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Identifying Millennials’ Attitudes and Behaviors

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Millennials are all around you, and they’re important to your business. However, it’s clear that this group - which numbers 2.5 billion globally - possesses specific attitudes and behaviors that call for a fresh approach to marketing financial services, especially when it comes to insurance products.

Read more from our series "Millennials in Insurance" at: www.genre.com/millennials

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Identifying Millennials’ Attitudes and Behaviors

  1. 1. Consumer Why the Insurance Industry Should Focus on millennials Millennials are shaping the insurance industry – Life/Health and Property/Casualty – in two ways: as consumers and as employees. This important demographic possesses specific attitudes and behaviors that require a fresh approach to embracing this generation. See why… Who are millennials? a.k.a. Gen Y • Ages 14-34 • 2.5 Billion Globally Projected by 2020: $1.4 Spending power will surpass Boomers in 2018 More than 75% 40% 90% 69% 400,000 positions workplace leaders in the next five years believe other consumers care about their opinions Hey! S’up? Labor force spending power 25% Annual household income reported: of staff members in an average insurance agency are older than 51 aspire to be see themselves working independently at some point in their lives Values and preferences of global workforce by 2025 (that’s only ten years away!) currently consider themselves leaders expect to be in a management position within two years digital preference more likely to be early adopters of technology than older generations said they would rather give up their sense of smell than give up their technology 61% services online routinely research products online – 50% use their smartphones to research purchases Millennials still rate face-to-face communication #1 over emails, texts, websites and Facebook Now is the time to think about how your products are sold and what technologies you need to develop over the next decade to support this new tech-driven generation. View our millennial blog series at genre.com/millennials or #millennials Employee of U.S. population Equivalent to 80 million people Compare to 40 million Gen Xers 83.2% of employed millennials hold a bachelor's degree and/or higher level degrees Current: $600 billion annually trillion annually median of $61K $45K prefer a collaborative work culture rather than a competitive one agree that having their friends’ approval on decisions is important 70% rate products and 73% 88% 2.5 times do not plan to stay with their employer for more than five years believe office attendance is unnecessary on a regular basis 83% 73% 70% More than 40% in the insurance industry are expected to be filled by millennials by 2020 90% 53% but... Please note: The defined age range of millennials varies by source. Population estimates calculated by Gen Re based on U.S. Census Data and www.worldometers.info/world-population Sources: CIO “why managers need to stop worrying” blog article Deloitte GLOBAL Millennial Survey Insurance Business America, Next Generation article Marshberry research, www.ibamag.com/news/top-10-states-with-the-oldest-employees-19618.aspx New Direction Consulting. A five year survey of Millennials conducted by Adam Kingl and Richard Hytner printed in the Guardian Online Media Post, 2012 The Hartford's 2014 Millennial Leadership Survey www.barkleyus.com/millennials www.benchmarkemail.com/blogs/detail/meet-the-mobile-generation-millennials-and-mobile-marketing www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_consulting_hc_millennials_110608.pdf www.lindseypollak.com/2014/08/12/management-solutions-for-millennials-and-managers-of-all-ages www.officevibe.com/blog/secret-understanding-millennials www.payscale.com/gen-y-on-the-job www.pcma.org/docs/be-in-the-know-docs/millenial_generation_findings.pdf www.psychologytoday.com/blog/wired-success/201403/how-the-millennial-generation-will-change-the-workplace www.radius-global.com/about/news-releases/millennial-and-boomer-shoppers-may-be-more-alike-than-you-think www.socialmediatoday.com/content/rise-millennials-infographic www.uschamberfoundation.org/sites/default/files/article/foundation/MillennialGeneration.pdf www.wellsfargo.com/press/2014/20140610_millennials © 2014 General Re Corporation

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