By 2030, one generation will comprise 22 percent of the total population, making it the largest generation since the Baby Boomers, according to a 2010 report from MetLife Mature Market Institute.
Executive SummaryThe Millennials, having lived through the Great Recession and its consequences, are judicious shoppers, but they are also fiercely independent and stubbornly optimistic about the future. The combination creates an "ideal" pool of insurance consumers who will shop for personal lines insurance in 2030, according to Enservio's James Fini, who provides tips on engaging them.
By 2030, members of this generation will be 36 to 53 years old and responsible for the vast share of personal lines insurance purchases. In just 16 years, your ability to engage this one generation will be one of the most deciding factors of your success.
This game-changing generation is Gen Y, also known as the Millennials.
The Pew Research Report, also referenced in the article, defines Millennials as people born between 1981 and 1996.
As it turns out, Millennials might be a very good audience for the insurance industry. Like their Silent Generation grandparents (born during the Great Depression and World War II), Millennials have lived through financial upheaval and greatly value financial security. In fact, the 2014 Insurance Barometer Study released in April 2014 by Life Happens (a life insurance organization, available at www.lifehappens.org/barometer) shows that Millennials have more anxiety about common financial issues than older generations. The highest levels of concern are reported for younger Millennials, ages 25-34, the study reveals.