Millennials, roughly defined as everyone born between 1980 and 2000, are the hot topic for marketers across industries. But perhaps no industry is struggling with the Millennial conundrum quite as much as the insurance industry. According to a LIMRA study, only 34% of Millennials own individual life insurance.
The Census Bureau projects that the Millennial population at 75 million people, and growing. This generation continues to expand as young immigrants swell their ranks. With a growing influx of immigrants and immigrant births, Millennials are the most diverse generation in history, yet among marketers there is a tendency to assume they are the same when it comes to their lifestyle, use of technology, attitudes, behaviors, opinions and preferences.
For life insurance marketers, separating Millennial myth from reality is the key to success. In upcoming editions of this blog, we will be exploring the challenges and opportunities of marketing life insurance to Millennials. We invite you to join the conversation.