How insurance reaches the younger generation has changed

Keywords insurance companies should pay attention to: #Listen. #Understand. #Involve.

"One of the largest generations in history is about to move into its prime spending years. Millennials (and Gen Z’s) are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come." - Goldman Sachs

"Millennials and Generation Zs came of age at the same time that online platforms and social media gave them the ability and power to share their opinions, influence distant people and institutions, and question authority in new ways. These forces have shaped their worldviews, values, and behaviours." - Deloitte

For insurance companies without a strategy to get a market share of millennials and Gen-Z are already behind. In Africa, recent reports show that millennials and Gen-Z have the desire to grow and manage their wealth. As of 2018, approximately 20% of Africa’s population is aged between 15 and 24, making the region the youngest in the world.

Do you have a strategy to attract these sets of customers or are you fine living off their parents?

What is your distribution strategy?

Edafe Erhie, PwC Nigeria’s Consumer Markets Leader, comments that “the key to a great end-to-end customer experience isn’t just about the shopping and retail experience - it spans across industries. Consumers are looking for a seamless and easy purchasing journey, and companies can achieve this by using a blend of both physical and digital approaches. The result is a greater return on experience with the customer and more lasting results for businesses.”

Let's have a conversation and define a strategy for a market share

Curacel and Consonance Invest are driving the conversation. 

We will be joined by a panel of speakers, savvy on insurance matters, leading experts in market growth innovation and strategy. This is not the type of information you want to be told. Sign up to attend. This is a masterclass crunched for you in 60 minutes.   

More on Millenials and Gen Z

Millennials grew into the internet and smartphones while Generation Z has grown up with the internet and smartphones – they don’t know life without them. They have a different worldview. And living in a different world. Their behaviour change is seen in three emerging trends:

• Possession of goods will be less important in the future than access to them. We already can witness the rapidly growing sharing economy, such as for cars e.g Uber, Bolt, Treepz.
• Differentiation through individuality as an expression of personality and ethical behaviour are shaping the future development of the consumer market.
• Rapid technological progression will present many transformative opportunities for companies each with their own unique challenges

For Insurance Companies

To remain successful in the long term, insurance companies must deliver added value to the millennials and Gen Z consumers and adapt to changes in individuality, ethics and consumer behaviour.

Insurance companies can begin to customize products for these customer markets. Personalized products have been on the rise for years. But how does an insurance company manage to offer individual insurance coverage? Think Usage-based Insurance (UBI).

A study by Majesco finds over 57% of these customers are open to buying insurance through non-traditional sources. Has your company considered “Embedded Insurance”? 

• 62% percent would buy homeowners insurance from a real estate website or app
• 58% are open to buying renters insurance from an apartment search site and app
• 57% would buy auto insurance through a car-shopping website or app

Why Millenials and Gen Z are the future of Insurance Marketing

• They represent 32% of the global population. Follow this: a 24 year old (Gen Z), raised by his/her parents - skeptical Gen X, and entering the workforce in 2019. They saw their parents lose their jobs during the recession and the loss of stability fostered their survival instincts. 

• They doubt they will retire by 60, and they are more concerned about their own personal well-being.

• Gen Z is the future of insurance marketing since they make up 20% of the total workforce as at 2020.

• By 2030, their earnings are set to hit $33 trillion – more than a quarter of all global income. 

• As more of them enter the workforce, their insurance needs will also be on the rise. They are soon to become the largest potential client base for insurance companies.

How to find them

As much as 95% of them use social media at least once a week. Platforms like TikTok, Instagram, Snapchat, and YouTube are the top priority. 

Their attention span is eight seconds. So the first impression is the “make or break” for any marketing message.

How has Gen Z been affecting you? You already see it in how they save and invest...it’s coming for insurance

• They are likely not on TV where most of your ads run
• They don’t want to be controlled 
• They like things happening fast
• They liked being helped 
• They like having choices. No tie downs
• They have new expectations...

Join Curacel x Consonance on this live webinar to learn more about charting new paths and strategies for insurance companies to capture this new and growing market. Capturing these markets means your company has rightly positioned itself to lead others into the future. But, it must be fast!

Date: November 13th 2021

Venue: Virtual (Link will be sent to you after registration)

Time: 12pm

Register to attend.

Who should attend:

• CEOs
• CMOs
• CIOs
• Product Managers
• Marketers 
• Business Development Managers
• Technicals
• Claims Managers

About Curacel x Consonance Invest

Curacel is building solutions to power insurance management, distribution and detection. With their products and solutions, they have been able to help insurance companies save as much as 70% of time and cost of operations.

Consonance, a focused early stage and growth investing company with startups like LAMI, Africa Foresight Group and Curacel among their portfolio.

‍