At 76.6 million, millennials are the country’s largest generation and also the fastest-growing consumers and employees. They bring $1.68 trillion in purchasing power to the table, according to the U.S. Census Bureau. Smart agencies will develop a plan to attract, serve and retain these individuals, as they will have a great deal of influence on the profitability of insurance agencies both now and in the future.

Applied Systems’ “Why Millennials Matter” report, based on an independent survey, discusses how millennials research and purchase P&C insurance, and their concerns and behaviors regarding the insurance industry. Below, some of the highlights from the report:

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