To help make your marketing more relevant to the millennial generation, see our three takeaways on strategies we believe work. Read More: http://www.genre.com/knowledge/blog/marketing-to-the-millennial-mindset.html

1. 3 Ways3 Ways
Insurers Can Improve
Their Relationship
With Millennials

2. But first...
The Current State of Millennial Buyers
in the u.s. Life & Health Market

3. Why?
60%60% say good health is
the most important
thing in life2
25%25% lack Health
insurance3
13%13%
NearlyNearly
34%34% own Individual
Life insurance1
OnlyOnly
39%39% said they were very or
somewhat likely to buy
it in the next 12 months1
66%66% who didn’t sign up for
insurance thought they
couldn’t
afford it5
butbut
OnlyOnly
have Disability
insurance4

4. Increase Education Before Sales CUSTOMIZE AND PERSONALIZE FIND A RESPONSIBLE CAUSE TO SUPPORT
3 Ways3 Ways to Improve Your Relationship
With Millennials

5. Increase Education Before Sales

6. ChangetheChannelsofYourCommunication
YouTube is the
most popular
website7
are as
comfortable
with mobile
advertising as
they are with
TV or online
advertising8
38%38% 63%63%watch less than
10 hours of TV a week2
40%40%use DVR (to avoid
commercials)2
1818hours
a day
hours
a day
aggregate time spent
on consuming media –
but not all from TV6

7. The Hartford via Lindsey Pollack is making a splash within the
millennial generation by pointing out how important they are
and connecting with them through different channels like her
YouTube Channel and blog posts.
“My partner, The Hartford, posts claimants testimonials on
its website – video and text. Millennials can hear what
others, like them, have to say about the value of life and
disability insurance.” – Lindsey Pollak9
Example in Practice:
TakeawayTakeaway
Educate on the affordability of most
life and disability insurance plans
through non-traditional channels.
Click to
see examples

8. own a smartphone, with
the ability to “fact check”
remotely 24/711
routinely research
products online10
Make Your Information Easily Accessible
Millennials must be able to easily do their own
research before they contact a professional for
help, or purchase your products via their phones
or online – or they will look for alternative
companies to meet their needs.
conduct health research on a
smartphone or tablet DAILY12
spend 6+ hours
per week using apps12
42%42%
60%60% 83%83%
36%36%
90%90%
research via
smartphone10

9. Geico has a mobile app that includes self-service functions for
users to complete their insurance needs. Policyholders can
access their policy information, access their ID cards virtually,
pay and manage bills, manage and submit claims, and chat
with Lilly, GEICO’s virtual assistant.13
The Council for Disability Awareness is connecting with
millennials using their Defend Your Income tool which is a
game-like forum to get information about disability in an
engaging way.14
ExampleS in Practice:
TakeawayTakeaway
Click to
see example
Create easy and engaging ways for
millennials to educate themselves
about your company and products.

10. Customize and Personalize

11. Millennials have grown up
in a world of customization
They love Build-a-Bear, Apple products, and social
media sites that are personalized to them (Facebook,
SnapChat, YouTube, Twitter, Instagram, Tumblr).
When it comes to choosing Health, Life, Disability
and other insurance policies, they expect the same.

12. Millennials demand control of their shopping experience15

13. Cigna has developed a mobile app that
gives their users a simple way to
personalize, organize and access their
important health information remotely.16
Friendsurance, founded in 2010, offers
customers the ability to personalize
their insurance and share the risk
among friends.17
ExampleS in Practice:
TakeawayTakeaway
Are Customers Able
to Personalize
Their Experience?

14. Find a Responsible Cause to Support

15. Millennials think about the Greater Good
If they know your company supports
social or environmental causes, they
are more apt to buy your product.

16. 73%73%
are willing to try a new
unfamiliar product or service
if it supports a socially
responsible cause18
85%85%
correlate their purchasing
decisions (and their
willingness to recommend a
brand to others) to the
responsible efforts the
company is making18

17. 58%58% 76%76%
are willing to pay
more for a product to
support a cause2
believe they can truly
make a difference
with their actions2

18. Last year Lloyd's Community Programme had over 1,700
employees help to build a stronger local community by getting
involved in volunteer projects in East London. The company
shares their efforts via videos and social media featuring
millennial volunteers.20
State Farm is largely focused on students and schools,
providing millions in funding to train teachers, reduce dropout
rates, teach financial literacy and encourage safe driving. The
company promotes their support for a greater cause and local
communities through their "About Me" page on their website.19
ExampleS in Practice:
TakeawayTakeaway
Show Millennials
that your company is
socially conscious.

19. To understand millennials, look for our other posts –
genre.com/millennials – including Property/Casualty topics about
millennials. For more conversation with us on this topic, contact
Heidi Alpren at 207 347 4624 or halpren@genre.com.
© 2018 General Re Corporation. This presentation is based on Gen Re's understanding of a number of external sources. It is intended to provide background information to our clients
and professional staff. It is time sensitive and may need to be revised and updated periodically.
1. LIMRA – U.S. Consumers Today: The Generations, 2014
2. www.barkleyus.com/millennials
3. www.insurancequotes.com/press-room/millennials-lack-health-insurance
4. www.insurancequotes.com/health/millennials-and-insurance
5. www.tennessean.com/story/money/industries/health-care/2014/08/13/millennials-expect-value-health-insurance/13968887
6. CrowdTap and Ipsos MediaCT, Social Influence: Marketing’s New Frontier, Research Paper 2014
7. www.reelseo.com/millenials-youtube
8. www.inmobi.com/blog/2013/Q2/27/global-mobile-media-consumption-reaching-millennials
9. www.lifehealthpro.com/2014/09/11/5-ways-to-sell-life-insurance-to-millennials
10. www.radius-global.com/about/news-releases/millennial-and-boomer-shoppers-may-be-more-alike-than-you-think
11. www.pewinternet.org/fact-sheets/mobile-technology-fact-sheet; In this instance millennials are respondents aged 18-29
12. www.slideshare.net/RosettaMktg/millennial-deck-071813
13. www.geico.com/about/mobile-apps
14. www.defendyourincome.org
15. www.phdmedia.com/getattachment/Thought-Leadership/Media-Closer-Look/Articles/Millennials/Millennials-A-Global-Generation.pdf
16. www.cigna.com/aboutcigna/cigna-mobile
17. www.economist.com/blogs/schumpeter/2012/06/peer-peer-insurance; See friendsurance.com
18. Millennials the Next Generation of Consumers, Static Squarespace
19. www.comparenow.com/auto-insurance/coverage/socially-responsible-insurers
20. www.lloyds.com/lloyds/corporate-responsibility