Inclusivity: Why are changing demographics important for insurers?
Tech savvy boomers as well as Gen Z are busily transforming insurance, says Ellen Kay, UK Product Manager at Duck Creek, in the second of three vlogs exploring industry inclusivity.
Generation Z will likely transform what remains of the traditional approach to buying insurance.
Evidence suggests Gen Z will insist on buying insurance when they want and how they want.
“The evidence suggests that Gen Z will only engage in experiences that are simple, digital, real-time, and offer a personalised touch,” says Kay, in this vlog, part of a series of three focused on inclusivity in insurance.
How can insurers track buying habits of different generations?
Gen Z is not the only focus for digital engagement in insurance. A combination of new technology and disruptors are moving the needle across all demographics while the Zoomer generation continues to mature.
Insurers have access to data to adjust to the buying habits of any generation. The changing habits of the Boomer generation – from tech reticence to embracing online convenience – provide some great insights into buying trends, Kay suggested.
Boomers’ increasing tech savvy is creating a challenge for insurers to meet changing demands. The children of boomers are encouraging their parents to embrace technology more than ever Kay emphasises, in a trend that the pandemic will have undoubtedly accelerated.
“The Boomer generation offers tremendous buying power in the insurance sector but have the broadest requirements. Insurers should view new generations as an opportunity to better empower all of their customers, making them better informed and helping them achieve better outcomes,” she says.
“Companies can offer simple, transparent products that are easily modified to reflect the accepted reality that people’s needs can and do change throughout their lives. Insurers must use better customer data to inform and develop more flexible solutions that allow customers to flex across multiple covers throughout their lives Those are the themes we’re thinking about at Duck Creek, and it’s happening now.”
Click here to watch the vlog.