October is Breast Cancer Awareness Month, and to start off this week's Big I Buzz, we'd like to raise awareness about the importance of early detection. 

Early Detection Remains the Best Defense Against Breast Cancer

October is Breast Cancer Awareness Month, an annual campaign to raise awareness about the impact of breast cancer. According to WSAW.TV, "In Wisconsin, 5,200 women have been or will be diagnosed with breast cancer in 2021." In addition to wearing pink to show your support throughout out the month and donating to breast cancer research, make sure that you are taking precautions to detect breast cancer early. The best way to detect breast cancer early is to perform a self-exam at least once a month. Self-exams require you to feel for lumps or changes in your breasts, and it's also important to check tissue as high as your collar bone and under the armpits to examine the entire area. Checking monthly will allow you to know what is normal for your body and detect changes. If you find a change, make sure that you go to your doctor to get it checked out. To remember to perform a self-exam, we suggest putting a monthly reminder on your calendar for these self-exams. 

Gen X's Wealth Has Gone Up 50% During the Pandemic

In between the Baby Boomers and Millennials sits Generation X, adults ranging from 41-56. Gen Xers experienced a wealth boom in the U.S. during the pandemic. According to data from the Federal Reserve, "Gen Xers saw robust gains in equities and pension entitlements, while their share of the nation's consumer debt declined." This generation's careers have since stabilized and has allowed them to invest money into the stock market and 401ks retirement accounts. According to Bloomberg, "As of June this year, Generation X held 28.6% of the nation's wealth, up 3.9 percentage points from the first quarter of 2020, according to Fed data. In dollar value, that translates into a 50% gain in their aggregate net worth -- the difference between a household's assets and debts. The shares held by the so-called Silent Generation, born before 1946, and the Boomers, the largest demographic group by far, declined in the same period." Read more about Gen X's growing wealth here. 

Millennial X Factor: How Does Your Digital Strategy Stack Up? 

According to Property Casualty 360, "Of the 78 million millennials living in the United States as of 2019, 45% own a house, and 80% own a car. It's safe to say that this group has come of age as the first digitally native generation, with Gen Z following in rapid succession. Consequently, the demands and expectations of younger generations - of which 85.9% of millennials were digital buyers in 2020 - should be front and center for today's insurers." A report from Liberty Mutual Insurance and Safeco Insurance found that millennials are more likely to connect with agents and research agents through digital channels than their older counterparts. According to the report, "80% of millennials wanted an agent to help them understand their insurance." Insurers that expect to remain relevant will understand that millennials expect simple, fast and transparent processes but they also value human interaction.

For more news, check out the Action news section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list. We hope that everyone has a great rest of their week!