3 Ways3 WaysInsurers Can Improve

Their RelationshipWith Millennials

But first...

The Current State of Millennial Buyersin the u.s. Life & Health Market

Disclaimer: This slideshare you are about to review is based on Gen Re's understanding of a number of external sources. None of the research has been conducted by Gen Re. The following shows highlights of our perspective after reviewing external secondary material.

Why?

60%60% say good health is the most important thing in life2

25%25% lack Health insurance3

13%13%

NearlyNearly

34%34% own Individual Life insurance1

OnlyOnly

39%39% said they were very or somewhat likely to buy it in the next 12 months1

66%66% who didn’t sign up for insurance thought they couldn’t a�ord it5

butbut

OnlyOnlyhave Disability insurance4

Sources: LIMRA – U.S. Consumers Today: The Generations, 2014, barkleyus.com, insurancequotes.com, lifehealthpro.com, tennessean.com

Increase Education Before Sales CUSTOMIZE AND PERSONALIZE FIND A RESPONSIBLE CAUSE TO SUPPORT

3 Ways3 Ways to Improve Your Relationship With Millennials

Increase Education Before Sales

Change the Channels of Your Communication

YouTube is the most popular website7

are as comfortable with mobile advertising as they are with TV or online advertising8

38%38% 63%63%watch less than 10 hours of TV a week2

40%40%use DVR (to avoid commercials)2

1818 hoursa dayhoursa day

aggregate time spent on consuming media – but not all from TV6

Sources: reelseo.com, inmobi.com

The Hartford via Lindsey Pollack is making a splash within the millennial generation by pointing out how important they are and connecting with them through di�erent channels like her YouTube Channel and blog posts.

“My partner, The Hartford, posts claimants testimonials on its website – video and text. Millennials can hear what others, like them, have to say about the value of life and disability insurance.” – Lindsey Pollak9

Example in Practice:

TakeawayTakeawayEducate on the affordability of most

life and disability insurance plans through non-traditional channels.

Click tosee examples

Source: lifehealthpro.com

own a smartphone, with the ability to “fact check”

remotely 24/711

routinely research products online10

Make Your Information Easily Accessible

Millennials must be able to easily do their own research before they contact a professional for help, or purchase your products via their phones or online – or they will look for alternative companies to meet their needs.

conduct health research on a smartphone or tablet DAILY12

spend 6+ hours per week using apps12

42%42%

60%60% 83%83%

36%36%

90%90%

research viasmartphone10

Sources: radius-global.com, pewinternet.org, slideshare.net/RosettaMktg

Geico has a mobile app that includes self-service functions for users to complete their insurance needs. Policyholders can access their policy information, access their ID cards virtually, pay and manage bills, manage and submit claims, and chat with Lilly, GEICO’s virtual assistant.13

The Council for Disability Awareness is connecting with millennials using their Defend Your Income tool which is a game-like forum to get information about disability in an engaging way.14

ExampleS in Practice:

TakeawayTakeaway

Click tosee example

Create easy and engaging ways for millennials to educate themselves about your company and products.

Sources: geico.com, defendyourincome.org

Customize and Personalize

Millennials have grown upin a world of customization

They love Build-a-Bear, Apple products, and social media sites that are personalized to them (Facebook, SnapChat, YouTube, Twitter, Instagram, Tumblr).

When it comes to choosing Health, Life, Disability and other insurance policies, they expect the same.

Millennials demand control of their shopping experience15

Source: phdmedia.com

Cigna has developed a mobile app that gives their users a simple way to personalize, organize and access their important health information remotely.16

Friendsurance, founded in 2010, o�ers customers the ability to personalize their insurance and share the risk among friends.17

ExampleS in Practice:

TakeawayTakeawayAre Customers Able

to Personalize Their Experience?

Click tosee example

Sources: myCigna.com, economist.com

Find a Responsible Cause to Support

Millennials think about the Greater Good

If they know your company supports social or environmental causes, they are more apt to buy your product.

73%73%are willing to try a new

unfamiliar product or service if it supports a socially

responsible cause18

85%85%correlate their purchasing

decisions (and their willingness to recommend a

brand to others) to the responsible e�orts the company is making18

Sources: Millennials the Next Generation of Consumers, Static Square Space

58%58% 76%76%are willing to pay

more for a product to support a cause2

believe they can truly make a di�erence with their actions2

Source: barkleyus.com

Last year Lloyd's Community Programme had over 1,700 employees help to build a stronger local community by getting involved in volunteer projects in East London. The company shares their e�orts via videos and social media featuring millennial volunteers.20

State Farm is largely focused on students and schools, providing millions in funding to train teachers, reduce dropout rates, teach financial literacy and encourage safe driving. The company promotes their support for a greater cause and local communities through their "About Me" page on their website.19

ExampleS in Practice:

TakeawayTakeawayShow Millennials

that your company is socially conscious.

Click tosee example

Sources: lloyds.com, comparenow.com

Contact:Contact:To understand millennials look for our other posts – genre.com/millennials – including Property/Casualty topics about millennials.

+1 207 347 4623 P

marissa.valente@genre.comE

/in/marissavalenteIN

© 2014 General Re Corporation. This presentation is based on Gen Re's understanding of a number of external sources. It is intended to provide background information to our clients and professional sta�. It is time sensitive and may need to be revised and updated periodically.

Marissa ValenteMarket Research AnalystPortland, ME

1. LIMRA – U.S. Consumers Today: The Generations, 20142. www.barkleyus.com/millennials3. www.insurancequotes.com/press-room/millennials-lack-health-insurance4. www.insurancequotes.com/health/millennials-and-insurance5. www.tennessean.com/story/money/industries/health-care/2014/08/13/millennials-expect-value-health-insurance/139688876. CrowdTap and Ipsos MediaCT, Social Influence: Marketing’s New Frontier, Research Paper 20147. www.reelseo.com/millenials-youtube8. www.inmobi.com/blog/2013/Q2/27/global-mobile-media-consumption-reaching-millennials9. www.lifehealthpro.com/2014/09/11/5-ways-to-sell-life-insurance-to-millennials10. www.radius-global.com/about/news-releases/millennial-and-boomer-shoppers-may-be-more-alike-than-you-think11. www.pewinternet.org/fact-sheets/mobile-technology-fact-sheet; In this instance millennials are respondents aged 18-2912. www.slideshare.net/RosettaMktg/millennial-deck-07181313. www.geico.com/about/mobile-apps14. www.defendyourincome.org15. www.phdmedia.com/getattachment/Thought-Leadership/Media-Closer-Look/Articles/Millennials/Millennials-A-Global-Generation.pdf16. www.cigna.com/aboutcigna/cigna-mobile17. www.economist.com/blogs/schumpeter/2012/06/peer-peer-insurance; See friendsurance.com18. Millennials the Next Generation of Consumers, Static Squarespace19. www.comparenow.com/auto-insurance/coverage/socially-responsible-insurers20. www.lloyds.com/lloyds/corporate-responsibility