As Gen Z (those born between 1997 and 2005) and millennials (born between 1981 and 1996) continue to age into the workforce and begin to inherit generational wealth, their buying power is substantially increasing. This poses a window of opportunity to attract the loyalty of these consumers and count them as customers for years to come.
Executive SummaryAs new generations are seeking to purchase insurance coverage, the industry needs to re-evaluate the way it sells and caters to younger consumers, writes David Leskovar, vice president of partnership development at Bindable. In this article, he unpacks a research report from Bindable that explores the ways millennial and Gen Z consumers are thinking about insurance and how insurers can change their strategy to attract and retain younger clients. He explains that as the insurance industry is constantly changing, one thing is certain: Insurers will need to learn to embrace the unpredictable.
Nasdaq reported that combined, these two generations account for 43 percent of the U.S. population. To capitalize on this, insurers must be re-evaluating their go-to-market strategies and asking themselves how they can best appeal to younger generations.
As one can imagine, the insurance needs of millennials and Gen Z are different from those of any generation that has come before them. The problems that concern them and what motivates them to buy are shifting the standards for engagement between insurers and individuals. Plus, this group has virtually always known a technology-driven world with instant connection and gratification. Providers must rethink how they interact with, attract and retain these new generations of customers.