Capturing the millennial middle market with smart analytics
December 16, 2016 by Elliott Wallace
The middle market remains a largely untapped opportunity for life insurance carriers, worth approximately $20 billion of potential revenue, according to a McKinsey & Company study. But carriers intent on capturing the middle market will need to both rethink who they sell to and break the mold of how they sell.
The approximately 40 million householders comprising the middle market are between 25 and 64, with incomes between $35,000 and $99,000. Despite this simple classification, the middle market is hardly homogenous. Insurers need to understand the variation in needs and behaviors of the many sub-segments to find the best ones to target.
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