Harris Poll’s 29th annual EquiTrend Study, which measures brand appeal overtime, says millennials are showing more interest in insurancebrands than the population in general.

“Millennials have a stronger affinity for lifeand property/casualty insurance companies compared to baby boomersand Generation X consumers,” the report says.

“Millennials report a stronger emotional connection, sharedvalues and fit to life insurance and property and casualtyinsurance companies, and are more likely to trust, consider, andrecommend these insurance companies compared to othergenerations.”

The growing interest from millennials for insurance is boostinginsurance brands overall, the study notes. As this demographic hasfocused more on its long-term needs, the insurance industry hasresponded.

“As the first group of millennials entered the workforce,insurance, specifically life and home, was often thought of as aluxury,” says Joan Sinopoli, vice president of brand solutions atThe Harris Poll.

“Now, a bit older and entering new life stages, millennials havemore to protect and realize that employer-supplied insurance maynot be enough. Leading insurance companies have taken note; severalcompanies have adapted their marketing campaigns to cater tothis important millennial customer.”

Top insurance brands

The Harris Polls Equity Index looks at three measurements:familiarity, quality, and purchase consideration. For the latestsurvey, more than 100,000 U.S. consumers assessed more than 4,000brands in numerous categories such as consumer goods, financialservices, media, nonprofits, and others.

The insurance brands that ranked highest among all consumerswere Blue Cross and Blue Shield (health), Guardian Life Insurance(life), and AAA Auto & Home Insurance (property andcasualty).

Blue Cross and AAA have traditionally scored at or near the topof the survey as brands, but this is Guardian’s first year forbeing the top-ranked life insurance brand.

“Guardian’s emergence as Life Insurance Brand of the Year ismainly driven by an above-the-pack quality score and competitivefamiliarity and consideration ratings,“ says Sinopoli.

“A higher percentage of consumers also cite Guardian asirreplaceable — the only brand or one of few brands they prefer —meaning that Guardians’ consumer allegiance is also strong.”

Other Harris Poll findings include:

• The top five insurance brands are: (1) Blue Cross and BlueShield; (2) AAA Auto & Home Insurance; health insurers HealthNet (3) and Amerigroup (4); and Guardian Life Insurance (5).

• Consumers struggle to identify property and casualty companiesas a good fit for them or as companies they share values with;however, the survey found a solid degree of trustwith AAA and USAA (property and casualty).

• State Farm Auto & Home Insurance (property andcasualty) is among the most familiarbrands; USAA has strong quality positioning among bothlife and property and casualty insurance categories.

• Overall, health insurance companies are slowly increasing theirbrand scores. “With the exception of a dip in equity in 2016,health insurance brands have continued to modestly improve over thelast five years,” the survey says. “Blue Cross and BlueShield has traditionally tracked well above the rest;however Health Net and AmeriGroup are closingthe gap.”