Consumer
S’up?
Hey!
LaborforceLaborforce
spending powerspending power
a.k
.a. G
en Y • Ages 14-34 • 2.5 Billion G
lob
all
ya
.k.a
. Gen Y • Ages 14-34 • 2.5 Billi
on Glo
ba
lly
Who are millennials?Who are millennials?
Why the Insurance IndustryShould Focus on
25%25%
Values and preferencesValues and preferences
digital preferencedigital preference
This important demographic possesses specificattitudes and behaviors that require a fresh approach
to embracing this generation. See why…
Millennials are shaping the insurance industry– Life/Health and Property/Casualty –
in two ways: as consumers and as employees.
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
of global workforce by 2025 (that’s only
ten years away!)
Spending power will surpass Boomers in 2018
said they would rather give up their sense of smell than give up their technology
Millennials still rate face-to-face communication #1 over emails, texts, websites and Facebook
Annual household income reported:
of staff members in an average insurance
agency are older than 51
currently consider themselves leaders
expect to be in a management position
within two years
aspire to be workplace leaders inthe next five years
see themselves working independently at some
point in their lives
routinely research products online – 50% use their smartphones to research purchases
more likely to be early adopters of technology than older generations
millennialsmillennialsEmployee
ofU.S. population
Equivalent to
8080 million people
Compare to
4040 million Gen Xers
83.2%83.2%of employed millennials hold a bachelor's degree and/or higher level degrees
Current:
$600 billionannually
trillionannually
Projected by 2020:
$1.4
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 services online61%
believe other consumers care about their opinions
73%
88%
2.5 times2.5 times
75%75% 40%40%
do not plan to stay with their employer for
more than five years
believe office attendance is unnecessary
on a regular basis
90%90% 69%69%
More than
83%83% 73%73% 70%70%More than
40%40%
in the insurance industry are expected to be filled by millennials by 2020
positions400,000400,000
90%90%
53%53% but...but...
© 2014 General Re Corporation
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 articleDeloitte GLOBAL Millennial SurveyInsurance Business America, Next Generation articleMarshberry research, www.ibamag.com/news/top-10-states-with-the-oldest-employees-19618.aspxNew Direction Consulting. A five year survey of Millennials conducted by Adam Kingl and Richard Hytner printed in the GuardianOnline Media Post, 2012The Hartford's 2014 Millennial Leadership Surveywww.barkleyus.com/millennials www.benchmarkemail.com/blogs/detail/meet-the-mobile-generation-millennials-and-mobile-marketingwww.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_consulting_hc_millennials_110608.pdfwww.lindseypollak.com/2014/08/12/management-solutions-for-millennials-and-managers-of-all-ageswww.officevibe.com/blog/secret-understanding-millennialswww.payscale.com/gen-y-on-the-job www.pcma.org/docs/be-in-the-know-docs/millenial_generation_findings.pdfwww.psychologytoday.com/blog/wired-success/201403/how-the-millennial-generation-will-change-the-workplacewww.radius-global.com/about/news-releases/millennial-and-boomer-shoppers-may-be-more-alike-than-you-think www.socialmediatoday.com/content/rise-millennials-infographicwww.uschamberfoundation.org/sites/default/files/article/foundation/MillennialGeneration.pdfwww.wellsfargo.com/press/2014/20140610_millennials
