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Julie Schieni, assistant vice president of insurance alliances at Invoice Cloud, said: “This survey shows that millennials are not only an important market for insurance but that they’re pushing for digital transformation in the industry, which has traditionally lagged behind when it comes to technology advancement.”<i>(Credit: one photo/Shutterstock.com)</i> Julie Schieni, assistant vice president of insurance alliances at Invoice Cloud, said: “This survey shows that millennials are not only an important market for insurance but that they’re pushing for digital transformation in the industry, which has traditionally lagged behind when it comes to technology advancement.” (Credit: one photo/Shutterstock.com)

During the past year, 20% of millennials missed an insurance payment, according to Invoice Cloud, with nearly a quarter reporting they had simply forgotten the bill was due. Postal delays and confusing payment processes were the second and third most cited reasons, respectively.

Among millennials facing financial hardships, more than half said they anticipate canceling an insurance policy in the coming year, according to Invoice Cloud.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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