5 Reasons Why Life Insurers Should Care About Millennials
October 03, 2016 by Luke Tucker
Through the combination of advanced analytics and modern digital/mobile marketing strategies, today’s insurers have the ability to source and reference prospect data that can help them to effectively penetrate new markets (e.g. millennials).
Here are 5 reasons why millennials matter, a LOT!
- Millennials are currently the largest generation (76.6 million) (1)
- By 2020, more than one of every three American adults will be a millennial (1a)
- Current millennial purchasing power: 1.68 trillion (1b)
- By 2030, millennials will make up 75 percent of the workforce (2)
- 39 percent of millennials said they would buy life insurance in the next 12 months (3)
What does it take for the insurance industry to potentially disrupt itself and create real opportunities for meaningful growth? Insurers must find a way to tap into the goldmine of legacy data they possess.
Our report on Bringing Data to Life for Life Insurers goes into all the details you need to know to get started making better business decisions based upon your legacy data.
PS - You can also watch New York Life’s Dave Castellini talk about how they are unlocking the power of legacy data.
- “Why Millennials Matter: Understanding the Insurance Industry’s Fastest-Growing Consumer Base and Workforce” by Applied Systems, Inc.
- “The College Mindset for Career Preparation and Success” by Barnes and Noble College
- LIMRA’s U.S. Consumers Today: The Generations report via LifeHealthPro.com