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Vertafore Millennial Insights Survey 2016

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View the slides to see the results from Vertafore's 3rd annual Millennials survey. This was the largest data set in the history of the survey with over 3,800 respondents providing feedback on millennials in the insurance industry.

Millennials now outnumber baby boomers as America’s largest generation – so whether you are part of the millennial generation or just want to know how to tap into that hirable market, you're going to learn something from these results.

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Vertafore Millennial Insights Survey 2016

  1. 1. © 2016 Vertafore, Inc. and its subsidiaries.1 2016 Millennial Insights: Building the Modern Agency September 7, 2016
  2. 2. © 2016 Vertafore, Inc. and its subsidiaries.2 Agenda 1 Introductions 2 Defining generations 3 Millennials and social media 4 Millennials and technology 5 Millennials and insurance
  3. 3. © 2016 Vertafore, Inc. and its subsidiaries.3 Introductions Marc McNulty, CIC Vice Pres of Insurance Operations The Uhl Agency Lauren Crosby Chapter Coordinator NetVU
  4. 4. © 2016 Vertafore, Inc. and its subsidiaries.4 Introductions Adam Stolly, CIC Producer/Personal Lines Manager Stolly Insurance Group Ashley Rosborough, ACSR Agency Manager, COO J.T. Rosborough, Inc.
  5. 5. © 2016 Vertafore, Inc. and its subsidiaries.5 Defining generations 52 to 70 years old Average age of insurance professionals: 59 25% will retire by 2018 19 to 35 years old 34% of U.S. workforce in 2015 More than 75.4 million 1946 1965 1980 1997 2016 Baby Boomers Generation Y Generation ZGeneration X Baby Boomers Millennials
  6. 6. © 2016 Vertafore, Inc. and its subsidiaries.6 Millennials and social media1
  7. 7. © 2016 Vertafore, Inc. and its subsidiaries.7 Millennials and social media 61% use more than once daily Up 10% from last year 23% use it more than once daily 41% use it at least once daily Personal use
  8. 8. © 2016 Vertafore, Inc. and its subsidiaries.8 Millennials and social media 0 10 20 30 40 50 60 Brand awareness Professional development Lead generation Customer support Customer retention Search for new jobs Hire/recurit employees For what purpose do you utilize social media in your professional role?
  9. 9. © 2016 Vertafore, Inc. and its subsidiaries.9 Millennials and technology2
  10. 10. © 2016 Vertafore, Inc. and its subsidiaries.10 Millennials and technology 0 10 20 30 40 50 60 70 80 90 Desktop Smart phone Management system Laptop Tablet CRM Smart watch What technology do you utilize in your role?
  11. 11. © 2016 Vertafore, Inc. and its subsidiaries.11 Millennials and technology 2X Millennials are twice as likely as baby boomers to share data for discounts or benefits 86% Percentage of millennials who say technology increases efficiency and ability to stay competitive Millennials ranked technology as important or very important to staying in the industry 85%
  12. 12. © 2016 Vertafore, Inc. and its subsidiaries.12 Millennials and insurance3
  13. 13. © 2016 Vertafore, Inc. and its subsidiaries.13 Millennial outlook
  14. 14. © 2016 Vertafore, Inc. and its subsidiaries.14 Millennial outlook 85% of millennials ‘optimistic’ or ‘very optimistic’ the insurance industry will evolve to attract the next generation of talent 70% of millennials would recommend a career in insurance to their friends
  15. 15. © 2016 Vertafore, Inc. and its subsidiaries.15 Millennial outlook 81% of millennials plan on staying in the industry as long as possible, up 5% from 2015
  16. 16. © 2016 Vertafore, Inc. and its subsidiaries.16 Millennial outlook 70 72 74 76 78 80 82 Financial stability Work/life balance Career growth Rate each of the following based up importance to staying in the insurance industry.
  17. 17. © 2016 Vertafore, Inc. and its subsidiaries.17 Millennial outlook 25% of the industry is expected to retire by 2018 By 2020, millennials will make up more than 50% of the entire US workforce
  18. 18. © 2016 Vertafore, Inc. and its subsidiaries.18

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