By 2019, they will eclipse thBoomers as the largest living generationNew study, Insurance & Millennials: A Coming of Age, reveals emerging generation trends and attitudes.
NEW YORK, Aug. 7, 2018 /PRNewswire/ — Cake & Arrow, a customer experience design agency that designs and builds digital products for the insurance industry, today published a white paper based upon the results of a survey of over 300 Millennials exploring the mindsets, values, and behaviors of Millennials– using Pew Research’s definition of those born between the years 1981 and 1996.
By 2019, Millennials will number more than 73 million and will eclipse Baby Boomers as America’s largest living generation. As a generation, Millennials differ from previous generations in a number of significant ways: they spend differently, they buy differently, their lives follow different trajectories and they hold unique perspectives on everything from family to how they think about and plan for the future. And what’s more, as the most diverse generation in American history, behaviors, mindsets, and values amongst their cohort vary widely. As Millennials come of age, how will the insurance industry need to adjust? Entitled Insurance & Millennials: A Coming of Age, the newly published white paper grapples with this question, providing insights for the insurance industry into:
- The mindsets, behaviors, and values held by Millennials that distinguish them from previous generations
- Different Millennials personas, and how their needs, behaviors and risks vary
- How the insurance industry as a whole might think differently about insurance to better address the unique needs and risks of Millennials
No Longer A Niche
“For too long, Millennials have been treated as a niche within the insurance industry and the products that are designed for them are often based on misguided assumptions about Millennials rather than actual data,” said Josh Levine, Cake & Arrow Founder & CEO. “Our research challenges many of the stereotypes and labels given to Millennials, providing the insurance industry with a jumping off point as they seek to better understand Millennials and design insurance products that resonate.”
- Millennials remember the 9/11 terrorist attacks
- Millennials came of age during the 2008 recession
- Millennials came of age with the Internet
- Millennials are highly educated
- Millennials are more productive than any other generation
- Millennials are uniquely burdened with student debt
- Millennials make less money than previous generations and are more likely to live in poverty
- Millennials wait longer to have children
- Millennials are the most diverse generation in American history
To learn more, download a complimentary copy of the white paper here
About Cake & Arrow
Cake & Arrow is a customer-experience design agency who partners with insurance companies. We’re leading global digital initiatives with MetLife, ProSight, among others, for launches that span life, group benefits, P&C, and specialty. We use customer data to achieve results, focusing on increasing policy renewals, driving profitable growth, and creating digital experiences to get carriers closer to customers and allow for more self-service.