Three out of four Millennials in the United States recommend owning insurance, and about half of them say they would wear an activity tracker and share the results in exchange for financial rewards.

A joint study conducted by industry research group LIMRA and the educational organization Life Happens has found that 77% of Millennials were likely to recommend owning life insurance. What's more, 51% of Millennials indicated they were "very or extremely likely" to consider wearing an activity tracker and share those results with a life insurance company if they could earn financial rewards in return for having a healthy lifestyle.

Building long-term relationships

“For those insurance companies willing to modernize the way they engage with customers, there is a great deal of potential to build long-term relationships,” comments Todd Silverhart, corporate vice president and director at LIMRA Insurance Research. “New technologies, such as wearable activity trackers and smart scales are not only able to help Americans live healthier lives, but can be the key to developing relationships between insurance companies and policy owners throughout their lives and into retirement.”

Group or individual life

The study revealed that 60% of Americans currently own some kind of group or individual life insurance and 34% said they are at least somewhat likely to purchase life insurance in the next year. “These intentions are more positive than they have been over the past few years, thanks to more favorable attitudes from Generation X and Millennials,” concludes the report.