{"id":74344,"date":"2022-08-01T12:36:00","date_gmt":"2022-08-01T16:36:00","guid":{"rendered":"https:\/\/staging.majesco.com\/?p=74344"},"modified":"2023-05-04T13:26:33","modified_gmt":"2023-05-04T17:26:33","slug":"what-insurers-should-understand-about-gen-z","status":"publish","type":"post","link":"https:\/\/staging.majesco.com\/?p=74344","title":{"rendered":"What Insurers Should Understand About Gen Z"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Key Points<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Generation Z\u2019s appetite for personalized, digital-first experiences can unlock new revenue opportunities, both now and in the future.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this article, we review how insurers can leverage this opportunity to develop longstanding relationships with this digital-first generation:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Adjusting the insurance value proposition&nbsp;<\/li>\n\n\n\n<li>Personalization&nbsp;<\/li>\n\n\n\n<li>Nudging for healthy behaviour&nbsp;<\/li>\n\n\n\n<li>Maximizing digital engagement and brand authenticity&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Generation Z, or \u201cZoomers,\u201d the cohort born between the late \u201990s and early 2010s, is widely known as the first\u202f<a href=\"https:\/\/www.investopedia.com\/terms\/d\/digital-native.asp#:~:text=Digital%20native%20is%20a%20term,including%20computers%20and%20the%20internet.\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cdigital native\u201d<\/a>\u202fgeneration. They are also the least likely to purchase any form of insurance. Insurers should understand the unique coverage needs of Zoomers and how they interact with corporate brands to maximize long-term revenue growth and customer retention.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zoomers don\u2019t buy a lot of insurance.\u202fThey typically do not own homes, have dependents or own vehicles, and they are generally in good health. Many already have some coverage from a family member\u2019s policy anyway.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Same Products, New Value Proposition&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nevertheless, older Zoomers in or entering adulthood\u202f<em>do\u202f<\/em>need various types of insurance \u2014 it may just look a little different. It\u2019s the industry\u2019s job to help these young people understand the benefits of coverage. Their appetite for personalized, digital-first experiences can unlock new revenue opportunities, both now and in the future.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s take life insurance as an example. Most Zoomers skip life insurance because they don\u2019t have dependents, making it difficult to justify the cost of the policy. But what if we presented an alternative value proposition?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Life insurance marketing often focuses on financial protection for a traditional family structure. A socially conscious twenty-year-old is far more likely to purchase a life insurance policy if it is marketed as an inexpensive and customizable way to support a particular cause and leave a legacy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some innovative carriers are even marketing life insurance as a way to buy a tattoo for a friend, pay for an environmentally conscious funeral or send a friend or family member on a trip to Europe. In this way, life insurance is positioned as an act of love. Most importantly, the customer feels like he is in control.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Personalized messaging, at different points of life, is key to filling generational gaps in coverage. By crafting an alternative value proposition, insurers can turn Generation Z into their most valued customers.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Generation Z\u2019s Unique Characteristics Spell Opportunities to Deliver Personalized Experiences&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Between growing up amid the Great Recession and experiencing the COVID-19 pandemic in late childhood or early adulthood, Generation Z\u2019s confidence in life planning and financial security has been shaken. Indeed, workers under age 25 were\u202f<a href=\"https:\/\/gusto.com\/company-news\/smb-employee-covid-19-impact\" target=\"_blank\" rel=\"noreferrer noopener\">93% more likely<\/a>\u202fthan workers over 35 to be laid off during the pandemic, contributing to lost insurance coverage.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result of these experiences and their ability to easily find information online, Generation Z is highly price-sensitive.\u202f<a href=\"https:\/\/www.prnewswire.com\/news-releases\/average-driver-hasnt-switched-car-insurance-companies-since-2003-300115282.html\" target=\"_blank\" rel=\"noreferrer noopener\">60% of Zoomers<\/a>\u202fsaid price was the biggest factor when choosing which brand to buy from. Young people today are savvy consumers \u2014 comparing prices, identifying discounts and reading reviews.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThey don\u2019t want to pay full price for anything,\u201d says Jason Dorsey, a Gen Z consultant and researcher.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The implications for insurance are clear:\u202f<em>Insurers that offer both lower prices and price transparency will attract post-millennials.\u202f<\/em>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cOffer lower prices\u201d is easier said than done and has been a priority long before Generation Z. Instead, where insurers can really shine is in offering the right product at the right time to the right user.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, Generation Z is the most likely to celebrate their pets\u2019 birthdays (81% do, according to a\u202f<a href=\"https:\/\/app.segmanta.com\/analytics\/ba6csa\/141770\/150141\/?segments=NobwRAdghgtgpmAXGAggGzQAgEpwM4AOA9hACZwQAueYANGAGYCWalcATkuEQUmFGTpgAxiVJNKTEjUTAAuvTxwA5vCoBJUjPn00TGBKQQArhgC%2B9dkSKUkldsbj1RaIp2QBiACwARX76FyPGF2JgJJEiNTNHomUiQAJi8ABgBGAGYk2LwANSY8JgAjNAREe0dslGNKIh98ELCIiDsHOAtwaHg%2BAGUVNUpMFCFmVg4uMB4%2BAXjnMQkpCG1wSgBPAlKRImMqdhWhSeQ4AEchADcoNEdtMABVCAk4Ukxuyig2PEwiBkH4UOEoMBydpgVbrKaLADuY3oBzAxzOFyuSGAXgAHKiAGypBK0NGYjIKOEAD3sAMQ4COVyaAH04khUl4AJwAdkZXkUxkKACs4MJKLT4ogTBh6Mw4GhBWAHjABWAzGZCUpVBRKJptIS9AZbELohYwFYbEgGBclLNXO4wB4MQBWZkYgDCjMC9VC4QWfAAQlBCitMIVrL8aLFBSkvNbGajmdk8gViqVyk4pXgqjU6sFXU0jSa2rQOrANr1lVRMB7hiw2O5uLxkNMhKIyPNpMjlmsNqJtvY9jDq3CTvRzpd8Mjbvc2E8Xm98J9vihfkx-oDgaCNgI8FDON2%2BPD%2B4ih7I8RjkhjcejD6jCXASewyRSqQtZYgGSy2Rzubz%2BXSdSLGExxZLpbK8qKn0KpqsiGr6IYX5oHqBrasaaCmps5p8B4KA%2BLaqIJM66aNO6yAAOIUJgABaQiftaTLpDaqTRvkRQlC0FRJimtQunhkSIAhSjAp0BYgcW9plqMlYTD2tazA2TRLCCrbgmu0JiVufZgAOSL7qeqTJCe%2BKpBeV43mAlL4DSn5Pqy7JgHgnI8nyD7CjEP5-nwAF0kBigCaqWjgbokHag5sHWPB2Zmm4qEeqkHrWvaQn0EEDRupxYBERAmAABrkYKGLpDlmKonRsaMWUrSVNUbG4YlzRcdmvH5j0nmYD4wkVuMsISZsUkLDJy7yeu%2Bw9tuqm7toB5aTph6MvppLjMZeCmYK5kvlZNnvvZ0Sir%2BEouWwMpuQqHlFl56q%2BVqUTmJYQVZohiYuGFnj2igKDUV4OEJZmyAALIsCUED3CamVIOkqLYhijLWgVDHxiVLFlWmb34dxbRyEAA&amp;cf=1&amp;tab=WORD_FREQUENCY&amp;sel_segment_index=2&amp;relate_targets=NobwRAjgrgpgzgFwJYHsB2BJAJmAXARgFZ8A2ABjIBow4oAjAKxgGMFs80oAbLgXwF0gA&amp;mode=DIST&amp;cl=95\" target=\"_blank\" rel=\"noreferrer noopener\">recent survey<\/a>!) and treat them like a member of the family. How likely might they be to purchase pet insurance from an insurer that offers discounts and rewards on their furry friend\u2019s birthday?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the recent turmoil in the job market, many Zoomers are turning to gig work full-time. The growth of the gig economy means health, dental and life coverage traditionally offered through employer plans must be provided differently. Gig workers often seek untraditional terms for the insurance products they purchase, in some cases day-to-day or gig-to-gig.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While Gen Z is highly price-sensitive, this is balanced by their\u202f<a href=\"https:\/\/www.consulting.us\/news\/6598\/gen-z-more-willing-to-share-data-with-insurers-for-personalization\" target=\"_blank\" rel=\"noreferrer noopener\">increased comfort<\/a>\u202fwith sharing personal data in exchange for discounts and personalized policies. This opens up a massive window of opportunity for insurers to deliver personalized experiences to this demographic.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Insurers that can provide on-demand, flexible coverage of key products, with simple self-service options and real-time quoting will find great success serving this underserved market.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nudging the Health-Conscious Generation&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Generation Z is the perfect consumer for life and health insurers. According to a\u202f<a href=\"https:\/\/cdn2.hubspot.net\/hubfs\/4000540\/content-reports\/reports-pdf-versions\/UNiDAYS-Ad-Age-Health-Wellness-2018-Report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">UNiDAYS survey:<\/a>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>87% of Gen Z exercise three or more times per week&nbsp;<\/li>\n\n\n\n<li>65% use fitness apps&nbsp;<\/li>\n\n\n\n<li>28% use wearable technology to track workouts.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Insurers that leverage health and activity data to offer rewards and discounts can expect a high level of engagement from Generation Z. This generation embraces relevant technology and prioritizes their physical and mental health.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wearables, like the popular Fitbit or Apple Watch, can help customers track various health indicators such as physical activity, heart health, sleep and nutrition. Insurers can then leverage this data to send coaching triggers via a digital assistant to encourage healthy behavior based on customer goals through personalized multichannel notifications via mobile, web, email, etc.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This technique is called\u202f<em>nudging.\u202f<\/em>Nudging is a behavioral science approach that uses subtle interventions to help users make better decisions while respecting their freedom of choice.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using the same platform, insurers can offer timely discounts, recommend additional coverage and suggest more personalized policies based on the customer\u2019s unique characteristics identified through health and behavior tracking.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sun Life\u2019s digital assistant, Ella, gave clients\u202f<a href=\"https:\/\/insurance-portal.ca\/life\/sun-lifes-ella-is-getting-smarter-and-smarter-jacques-goulet-says\/\" target=\"_blank\" rel=\"noreferrer noopener\">15 million nudges<\/a>\u202fin 2020, leading to an 83% increase in additional coverage purchased. Carriers that adopt nudging and behavioral analytics will maximize customer engagement and increase revenue.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Maximizing Digital Engagement Among Gen Z Consumers&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Gen Z is known to be less likely to display brand loyalty, meaning they will happily switch from one insurer to another that offers lower prices. However, Gen Z is more likely than previous generations to be\u202f<em>enthusiastic\u202f<\/em>about a brand, engaging via digital channels and providing valuable insight into the marketplace.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Recent\u202f<a href=\"https:\/\/www.ibm.com\/downloads\/cas\/M2W7GWV6\" target=\"_blank\" rel=\"noreferrer noopener\">research from IBM<\/a>\u202fshows that, if given the opportunity, 44% of Gen Z would submit ideas for product design and 36% would create digital content for the brand. When they share opinions online, they offer 2X more positive feedback than complaints. Gen Z, due to their digital literacy and shopping habits, are also highly influential in family spending.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the benefits are clear, they come with high expectations. Post-millennials will switch insurance providers in a heartbeat if they are not provided with an always-on customer experience on their preferred platform.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When shopping for insurance online, Zoomers will compare multiple options by\u202f<a href=\"https:\/\/www.nngroup.com\/articles\/multi-tab-page-parking\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cparallel browsing\u201d<\/a>\u202f(having multiple tabs open at once). Insurers must adapt to this behavior by encouraging the user to remain on their website or app. Aside from the price itself, Zoomers reward clarity of information (i.e., \u201capples to apples\u201d) and instant quoting that simplifies their research.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A recent\u202f<a href=\"https:\/\/www.genre.com\/knowledge\/blog\/generation-z-and-insurance-what-brings-stability-in-life-en.html\" target=\"_blank\" rel=\"noreferrer noopener\">Gen Re survey<\/a>\u202fof Zoomers in Germany found that most respondents found insurance to generally be \u201cnon-transparent, difficult to comprehend and untrustworthy.\u201d This generation is not easily swayed by polished marketing campaigns. Instead, they seek authenticity and integrity.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Insurers should also structure their digital presence to \u201ccoach\u201d users through the insurance purchasing process, articulating why each step is necessary. One recent survey shows that many Zoomers do not have life insurance because it seems too complicated. Trends such as accelerated underwriting (AUW) and digital assistants can drastically improve the customer experience and speed the purchasing process.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, a great mobile-first experience is essential.\u202fZoomers are on their phones day and night!&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Window of Opportunity Is Open&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There is no one-size-fits-all solution to engaging Generation Z. It\u2019s actually the opposite: Post-millennials expect an always-on,\u202f<em>personalized\u202f<\/em>digital experience from the brands they interact with.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To be successful, insurers should be prepared to engage with Gen Z across multiple digital channels, offer more flexible policies and articulate a value proposition that is aligned with this generation\u2019s appetite for risk, their increased social consciousness and their hunger for transparency and authenticity.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As Gen Z matures, they will establish their tastes and preferences as consumers. Insurers that prioritize the needs of this generation will not only establish themselves as trusted insurers to an aging Gen Z in the future but will be even more influential to older generations today.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Points&nbsp; Generation Z\u2019s appetite for personalized, digital-first experiences can unlock new revenue opportunities, both now and in the future.&nbsp; In this article, we review how insurers can leverage this opportunity to develop longstanding relationships with this digital-first generation:&nbsp; Generation Z, or \u201cZoomers,\u201d the cohort born between the late \u201990s and early 2010s, is widely&hellip;<\/p>\n<div class=\"wp-block-button is-style-transparent-arrow\"><a class=\"wp-block-button__link majesco-2022-read-more-link\" href=\"https:\/\/staging.majesco.com\/?p=74344\">View Full Resource <\/a><\/div>\n","protected":false},"author":72,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[88],"tags":[],"solution":[15,19,248],"customers":[],"partners":[],"solution-categories":[],"segment":[239],"hot-topics":[],"topics":[],"class_list":["post-74344","post","type-post","status-publish","format-standard","hentry","category-future-of-insurance","solution-data-analytics","solution-digital","solution-insurance-buyer-insight","segment-life-annuity-health"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gen Z and Insurance | What Insurers Should Know About Gen Z<\/title>\n<meta name=\"description\" content=\"Generation Z\u2019s appetite for personalized, digital-first experiences can unlock new revenue opportunities for insurers, both now and in the future. 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