Millennials – most commonly defined as the generation of individuals born between 1980 and 1995 – have a vastly different set of behaviors, expectations and life experiences than older generations. They grew up in an electronics-filled and increasingly online and socially-networked world, their experiences shaped by recession, underemployment and considerable student debt. These characteristics have shifted the way Millennials shop, interact, and seek out information, and as the largest generation in U.S. history, they will undoubtedly have an enormous impact on the insurance industry.
Jennifer Kline Shernoff, Vice President of Customer Experience at Liberty Mutual Insurance, dove into this subject more deeply at SAN’s annual business meeting on May 9, 2017 during her workshop, “The Evolving Insurance Marketplace – A look at the Expectations and Behaviors of Millennials and Generation Z”. Kline discussed how Millennials are exerting their influence on the world around them, and why it is important for independent insurance agents to adapt to this “attitudinal shift” or be driven out by evolving competitors.
Read the full article from the May 19, 2017 Vol. 280 No. 20 edition of The Standard – New England’s Insurance Weekly.
Reprinted with permission from The Standard, Copyright 2017, Standard Publishing Corporation, Boston, MA. All rights reserved.