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