The changing demographics of the U.S. and how they affect insurance
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The U.S. Census Bureau recently released new information on the diversity of the population in the US and it is a fascinating read, at least for an insurance nerd like me. Census Report To summarize some key points for insurers:
- For the first time, Millennials outnumber Baby Boomers. This means that your potential target market is more technology literate and less understanding of the weaknesses of your systems. No phone app? They’ll find the carrier that has it.
- For the first time, more than 50% of youth (5 years and younger) are minorities. If you don’t have diverse marketing programs, this single statistic says you should, and will be reinforced below.
- The 65 and older group grew to 46.2 million, a growth of over 1.5 million in one year. This group is also more technologically literate than ever before. Don't underestimate this group’s expectations.
- Only ten states have a majority male population, highlighting the need to market directly, and properly, to women.
- All race and ethnic groups had more births than deaths except non-white, non-Hispanic, where the population declined, again highlighting the need for diversity marketing.
- Hispanics outnumber Blacks 55.4 million to 45.7 million. While both should remain targets, specialized Hispanic programs make sense.
- Asians represent 20.3 million, a growth of 3.2% in a single year.