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Millennials Don’t Like the Designation

Posted By Administration, Tuesday, April 11, 2017

LIMRA — the Life Insurance and Market Research Association — checked in with Millennials and found less than half of them like being called a Millennial. Only 44% said the term fits. LIMRA’s Cecilia Shriner said the reason is likely because it’s a relatively new term.

“This generation has had a variety of labels: echo boomers, boomerang generation, Gen Y. It’s so new, and it takes time for these labels to sink in. Baby boomers weren’t called baby boomers since the beginning,” she said.

This compares to 2/3 of Gen X who gladly embrace the moniker.

Shriner also said Millennials — who are now the largest of all the age groups in the U.S. — get a bad rap. “We do see an extended young adulthood with millennials. I think that has influenced how they’re viewed, as well as the perceived entitlement issue.”

But that bad rap does come with some evidence. A huge percentage of Millennials in the survey do agree they are entitled. That comes — Shriner said — with a caveat. “I think as this group ages, those kinds of negative associations will diminish,” she said.

By the way:

  Millennial women are less likely than Millennial men to agree with the positive description of their generation

  Male Millennials are more likely to say the age group is optimistic, cooperative and realistic

  Less than 25% of women will say Millennials are smart, responsible, hard-working and self-reliant

  30% to 40% of men say that describes the generation very well

In case you don’t remember. LIMRA defines Millennials as those born between 1982 and 1999. Pew Research makes it a bit broader and says everyone born after 1980 is a Millennial. And the U.S. Census Bureau puts the category as those born between 1982 and 2000.

Knowing this information, how do you approach Millennials? Carefully. Shriner suggests defining them by “life stage” and not more broadly. “I think that approach is better, even beyond [discomfort with] the term ‘millennial,’ because the millennial generation also has a divide,” Shriner said.

Her reasoning is “the number of years that keep dripping into the millennial definition. You have the oldest millennials, who are married with children and mortgages, [and] the younger counterparts who are in college, or sometimes, depending on the definition, just entering college. Those are huge life-stage gaps,” she said.

And the bottom-line if you’re approaching them as clients. Shriner said you’re, “really talking to clients about not only people their age, but people in their life stage and those kinds of elements, will strengthen the recommendations they’re able to give.”

 

Source link: PropertyCasualty360.com

 

 

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials Don’t Like the Designation  Millennials: Looking at the Future of Your Busines  Weekly Industry News 

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What the World of Business Looks Like When Millennials Run Things

Posted By Administration, Tuesday, January 31, 2017

It’s going to happen. Pew Research said Millennials — those 18 to 34 — now outnumber Baby Boomers 75.4 million to 74.9 million. Within a decade, the Baby Boomer number will shrink even more.

 

And by then Millennials may be running business in the U.S.

 

The Conference Board looked at the subject and put out a report called Divergent Views/Common Ground: The Leadership Perspectives of C-Suite Executives and Millennial Leaders. It contains interviews, surveys and focus groups involving Millennial leaders in a bunch of different companies;

 

  Aetna

  American Express

  Athenahealth

  Boeing

  Cardinal Health

  Humana

  Johnson & Johnson

  Kindred Healthcare

  KPMG

  Teachers Insurance and Annuity Association of America

  United Rentals

  UPS

  Verizon Communications

  Xerox

 

Basically, the report says we have a skewed view of how Millennials operate in the business world. Ronald Williams — the CEO of RW2 Enterprises — put it in perspective.

 

“These young leaders will ultimately sit in every leadership seat at every U.S. corporation. It was my view that not only were we missing critical research on Millennial leaders, but we also were missing a fact-based analysis of how Millennial leaders’ views differed from current CEOs and C-suite executives. Their differences are not necessarily right or wrong, but understanding how to bridge between the two will be crucial to the future of our economy,” Williams said.

 

The report also looks at the values and preferences of these Millennial leaders and where they agree and disagree with their Baby Boomer colleagues and bosses. And contrary to popular belief, the report says Millennials in leadership positions in business have much in common with their older CEOs.

 

Here’s where they might differ and Millennial leaders say:

 

  Success should be measured by interpersonal and interaction.

  The ideal leader focuses more on decision-making and business know-how.

  Social values are critical as is contributing to a cleaner environment and giving back to the community.

  Forget low-hierarchy organizations or open design.

 

Here’s where both Millennial leaders and their Baby Boomer bosses agree:

 

  Arrogance and avoidance are management no-nos.

  Engaging and inspiring employees matters.

  Manage and successfully introducing and implementing change is important.

  A company operates best on ethical values and not just legal obligations.

 

Source link: Carrier Management

 

 

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Weekly Industry News  What the World of Business Looks Like When Millenn 

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Millennials & Insurance: The Future is Brighter than You Think

Posted By Administration, Tuesday, September 27, 2016

We keep hearing about the deep trouble insurance has as its workforce ages. By 2018 — a scant less than 18 months from now — close to 25% of the industry is going to retire. So hiring millennials — those who became adults around the year 2000 — is critical to filling jobs.

 

Rumors persist that millennials hate insurance and don’t want to work in the business.

 

That said, some millennials are already working in the biz. Vertafore did a survey of 4,000 of them aged 19 to 35 and found most love their jobs and love the industry. How much? A lot. Over 90% said an insurance career meets important criteria for job satisfaction:

 

  Work-life balance

  Career development opportunities

  Financial stability

 

That means there are some happy millennials working in insurance already and hopefully they’ll share the news:

 

  81% of those surveyed said they plan on remaining in insurance as long as possible

  That’s up from 77% in 2015

  70% say they’ll recommend an insurance career to their friends

 

Vertafore vice president of marketing is Guy Weismantel. He put the survey in perspective. The insurance industry has turned over a new leaf with millennials, and we are in the midst of a technology revolution that is disrupting insurance and attracting a new generation of tech savvy talent that is optimistic about the future. Coupled with the qualities that a career in insurance offers, we see why the millennial generation is thriving in this industry and why more young professionals are looking at insurance for fulfilling, long-time careers,” he said.

 

Technology is a big reason many are attracted to the business and 86% of those surveyed say technology is improving and making it easier for them to sell and is giving them the tools to compete.

 

Here’s the survey’s breakdown:

 

  81% are in the business for financial stability

  79% like the idea of insurance providing work and life balance

  74% like career growth

  54% are joining the industry and discovered it via personal relationships

 

Millennials are also highly optimistic about the industry:

 

  86% are somewhat or very optimistic

  70% recommend a career in insurance to their friends

  81% plan on staying as long as possible in insurance — that’s up 5% from a year ago

 

Millennials rely on efficient technology:

 

  86% say technology increases efficiency by enabling them with the tools to compete

  1/2 of the 86% rate technology usage as very important to staying in the industry

 

Millennials use social media to build their brand:

 

  33% use Facebook and LinkedIn at least once a day for professional use

 

Here’s the top uses for social media:

 

  50% brand awareness

  41% professional development

  39% lead generation

  33% customer support

  17% use it to search for new jobs

 

Last. When it comes to getting hired by insurance, millennials are twice as likely to be recruited via Facebook or LinkedIn or other social media than traditional means.

 

Source link: PropertyCasualty360.com

 

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance: The Future is Brighter th  Weekly Industry News 

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Understanding Millennials: Easier Said than Done

Posted By Administration, Wednesday, August 24, 2016

Millennials, millennials, millennials. On and on marketing gurus rave about the importance of reaching them and continually offer advice on how to get the job done.

Insurers and independent agents know a lot about the age of millennials. And we know what they like.

 

But knowing those things don’t always translate to business.

 

Or so said marketing expert Michael Parrish DuDell at the recent Property Innovation Summit. And he starts with advising that you look to influence when it comes to millennials and not drive revenue.

 

In other words — DuDell who is a millennial — said mind share beats market share and eventually leads to market share. Size and business growth means very little to a millennial. What does is how influential your brand is in the minds and in the hearts of your consumers because that is where that loyalty comes from.”

 

Realistically you have to think about revenue but don’t make it more important than being what he calls a “visible personality” in the millennial world. Put a different way, market share is where you are today. Mind share is where you want to be in the future and to be there you need to ask these questions:

 

  What is your story?

  How are you telling that story?

  How are you making your brand visible in society and not just in marketing campaigns?

 

You have to really think about your business on the market share, the mind share piece and figure out what the right calibration is. For me, personally, in my business it’s 60/40,” DuDell said.

 

Next look at creating a seamless experience from online to offline. An Accenture study put it best and said, 68 percent of all millennials demand an integrated, seamless experience regardless of the channel. That means being able to transition effortlessly from smartphone to personal computer to physical store in their quest for the best products and services.”

 

In other words, they might shop for insurance on their mobile device and check out your website at lunch to get answers to a couple of questions, and then pop in the door of your office on the way home to seal the deal.

 

What’s important to millennials is a continuity between all the channels. They want to go from one to the other without having to start over.

Another piece of advice. Be yourself. Don’t try to market yourself as something you are not. You don’t have to be cool. You just have to be real. Millennials are very good at picking up on faking.

 

For older millennials 1990s nostalgia works. It — says DuDell — was a time of prosperity and optimism. So incorporate some of that into your marketing. Pick a gem from pop culture in that decade and build it into a marketing campaign that will resonate with the millennial.

 

We look at our youth, and we are very sentimental about it, frankly,” DuDell said.

 

DuDell completed his millennial thoughts with this gem. Try to walk in their shoes. And know and understand the era in which they grew up. Technology was huge in their lives. They grew up with it and it grew with them. The economy was flourishing at an astronomical pace and they enjoyed it as did their parents.

 

When you start to think about our need, our desire, our want for immediate interaction, immediate gratification, it comes down to this idea that we were raised on it. We were raised on the notion that we can have what we want when want it, especially as it relates to information,” he said.

 

Also it’s important to understand the financial condition of many millennials. Even those that are employed are struggling with money. Many are held down by student loan debt and are increasingly using credit cards that they struggle to pay off. So many need help from mom and dad or other relatives to make ends meet.

 

At least that’s the conclusion of a survey of 1,000 millennials by the Society of Grownups. It’s a financial literacy group. The study concludes — to no one’s surprise — that over half of those age 21 to 29 are getting financial support from a relative or relatives.

 

Don’t expect that to last.

 

Society CEO Nondini Naqui says 41% of the 21 to 29 age group say they plan on helping their parents later in life. Move the age to 21 to 45 and the number going to help parents in the future jumps to 51%.

 

“What's interesting about these millennials wanting to be able to provide assistance is that they are coming from a place where they have seen financial difficulty,” she said and added millennials aren’t alone in the financial squeeze. Generation X and the younger baby boomers are also struggling.

 

Here’s what else the survey found:

 

  68% of millennials say they manage money better than their parents at the same age

  72% say they’re better off financially than their parents at the same age

  79% say they’re on track to meet their financial goals

  71% think they’ll eventually receive Social Security benefits

 

Source links: Carrier Management, Employee Benefit News

 

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Understanding Millennials: Easier Said than Done  Weekly Industry News 

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8 Statistics You Have to Know About Hiring and Working with Millennials

Posted By PIA Western Alliance, Wednesday, July 20, 2016
Updated: Wednesday, July 20, 2016

 

 

by Angela McDonald

 

As more baby boomers (born from 1940s to 1960s) are retiring, the global workforce landscape is expected to slowly start changing as the millennials (born from the early 1980s to the early 2000s) start entering into the scene.

It is imperative for employers to know and understand these Generation Y-ers, as millennials are expected to make up the workforce by 46% by 2020. Just recently, the new Pew Research Center analysis in the US said that more than 1 in 3 American workers today are millennials (adults ages 18 to 34 by 2015), and have surpassed baby boomers as the largest member of the American workforce.

Here are eight things backed with statistics that executive search firms or job recruitment agencies need to know about the perceptions and expectations of millennials in the workplace and how they are at work:

 


1. Millennials are the most educated generation in history, but face underemployment and have a harder time achieving financial independence.

  • Almost 79% of millennials have earned at least a bachelor’s degree, as compared to 62% of baby boomers. (Source)
  • Despite this finding, they are facing higher rates of underemployment. 30% of millennial doctors are underemployed while 34% of them with Ph.D. are also underemployed. (Source)
  • 24% of millennials from a survey claimed to have had to move back home at some point after starting employment because of financial hardship.

 

2. Millennials are not worried about loyalty when it comes to employment.

  • 75% of them believe they will have between two and five employers during their lifetime. (Source)
  • Compared to 41% of baby boomers, only 13% of millennials agree that employees should stay with their employers for at least five (5) years before looking for a new job. (Source)
  • 26% of millennials think that they should only be expected to stay in a job, at least, a year before looking for a new position. (Source)
  • 43% felt extremely or very confident that they could find another job if they lost or left their current one. (Source)
  • 70% of them are planning to change jobs once the economy improves. (Source)

 

3. Millennials are technology and social media savvy.

  • They switch their attention between media platforms such as laptops, smartphones, and tablets 27 times per hour on average while previous generations only averaged 17 times. (Source)
  • More than 41% prefer to communicate through electronic channels than face-to-face or on the phone. (Source)

 

4. Millennials prioritize a healthy work-life balance over financial compensation.

  • One in three millennials said he or she would prioritize social media freedom, device flexibility, and work mobility over salary in accepting a job offer. (Source)
  • 40% value a job that gives you a chance to make friends as very important. (Source)
  • Three out of four millennials say they are very happy. (Source)
  • Millennials report having twice as much happiness as stress. (Source)
  • When asked, “How do you define success?” 46% responded having a job they enjoy, and only 36% answered being rich. (Source)
  • 74% want flexible work schedules (time freedom). (Source)

 

5.  Millennials care more about the work they do, the company they work for, and the social contribution they make over how much money they earn. They want to learn and grow with the company they work for. They are extremely ambitious and eager for their careers to take off.

  • 52% of millennials said opportunities for career progression made an employer attractive. (Source)
  • 65% said the opportunity for personal development was the most influential factor in the current job. (Source)
  • 22% saw training and development as the most valued benefit from an employer. (Source)
  • 30% valued meaningful work. (Source)
  • 25% valued a sense of accomplishment on the kind of work they do. (Source)
  • 78% believe that companies have a responsibility to make the world a better place. (Source)

 

6. Millennials are mobile.

  • 71% of them would like to work abroad. This speaks volumes on whether employers offer a chance to train overseas or get assigned abroad. (Source)

 

7. Millennials are entrepreneurial.

  •  72% of them claim to want to be their own (Source) If they have to work for a boss, 79% of them would want a manager that can serve more as a mentor. (Source)
  • 92% of those surveyed felt entrepreneurship education was vital in the new economy and job market. (Source)
  • 30% started a business in college. (Source)
  • 35% started a side business. (Source)

 

8. Millennials want to be collaborators and team players.

  • Millennials want managers who are friendly but are less likely to say that they value those who go to bat for them. (Source)
  • 88% prefer a collaborative work culture than one driven by competition. (Source)
  • 88% want “work-life” integration. (Source)

Millennials are extremely driven, idealistic, and passionate individuals who believe purpose over money should be the driving force for seeking work. There are huge generational differences between the millennials and the current workforce they are replacing—the baby boomers, that should be taken into consideration when hiring and recruiting employees.



Source: http://manilarecruitment.com/manila-recruitment-articles-advice/statistics-about-hiring-working-with-millennials/


 


Tags:  8 Statistics You Have to Know About Hiring and Wor  Millennials  Millennials & Insurance 

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Millennials as Employees — Animals are Family

Posted By Administration, Tuesday, July 12, 2016




It’s not easy getting millennials — those who became adults just before and just after the year 2000 — to buy into the idea of insurance as a career. This in spite of the fact that insurance — for the most part — is about making people whole and millennials love that sort of thing.

 

So catching a millennial as an employee is often tough.

 

There is hope. Millennials like perks. The more benefits you have, the easier it is to catch and retain them once they’re on the payroll. Here’s a new — and quite positive — perk to entice them.

 

Pet insurance.

 

And here’s why. Millennials are now the largest population in the country. They’ve passed baby boomers. So they’re the largest population — AND — since they’re waiting until “later” to have children, they’re adopting the most pets of any age group in the nation.

 

Bob Vetere of the American Pet Products Association said millennials view their pets as children. They are almost using pets as practice families, to get the feel for having some living object totally dependent on you.”
 

So many millennials — like those in Vetere’s office and maybe even yours — are wanting benefits for their pets since they don’t have children. Smart employers — including one in three Fortune 500 firms and 9% of all other companies — are starting to provide pet insurance as a benefit.

 

Or so says the Society for Human Resources Management’s (SHRM) research.

 

Cynthia Trumpy is one of the heads of Health Paws Pet Insurance & Foundation. She says pet insurance is growing in popularity with businesses and with employees. A lot of people didn’t know that pet insurance existed for a long time. It wasn’t necessarily the best plan for a long time. Now there are several players with excellent plans, so it is becoming more and more popular.”

 

The reason for the growing popularity is the high cost of pet medical care. And that cost is staggering. Harris — the polling firm — found 65% of U.S. households with pets spent money on health care. That price tag hit $15 billion last year.

 

Liz Watson of Hartville Pet Insurance Group said pet insurance is a great way for an employer to show how much they share the values of the millennial and understand that pets are more than pets. They are family.

 

As millennials adopt this ‘pets as a part of the family’ viewpoint and are trying to be more and more responsible, it will lead them to want to explore something like pet insurance,” she said.

 

By the way, around 90% of those with pets do not have pet insurance.

 

Source link: Employee Benefit News

 

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials as Employees — Animals are Family  Weekly Industry News 

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Millennials: More Living with Parents than Life Partners

Posted By Administration, Tuesday, May 31, 2016

Pew Research said in 2014 hard to figure out millennials — those aged 18 to 34 — are more likely to be living with their parents than in their own homes with a spouse or a life partner. Those figures were picked up from the U.S. Census Bureau and Pew says this is the first time it has happened in the “modern era.”

 

Young men are more likely to be living with mom or dad or mom and dad than young women:

 

  Men — 35%

  Women — 29%

 

The percentage of young men living with their parents and not spouses or partners crossed over in 2009. For women that happened in 2014.

 

Breaking it down by ethnicity:

 

  1980 is when more young blacks began living with parents rather than partners.

  For American Indians the year was 2007.

  Young Hispanics crossed over in 2011.

 

Pew’s report said, Trends in living arrangements for specific groups of young adults indicate that the crossover is being driven by the experiences of more economically disadvantaged young adults, specifically, less-educated young adults and some racial and ethnic minorities.”

 

The report expanded on that statement and gave reasons:

 

  The increase in the median age of the first marriage for both men and women.

  The level of employment of young men declining over the last couple of decades.

  The level of wages for young workers over the last couple of decades.

 

Recession also may be playing a part in the line-crossing. More young people are going to college and as a result many live at home. There are also not as many jobs opening for young people so living at home is the safety net most are using to weather the economic storm.

 

Source link: PropertyCasualty360.com


Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials: More Living with Parents than Life Pa  Weekly Industry News 

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Two Reports: Millennials & Insurance

Posted By Administration, Wednesday, May 4, 2016



Bad news baby boomers … the reign of a generation who radically changed the world politically, socially and musically has come to an end. Pew Research Center says Census Bureau statistics show there are now 500,000 more millennials alive in this country than baby boomers.

 

First some definitions:

 

  Baby boomers — those born between 1946 and 1964

  Generation X — those born from the mid-1960s to the early 1980s

  Millennials — or Generation Y — born in the early 1980s to 2000

 

There are:

 

  74.9 million baby boomers

  75.4 million millennials

 

In 2015 millennials officially took over the workforce. Here’s how the workforce shakes out:

 

  53.5 million workers in the U.S. are millennials

  52.7 million workers are Generation X

  44.6 million workers are baby boomers

 

And experts think the number of millennials in the U.S. will grow to about 81 million by 2036 because of immigrants joining their ranks.

 

All of this impacts insurance and the insurance workforce. Most of those under age 40 working in insurance say they like their jobs and the freedom it provides. They’re optimists by nature and see insurance as an opportunity and as a secure job now and in the future.

 

Or so says Insurance Journal’s 2016 Young Agents Survey. It took a look at 500 agents 40 and younger and got their opinions.

 

Here are the 10 things they like most about insurance:

 

  A flexible schedule.

  The opportunity for professional development and community involvement.

  The earning potential.

  The daily challenges. No two days are the same.

  Work-life balance.

  The ability to check several markets to attain the best insurance coverage for each client.

  Establishing relationships with clientele and educating them about the importance of insurance and how it can impact their business.

  Helping people.

  Being own boss.

  The residual income.

 

With every good comes a bad and this is what these millennials like least about their insurance careers:

 

  Doing servicing work.

  The pressure from carriers to produce for them in order to keep an appointment.

  Overcoming the negative perceptions set forth by those before me.

  Having to regularly deal with new (revolving door) insurance carrier representatives and what seem like the constantly evolving appetites.

  The stigma that comes with selling insurance.

  The lack of young talent in the business and awareness of our business.

  Having to negotiate many different online production/quoting systems.

  The hours can be demanding.

  The first three-to-five-year grind as a new young agent.

  Lack of response by carriers to agent feedback.

 

The good news is since baby boomers are slowly but surely relinquishing control to millennials, these young agents can change the negatives they find in insurance.

 

Or not.

 

Source links: PropertyCasualty360.com, Insurance Journal


Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials: Looking at the Future of Your Busines  Two Reports: Millennials & Insurance  Weekly Industry News 

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The Future of Insurance: Millennials

Posted By Administration, Tuesday, March 22, 2016



The future of insurance is in the hands of the nation’s Millennials or Generation Y as they are officially known. These are people born after 1980 and are now in their late 20s and early to mid-30s.

 

Agencies and carriers everywhere are looking for talent to replace the retiring baby boomers. And the place they’re looking is at Millennials.

 

But Millennials have a weird view of insurance and see it as a negative and not an appealing career choice. What they don’t see insurance as is an industry that makes people whole. That’s ironic because most Millennials love the idea of being a help to people.

 

A recent National Public Radio (NPR) program looked at Millennials and insurance. It quoted a survey from The Hartford that said just 4% of Millennials are interested in the business. They don’t find the business to be “sexy.” With some 70,000 jobs coming up this year and next, that could be a problem.

 

PIA National Executive Vice President Pat Borowski was a featured guest on the program. When asked how Millennials react to the suggestion of insurance employment she laughed and said, “They kind of just stare at you.”

 

But insurance needs them and soon. “Just in sheer numbers, there are not enough people in Generation X to replace all the people that are going to be retiring,” Borowski said.

 

Many — but not all — in insurance hiring Millennials are disappointed in the outcome of that employment. A report in Fortune says one of the problems with employing Millennials is they have few skills other than using technology.

 

And they’re good at technology that is simple and that does things for them.

 

Fortune concludes this is because Millennials have forced providers to build them machines, smartphones and computers that do everything for them and that are — alas — smarter than their users. And with that the study concludes American Millennials are some of the least-skilled people in the world.

 

The publication said Millennials are way behind their peers in other countries in:

 

  Literacy

  Numeracy

  Technical problem-solving

 

Fortune’s conclusions are based on research done at Princeton’s Education Testing Service (ETS). They did the study of job skills in 23 countries for the Program for the International Assessment of Adult Competencies. 

 

In literacy the U.S. Millennial placed 17th out of the 23 nations. Here are the top-5 in literacy results:

 

1. Japan

2. Finland

3. Netherlands

4. Australia

5. Sweden

 

When it came to numbers the U.S. Millennial did even worst ranking 21st out of the 23 nations. Here are the top-5 numeracy scores:

 

1. Japan

2. Finland

3. Flanders (Belgium)

4. Netherlands

5. Sweden

 

In the PS-TRE category — or problem solving in a technology rich environment — the U.S. did about the same as the other tests. And this is the most surprising considering U.S. Millennials are the most technology addicted people on the planet.

 

The U.S ranked 18 out of the 20 countries tested in the category.

 

1. Japan

2. Finland

3. Australia

4. Sweden

5. Norway

 

ETS researcher Madeline Goodman said all of this is really surprising considering the American Millennial is considered to be the most educated generation of all time.

 

“We really thought [U.S.] Millennials would do better than the general adult population, either compared to older coworkers in the U.S. or to the same age group in other countries. But they didn’t. In fact, their scores were abysmal,” she said.

 

She and her study partners do not think spending more money on education is a cure for this problem and neither is a more expansive education.

 

Click here to look at the sample test.

 

Source link: Huffpost Business, NPR


Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials: Looking at the Future of Your Busines  The Future of Insurance: Millennials  Weekly Industry News 

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Insurance Myths, Millennials & More: They have the Least Understanding

Posted By Administration, Tuesday, October 6, 2015

 

InsuranceQuotes.com did a study of auto and homeowners insurance knowledge. Millennials those coming to adulthood around the year 2000 scored the worst though other age groups didnt do that well either.

 

While this survey aims at personal lines, it does point out that most people do not have much in the way of insurance knowledge and we those in the industry would do well to pay more attention to educating our clients.

 

Or so says spokeswoman Laura Adams who hits the uninformed and those agents and companies who should be doing the informing. These results indicate that millions of Americans need a refresher on what insurance does and does not cover. It doesn't hurt just to pick up your phone and talk to your company or agent."

 

Like other industry advisors, Adams recommends agents suggest and schedule a once a year insurance policy go-over.

 

Oh the survey almost forgot.

 

  42% think people with red cars pay higher insurance rates than those with vehicles of other colors.

  Of those, 53% are Millennials.

  44% of the 42% have college or higher degrees.

  36% make $75,000 a year or more.

  Only 56% accurately know that insurance covers repairs for the motorist at fault.

  20% oddly enough think they have to pay out of their own pockets even if the accident is not their fault.

  34% think car insurance replaces stolen items when it is actually homeowners and renters that take care of those things.

  17% dont know where you live makes a difference in the price paid for insurance.

 

Source link: USA TODAY

Tags:  Insurance Content  Insurance Industry  Insurance Myths  Insurance News  Millennials  Millennials & Insurance  Millennials & More: They have the Least Understand  Weekly Industry News 

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