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AFLAC
Millennial Research 8.10.16
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OVERVIEW
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PurposeLookathowmillennialshavebeenportrayedinrecentmediacoveragetodetermineifthisaudienceisarelevanttopicforAflactoplaceastrategicfocusonin2017.
Agenda• Inthemedia:
• Millennialsintheworkplace• Millennialsandsmallbusinesses• Millennialsandinsurance
• Companiesengagingwithsmallbusinessandmillennials• Recommendedtopicsfor2017content
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MILLENNIALS IN THE WORKPLACE
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TheconversaGonaroundmillennialsintheworkplacebegantogaintracGonin2013andhasconGnuedwellinto2016.CompanieslikeIBM,DeloiMeandForbesjoinedtheconversaGononmillennialsearlyontoestablishthemselvesasexpertsonthistopic.
EventhoughtheconversaGonaroundmillennialsissGllhighlypublicizedin2016,thecoreconversaGonsGllfocusesonhowtointegratemillennialsintotheworkforce.Themajorityofmediacoveragefocusesonhowtoengagemillennialsintheworkplace,whattheyarelookingforinfutureemployersandhowtheyarechangingtheworkforce.
MILLENNIALS IN THE WORKPLACE
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Whenmillennialsintheworkplacefirstbecamearelevanttopic,businessownerswerebeginningtorealizetheyneededtochangetheirmanagementstylestoreachmillennialemployees.Thisnewenvironmentcausedalargerhypearoundthecontent,andresultedinarGclesaboutmillennialsintheworkplacereceivingmoreengagementin2014thanin2016.
• WhatMillennialsWantInTheWorkplace(AndWhyYouShouldGiveItToThem)(2014)received97,690views:
• Shi\inThinking:HowtoChangeYourCulturetoRecruitandEngageMillennials(2016)received
127shares:
MILLENNIALS IN THE WORKPLACE
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MILLENNIALS AND SMALL BUSINESS
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Millennialsandsmallbusinesswasahottopicin2014,butcoveragehasbeguntodecrease.In2014,themediafocusedonhowmillennialswerechangingtheworkforceandhowcompaniescouldpleasenewmillennialemployees.In2016,thelargerconversaGonhasshi\edtohowmillennialsareredefiningwhatitmeanstobeanentrepreneur.Currently,themediaissplitonwhethermillennialsaremorefocusedonbuildingtheirownbusinessordiminishingtheirdebtbyjoiningcorporateAmerica.
MILLENNIALS AND SMALL BUSINESS
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TheconversaGonaroundmillennialshasgoMenrepeGGve.MajorityofthecontentconGnuestotalkabouthowmillennialsarechangingthesmallbusinessenvironment,andconsumersdon’tseemtobeasinterestedanymore.
• A2014AmericanExpressOpenarGclereceived568sharesand3comments:• A2016AmericanExpressOpenarGclereceived45sharesandnocomments:
MILLENNIALS AND SMALL BUSINESS
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ArGclesthattalkaboutmillennialsandentrepreneurshiparechangingtheconversaGonandreceivingmoreengagementthaninthepast.
• GenYGradsMoreLikelytoLaunchStart-Ups(2012)received16Facebooksharesand7comments:
• TheMythofMillennialEntrepreneur(2016)received4.0kFacebooksharesand185comments:
MILLENNIALS AND SMALL BUSINESS
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MILLENNIALS AND INSURANCE
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MILLENNIALS AND INSURANCE: AN OVERVIEW
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Theinfluenceoftechnologyontheinsuranceindustryhasledtoanumberofnewtrendswithintheindustry.Just-in-Gmeinsurance,alsoknownasunbundling,isatrendthatarechangingthewaypeoplelookatinsurance.Severalcompaniesareallowingconsumerstocreateapersonalizedinsurancepackagetomeettheirindividualneeds.MillennialsaresGllskepGcaloftheinsuranceindustry,butareopentotryingnewmethodsofinsurancethataccommodatetotheirlifestyle.• AccordingtoUSAToday,71percentwouldbeinterestedinusinganapptomanagehealthcare.
• AccordingtoIBM,millennialsaretwiceaslikelytobuyinsuranceonlinethanwithanagency.
• AccordingtoCEB,32percentofsmallbusinessownerschoosetogettheirinsuranceresearchdirectlyfromacompany’swebsite.
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MILLENNIALS AND INSURANCE: TECHNOLOGY’S ROLE
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MobileinsuranceismeeGngmillennials’desireforinstantgraGficaGon• Trov(atright)isaninsuranceappthatprovidescoverage
onthespot.•Customerscantakeapictureofwhattheywanttoprotectandchoosethepricethatworksforthem.
• Sureisamobileinsurancecompanythatprovideson-demandinsurance•EnrollrightbeforeyougetontheplanewithcoveragestarGngat$5.
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Cost-effecGveinsuranceopGonsarechangingmillennials’ideasoftheindustry.• Millennialswantusage-basedinsurancethatwill
minimizethecostofanoverallinsurancepackage.
• Metromileiscarinsurancewhereyoupayasyoudrive.• $30amonth—3.2centspermile
• Allstate’sriskunitpolicy• Motoristsbuyriskunitsandconsumethese“units”as
theydrive.
MILLENNIALS AND INSURANCE: COST EFFICIENCY
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COMPANIES TO WATCH
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AMERICAN EXPRESS
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TheAmericanExpressOpenForumlaunchedin2011togivebusinessownersinformaGonandtoolstogrowtheirbusiness.OpenForumisconsistentlyamongthetoparGclesinaGooglesearchaboutmillennialsandsmallbusinesses.Thesitecontainsover100arGclesaboutmillennialsandthemajorityofthesemillennialarGclesarefrom2014and2015.WhileOpenForumdoesn’thaveaspecificsecGonhousingcontentrelatedtomillennials,thecontenthasbeenintegratedintoavarietyoftopicsacrossthesite.Topicsinclude:• Howmillennialsarereshapingsmallbusiness• 3waystomarketmillennials• Howmillennialsaresavingbrick-and-mortarretail
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WELLS FARGO
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WellsFargoreleasedareportGtledMillennialSmallBusinessOwnersinJune2016.Thepurposeofthereportwastogainanin-depthunderstandingofthemillennialsmallbusinessowner.Therewasalandingpagecreatedforthereportwheretheyplacedvideoandpresscontentalongwiththereport.Thestudyfound:
• 80percenthopetogrowtheirbusinesstopassdowntofuturegeneraGons.• 67percentarewillingtotakefinancialrisktogrowasmallbusiness.• 77expecttoinvestintheirbusinessintheupcomingyear.
ThereportreceivedminimalcoverageonForbes,YahooFinanceandavarietyofregionalpublicaGons.
• Therewasaninfographicthatwassentoutwithallthepressmaterials.
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OTHER COMPETITORS
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SageBusiness• Apayrollso\warecompanythatreleasedaninternaGonalstudyaboutmillennialbusiness
ownerscalledWalkWithMein2016.• Thestudyfoundthat63percentofmillennialswanttostartasmallbusinessintheirlifeGme.• Yahoocoveragehadareachof24Mpeople.
DeloiMe• HasreleasedaMillennialSurveyforthepast5years.• Allofthesurveyshaverevolvedaroundmillennialsintheworkplace.• In2016theyfoundthatmillennialshavestrongvaluesthattheywantalignedwiththeir
companiesofemployment.
HuffingtonPost• Contains104arGclesrelaGngtomillennialsintheworkplacefrom2011to2016.
• 2016:30arGcles,2015:28arGcle,2014:23arGcles,2013:15arGcles
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ColonialLife• Releasedawhitepaper,asapartofaBenefitsatWorkSeries,in2011Gtled
PumpUpProducGvityfromtheNextGeneraGon.• ThewhitepaperfocusedontacGcsemployerscanusetohelpengageandretainmillennials.
• TheColonialLifeblogcontains12arGclesaboutmillennialsintegratedintoavarietyoftopicsacrossthesite.• AllthearGclesreceivedliMletonoengagement.
MetLife• InJune2016releasedastudycalledTheAgeofExperience-BasedRetail.
• Thestudyfocusedonmillennialsspendinghabits,andhowtheirpreferenceforexperiencesovermaterialgoodswilleffecttheretailmarket.
• InApril2016theyreleasedapressreleasethatfocusedonmillennialsintheworkforce.• TheinformaGoncamefromastudyGtledU.S.EmployeeBenefitTrendsthatfocusedontheworkforceoverallnotparGcularlymillennials.
• In2009theyreleasedademographicprofileonmillennials.
OTHER COMPETITORS
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LOOKING FORWARD
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• MillennialsintheworkplaceissGllahighlypublicizedtopic,butthecoreconversaGonhasn’tchanged.
• Avarietyofcompaniesarealreadyexpertsonmillennialsaspertainingtosmallbusinessandtheworkplace.
• Technologyisabigopportunityfortheinsuranceindustryin2016and2017andmillennialsareinterestedinwheretheindustryisgoing.
• Consumersareinterestedinthemillennialsmallbusinessowner.
IN SUMMARY: LET’S FOCUS
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FUTURE TOPIC RECOMMENDATIONS
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• Voluntaryinsuranceforallages.
• Howthesmallbusinessownercanminimizerisk.
• Trendsinvoluntaryinsurancetohelpsmallbusinesses.
• Howsmallbusinessownerscanprovideinsuranceformillennials.• Theinfographic5WaysAflacPoliciesHelpMeettheNeedsofNext-GenConsumers
fromAflacisagoodstarGngpointforthisidea.
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APPENDIX
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MILLENNIALS IN THE WORKPLACE
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MillennialsIntheWorkplace:TheyDon’tNeedTrophiesButTheyWantReinforcement• 2015—64,536views• ForbesShi\inThinking:HowtoChangeYourCulturetoRecruitandEngageMillennials• Business.com(2016)• 68sharesWhyMillennialsintheWorkplace‘Don’tCare’and4thingsyoucando• Entrepreneur—May2015• 2.4kSharesWhatdoMillennialsReallyWantatWork?TheSameThingstheRestofUsDo• April2016• 15comments•
StudyRevealsSurprisingFactsAboutMillennialsInTheWorkplace• Dec2013• 47,057viewsWhatMillennialsWantInTheWorkplace(AndWhyYouShouldStartGivingItToThem)• Jan2014• 97,690views8ThingsYouNeedToKnowAboutMillennialsAtWork• Nov182014• 27,126sharesTheDeloiMeMillennialSurvey2016Myths,ExaggeraGonsandUncomfortableTruths• AstudyaboutmillennialsbyIBM
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WhyMillennialsCouldBetheMostEntrepreneurialGeneraGonEver• ByAmericanExpress(2014)• 555Shares/3commentsHowMilennialsarereshapingsmallbusinesses• AmericanExpress(2016)• 42Shares/nocommentsWhyAreMillennialsSoHardToManage?TheModernWorkplaceMightBeToBlame• Forbes(2016)• 202,293views• 26Comments
MILLENNIALS AND SMALL BUSINESS
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TheMythoftheMillennialEntrepreneur• TheAtlanGc(2016)• 2.5kFacebookShares• 185commentsMillennipreneurs'AreStarGngMoreBusinesses,TargeGngHigherProfit• Forbes(2016)GenYgradsmorelikelytolaunchstart-ups• USAToday(2012)• 16FacebookrecommendaGonsand25
GooglePlusshares• 7CommentsInUncertainBusinessEnvironment,MillennialsWantMoreRiskFoxBusinessNews
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Millennials:TheInsuranceCustomerHasChanged,WillYou?• IBMBlog(2016)Here’showmillennialscouldchangehealthcare• USAToday(2016)• Facebookshares466BuyingInsuranceWithASwipeOnASmartphone• InsuranceNewsNet(2016)• Reach:70kEmployeeBenefitsin2016:PerksorExpectaGons?• July13,2016• 1commentMillennialsDriveDigitalShi\InSmallBusinessInsurance• Jun2016• 1,765views
MILLENNIALS AND INSURANCE
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