Insurers need a “superior digital offering” to win over UK Millennials, according to research and consulting group GlobalData.

“These individuals have different insurance needs and preferences compared with the mass market,” Financial Analyst Danielle Cripps said.

“In other words, they are not traditional customers – meaning that in some product lines, standard insurance packages do not fit their requirements.”

At the very least, insurers must have online sales channels to capitalise on the group’s high usage of smartphones.

“Apps and social media platforms provide insurers with more opportunities to engage with Millennials as customers and to enhance policy and brand engagement,” Ms Cripps said.

“A superior digital offering will stand insurers in good stead, but any product or service that targets Millennials needs to acknowledge the unique circumstances of these consumers to truly succeed.”

There are about 14.7 million UK Millennials, aged 18-34, making up 28.6% of the adult population.

They are “digital natives”, with vastly different insurance requirements from previous generations.

Home insurance is one obvious area of difference: Millennials are more likely to want contents cover, since most live in privately rented accommodation.