Not All the Same: Understanding Generation X and Y. LIMRA Marketing and Research Conference May 29, 2014

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1 Not All the Same: Understanding Generation X and Y LIMRA Marketing and Research Conference May 29, 2014

2

3 What we hope you learn today 3

4 Population - mm Prime Targets for Life Insurance years years years 3 2 Gen Y Gen X Boomers 1 66M 65M 77M U.S. Census Bureau Age in

5 Why Gen X and Gen Y? Source: Trillion Dollar Baby Growing Up, LIMRA

6 The Need to Segment 6

7 Understanding the Opportunity Within each generation, there are: different life stages, which imply different needs for financial products and advice different financial situations - incomes, with varying expenses (including loans) different attitudes 7

8 Understanding X and Y Online survey of 4,611 Gen X and Y respondents Born from 1965 through 1994 At least $25,000 annual income Excluding full-time students Shared or primary financial product decision maker Survey optimized for mobile devices 8

9 Who Did We Talk To? Year of Birth Previous Owner Recent Owner Shopper Non-Owner Previous Owner: has insurance acquired more than a year prior to survey Recent Owner: acquired insurance in the previous 12 months Shopper: looked into life insurance during the previous 12 months Non-Owner: non-owner and has not shopped in the year prior to survey 9

10 More About Shoppers I have begun to research my options, but still need more information 63% I have collected all the information I need, but I have not yet made a decision 21% I have made my decision and plan on purchasing a life insurance policy in the near future 8% I did all my research, but decided not to get life insurance 8% Most of the shoppers we surveyed were mid-stream in the process There is little variation by generation, suggesting shopping involvement is consistent across the generations 10

11 The Generations at a Glance Gen X Gen Y Age years years Household Income >= $75k 38% 30% College: 4 years+ 46% 56% Marital status: Single 18% 33% Married 64% 51% Have no children 27% 47% Differences between Gen X and Y are consistent with what we would expect given the different life stages 11

12 What Did We Ask? Life insurance purchasing behavior Attitudes Concerns about life events Investment goals Media usage Demographics 12

13 Subjective Choosing the Approach Communication, Positioning, Product Development Attitudinal/ Needs-based Fusion: Attitudinal/Needs-based With Demographic/Behavioral 2-Stage Discriminant Canonical General Purpose Reverse Demographic based Objective Targeted Marketing A wide range of segmentation techniques are available depending on the intended use of results The goal of the current study is to understand the heterogeneity within generations X and Y with respect to attitudes towards life insurance A pure attitudinal segmentation was conducted based on a Max-Diff exercise 13

14 Max-Diff exercises Thinking about life insurance in general, which of these statements do you agree with MOST, and which do you agree with LEAST? Agree with most Agree with least I believe life insurance is part of a sound financial plan Life insurance is primarily for people with children Life insurance is a waste of money Life insurance companies are all the same I have too much debt right now to consider life insurance Respondents were presented with 6 exercises similar to the example above 4 different survey versions One-way balance within versions resulting in 2 exposures for each attribute Hierarchical Bayes was used to estimate individual level parameters which were normalized for analysis 14

15 Max-Diff Aggregate Results I believe life insurance is part of a sound financial plan Most adults need life insurance Regular, in-person contact with a life insurance rep/agent is important I would rather buy life insurance through my employer than by myself I prefer to combine my insurance policies with one company Life insurance is primarily for people with children I have too much debt right now to consider life insurance I prefer buying online without meeting an agent/rep Agent/broker relationship is more important than the company I don't understand how life insurance works Life insurance companies are all the same I prefer to get life insurance with the same companies my parents use I have other investments that replace the need for life insurance I prefer to use the same insurance agent/broker etc. that my parents use Life insurance is a waste of money 12.1% 7.6% 7.0% 6.7% 6.7% 5.8% 5.5% 4.1% 3.4% 3.4% 2.5% 2.5% 2.5% 2.2% 28.0% Interpretation: we expect that 28% of the time a randomly selected individual presented with all of these statements would most agree that life insurance is part of a sound financial plan 15

16 Segments 46% 38% 30% Gen X Gen Y 24% 15% 18% 10% 7% 7% 5% Up and Coming Help Wanted Value Shoppers Relationship Financially Oriented Challenged 16

17 Financially Challenged 18

18 Financially Challenged 19

19 Financially Challenged Single Lowest income, FT employment, and education Spend rather than save (but least likely to buy popular items) Lowest incidence of financial products Least likely to have plans for emergencies Generally pessimistic 20

20 Financially Challenged: Gen X Who are they? Younger (within Gen X) Single Mid-range for having children What they think and do? Least likely to have budget Least willing to take risk Highest use of media (7%) 21

21 Financially Challenged: Gen X Position on Insurance? High concern for family in case of death Least likely to go online/banks for information Least likely to seek advice on life insurance from parents Least willing to buy from financial professional/commissioned Think it s hard to buy insurance (7%) 22

22 Financially Challenged: Gen Y Who are they? Older (within Gen Y) Least likely to be married Least likely to have children What they think and do? Most have some sort of budget Willing to take risk Most concerned about student loans Highest use of media (especially TV, radio) Least use of social media (5%) 23

23 Financially Challenged: Gen Y Position on Insurance? Average concern for family in case of death Information sources tend to be online search Likely to interact with insurance companies through the Internet Less willing to buy from financial professional/commissioned Think it s hard to buy insurance (5%) 24

24 Relationship Oriented 25

25 Relationship Oriented Having a relationship with an agent/broker is more important than the company I get life insurance from It is important to have regular, in-person contact with a life insurance company representative/agent, etc Relationship Oriented All Others 26

26 Relationship Oriented Average income, FT employment, and education Save rather than spend Average incidence of financial products or budget Most likely to delegate investment decisions to a professional Generally optimistic 27

27 Relationship Oriented: Gen X Who are they? Older Gen Xers Married with school-aged children Mid-range income What they think and do? Financially prepared Have plans for emergencies Concerned about buying online Save rather than spend Average media use (except for high radio) (10%) 28

28 Relationship Oriented: Gen X Position on Insurance Delegate investment decisions to professionals Information sources tend to be people Go online for information (but less often than others) Most willing to buy from financial professionals/ commissioned Think it is easy to buy insurance (10%) 29

29 Relationship Oriented: Gen Y Who are they? Average age Half married, tend to have young children Mid-range income What they think and do? Have plans for emergencies Have detailed budget Average risk Concerned about buying online Save rather than spend but will buy popular items Average use of social media (7%) 30

30 Relationship Oriented: Gen Y Position on Insurance Most willing to buy from financial professionals/ commissioned Information sources tend to be people Least likely to ask parents for life insurance information Go to company websites and online reviews for information Think it is easy to buy insurance (7%) 31

31 Value Shoppers 32

32 Value Shoppers Most adults need life insurance I believe life insurance is part of a sound financial plan Value Shoppers All Others 33

33 Value Shoppers Distinctively average Tend to be married with children Less likely than others to have recent life changes Tend to take less risk than others Less worried about losing jobs Happy with their lives 34

34 Value Shoppers: Gen X Who are they? Older Married with children Average education Average income Average job stability What they think and do? Reads online reviews slightly more often than average Likes posting content on social networks (15%) 35

35 Value Shoppers: Gen X Position on Insurance? Company reputation more important than price Interested in increasing coverage (not due to life events) Visit company/broker websites for life insurance information more often than average More likely to prefer all policies with one company More likely to obtain information on life insurance through brochures in mail (15%) 36

36 Value Shoppers: Gen Y Who are they? Average age Average education Average income What they think and do? Likes posting content on social networks (18%) 37

37 Value Shoppers: Gen Y Position on Insurance? More likely to prefer all policies with one company Less likely to obtain information on life insurance through TV/radio More likely to obtain information on life insurance through print (18%) 38

38 Up and Coming 39

39 Up & Coming 40

40 Up & Coming Willing to take risks and influenced by parents/family Less likely to be married and least likely to have children Most educated and FT employed Most worried about losing jobs Heavy social media users 41

41 Up & Coming: Gen X Who are they? Youngest Gen Xers Heavily single, but getting married Average income No debt What they think and do? Like to be debt free Early product adopters Low TV/Radio usage Heavy users of social media (38%) 42

42 Up & Coming: Gen X Position on Insurance? More likely to not have considered life insurance Not actively taking steps to obtain life insurance Lower use of sources for life insurance information Can t find the information they need confused Recently experiencing life events Think it s easy to buy (38%) 43

43 Up & Coming: Gen Y Who are they? Young More likely to be single Higher income What they think and do? Concerned about job loss Likely to own brokerage accounts Most likely to have detailed budget Less likely to use websites for information High concern for online security for buying (46%) 44

44 Up & Coming: Gen Y Position on Insurance? Use banks as a source of information More concerned about not working due to disability (46%) 45

45 Help Wanted 46

46 Help Wanted 47

47 Help Wanted Financially stable, responsible and comfortable Tend to be married with children Most likely to be saving for retirement Willing to buy from financial professionals/commissioned Save rather than spend Least worried about losing jobs Less willing to take risk Happy with their lives 48

48 Help Wanted: Gen X Who are they? Oldest Gen Xers Most likely to be married Most likely to have children Highest income What they think and do? Prepared for emergencies Brand is very important Comfortable with the Internet Less use of media, highest for TV (30%) 49

49 Help Wanted: Gen X Position on Insurance? Most likely to use all information sources (especially company websites) Most likely for life change to trigger shopping Most likely looking to change coverage Highest for not finding a financial professional Premiums are an issue Concerned about health affecting premiums Think it s easy to buy insurance (30%) 50

50 Help Wanted: Gen Y Who are they? Oldest Gen Yers Most likely to be married Most likely to have children Mid-range income What they think and do? Most prepared for emergencies Least concerned about job stability Brand is most important Comfortable with the Internet Average use of media, highest for online search, radio (30%) (24%) 51

51 Help Wanted: Gen Y Position on Insurance? Most likely to be in the shopping phase Life change and parent recommendation as triggers to shopping Most likely to use all information sources (especially parents) Confused by information Least likely to think it is easy to buy life insurance (30%) (24%) 52

52 Opportunity Size Percent Financially Challenged Relationship Oriented Value Shoppers Up and Coming Help Wanted X 7% 10% 15% 38% 30% Y 5% 7% 18% 46% 24% X 5m 7m 10m 25m 20m Y 3m 5m 12m 32m 17m X Low Med/Low Med High High Y Low Med/Low Med High High 53

53 Varied Opportunities Receptivity Need 54

54 Receptivity Financially Challenged Provide on your website Specific steps on making a budget Resources (or links) to help with realistic debt payment plans Provide suggestions about relatively low-cost life insurance Need Note: Gen Y can have increased incomes in the future, since 4 in 10 have a college degree, so concentrate on branding your company 55

55 Receptivity Relationship Oriented Provide agent location tools prominently on your website Provide a step-by-step description of the purchase process Descriptions of policies should be clear Need Engage Gen Y through social media with discussions on how to find financial professionals who have experience working with young adults 56

56 Receptivity Value Shoppers This will be fairly difficult to specifically market to they do not have any distinctive preferences for any media, nor any attitudes that makes that stand apart Need 57

57 Receptivity Up and Coming Educate and inform this segment about life insurance, and how life insurance fits in with other financial products Life insurance through the worksite may be particularly appealing to this segment Need Reach this segment through all forms of media, including radio and TV 58

58 Receptivity Help Wanted For Gen X: potential to sell additional life insurance, since they are looking to increase their coverage; provide additional information/advice for saving for college for their children Make sure your agent locator tool is prominently displayed Both generations are willing to purchase from financial professionals paid by commission Ensure that the information on your website allows a first-time buyer to easily understand life insurance Need Attract them through your website they want to interact with you through the Internet Provide them with information since both generations (but especially Gen Y) believe that buying life insurance is not easy 59

59 Not All the Same: Understanding Generation X and Y Joseph White Sr. Director, Marketing Sciences Maritz Research Todd A. Silverhart, Ph.D. Director, Insurance Research LIMRA

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