Consumer Choice in the Travel Insurance Market in Russia (the Case of Millennials)

The study is based on an analysis of the differences between the peculiarities of consumer demand of different generations in the travel insurance market. In particular, the work should show how the choice of generation Y is made on the travel insurance market. Based on these findings, we are going to build recommendations on how firms can expand the share of the audience of the Y generation among consumers. To achieve this purpose, the study provides an analysis of consumer demand for the second largest company in terms of premiums collected. Preliminary results show that young people treat insurance frivolously, if the matter does not concern the practice of dangerous sports. But there are those who purchase policies with the maximum coverage for ordinary travel. Most of these are people who have already experienced insurance claims abroad or who are flying for a long period (more than a month). The study should determine the main characteristics of the trip and the buyer, available in the database, in which young people tend to buy policies with extended coverage. These recommendations will be useful not only for the company on the basis of which the research is being conducted, but also for other participants of the insurance market. This is useful to other insurers, since the trend to attract young people is common to the entire market.