Identifying Millennials’ Attitudes and Behaviors [Infographic]
Millennials are all around you and they're important to your business. Also known as Generation Y, millennials include anyone born roughly between 1980 and 2000. With 80 million members, this generation of young people is the largest in the history of the U.S. and it wields significant spending power and influence.
However, it's clear that this group - which numbers 2.5 billion globally - possesses specific attitudes and behaviors that call for a fresh approach to marketing financial services, especially when it comes to insurance products.
The stark reality is that millennials are fairly illiterate when it comes to their finances, and skeptical of financial institutions. Their digital preferences pose a challenge to the industry's established marketing strategies as well. And soon they’ll be impacting the industry from within, with nearly 400,000 insurance positions set to be filled by this group by 2020 - and many in this group aspire to be leaders in the next five years.
That's why Gen Re set out to discover what makes millennials tick - and how our findings can help companies engage this generation.
Now through a series of upcoming blog posts, we'll share our research with you - related to both Life/Health and Property/Casualty business. We think you’ll be surprised by some of our findings.
For those interested in an in-depth overview of millennials' buying patterns and employment preferences, you can watch our recorded WebEx presentation. For a shorter overview of the generation, view our infographic below.