Millennials, aged 14-34, are influencing the insurance industry as both consumers and employees, with a projected spending power that will surpass boomers. This demographic prefers technology and digital solutions but values face-to-face communication, while also seeking collaborative work environments. By 2020, millennials are expected to fill over 40% of positions in the insurance industry, necessitating a shift in how products are marketed and workplaces are structured.

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