Over the past few years, millennials have made headlines for theirperceived sense of entitlement, lack of loyalty, and eagerness tochallenge the status quo, while invariably changing the landscapeof the world around them. Millennials have revolutionized the waywe communicate with one another and, in particular, the waybusinesses communicate with them. So who are they? What do theywant? And more importantly, how can insurers reach them?

It is important to look at the position millennials hold intoday's economy, as well as the role they play as consumers inshaping insurance industry marketing.

Crucial market for insurers

You're probably aware of who millennials are. Born between 1980and 1996, millennials are today's 20- and 30-somethings. But youmay be surprised to learn that according to Pew Research, they'renow the largest generation in human history — larger even than boomers.

Read on to see how what is unique about this generation:

The extremely diverse millennial generation means a widevariety of opinions and experiences must be considered. (Photo:Shutterstock)

Takeaway #1: This is ahigh-priority market for insurers who are seeing millennials startto comprise a large portion of their customermix.

Celebrate diversity

Diversity is a major characteristic for this generation. LastJune, the U.S. Census Bureau reported that over 44% of millennials are not white. Infact, they're the most diverse generation America has seen to date.Ethnic diversity is not the only kind of diversity to be sensitiveto either. With 80 million millennials worldwide, there issignificant diversity of opinions, values and experiences withinany particular demographic.

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Highly educated millennials are frequently under-employedand many are delaying major life purchases like homes and cars.(Photo: Shutterstock)

Takeaway #2: Not all youngerrenters' or homeowners' insurance customers look, think or feelalike.

Highly-educated and saddled with unprecedented studentdebt

Millennials are over-educated and under-employed, a combinationwhich goes a long way in determining what their buying behaviorlooks like. According to the NY Times, in 1990, the median annualincome for people between 18 and 34 years old was roughly $36,700,and about 15.7% were college-educated. Between 2009 and 2013,median earnings dropped to roughly $33,900. Meanwhile, the rate ofeducation rose to 22%.

Because their income is relatively low and many are saddled withcollege debt, millennials are waiting far longer to tick off themilestones we've traditionally associated with adulthood likegetting married, having kids and buying a home. In fact, Pewreports that only 28% of those between the ages of 18 and 33 aremarried — compared to 49% of boomers when they were the sameage.

Related: More young adults now live with parents thanpartners

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While millennials may not have a lot of buying power today,expect that to change significantly in the next few years. (Photo:Shutterstock)

Takeaway #3: We're talking to smart people withthin wallets, who are delaying their first home purchase. Renters'insurance is a great way to start the customer relationship withmany millennials.

Buying power coming soon

Millennials may have thin wallets now, but in years to comethat's going to change. According to Bloomberg, millennials areslated to inherit $30 trillion. As thelargest generation, and with more and more millennials graduatingand entering the workforce, they will soon wield a collectivemonstrosity of buying power.

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Millennials can be very loyal customers when companies arehonest with them. (Photo: Shutterstock)

Takeaway #4: Both individuallyand as a whole, millennials' capacity to spend will increase.

No time for fakes

Millennials “are highly skeptical of brand messaging,” saidnoted author Michael Parrish DuDell, a featured speaker at theProperty Innovation Summit earlier this year.“We know how to spot a faker. We know when you are beinginauthentic. We know when you are being dishonest. And we turnoff,” he explained.

Fortunately, there's a flip side to that coin. Millennials canalso be very loyal consumers. “If you figure out how to win usover, if you figure out how to talk to us in a truly authentic waythat we will listen to, this generation will stick with you,”DuDell said.

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Quality of life matters more to millennials than money.(Photo: Shutterstock)

Takeaway #5: Remove all tracesof propaganda from your message. Communicate frequently andauthentically. It's the best way to earn millennial buy-in.

Experience is everything

Millennials are willing to sacrifice money and things inexchange for experiences. According to a study by FidelityInvestments, millennial professionals would accept an average pay cut of $7,600 forbetter quality of work life. “We value experiences overpossessions,” DuDell said. “Instead of spending a lot of money on abig house or a big car, we think that life is aboutexperiences.”

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Life experiences matter more to millennials than protectingor owning “stuff.” (Photo: Shutterstock)

Takeaway #6: Millennial policyholders care moreabout protecting life experience than they care about protecting“stuff.” In marketing, focus on how your products fit theirlifestyle and create lasting experiences.

The through-line

The conclusion for personal lines insurers? As we market tomillennials, DuDell says we should seek to deliver “a deeplyauthentic 360-degree brand experience that anticipates their needs,respects their values, and celebrates their individuality.”

It's a tall order and a worthy pursuit.

Related: What millennials want from insuranceagents

Robert Chase is co-CEO and chief customer officer ofEnservio, a provider ofcontents claim management software, payments solutions, inventoryand valuation services for property insurers.