Attracting Gen Z
With over 68 million individuals, Gen Z (the generation born roughly between the mid-1990s and the early 2010s) stands as one of the most significant demographics in the U.S., making them an attractive target market for the insurance industry.
However, only 37% of Gen Z adults are projected to possess life insurance by 2025, revealing a substantial market gap, according to Insurance News.
The challenge – how do we tap into this significant market and bridge the existing gap effectively?
The solution – lies in simplifying the insurance sign-up process and offering flexible policies that can entice Gen Z to embrace coverage through current trends and potential areas of influence.
🧲 Digital Natives: Gen Z is the first generation to grow up entirely in a digital age, surrounded by technology and the internet. They are highly tech-savvy and comfortable with online platforms. Insurance companies need to adapt and offer seamless, user-friendly digital experiences for this generation, from purchasing insurance policies to managing claims.
🧲 Value in Customization: Gen Z tends to value individuality and personalization. Insurance companies may need to offer more personalized insurance options and flexible coverage choices to cater to their preferences.
🧲 Environmental and Social Consciousness: Gen Z is known to be more environmentally and socially conscious. This could influence their choices when selecting insurance providers, leading them to prefer companies with strong corporate social responsibility and sustainable practices.
🧲 Importance of Reviews and Ratings: Gen Z is more likely to trust peer reviews and online ratings when making decisions and we couldn’t agree more! We have collected several generous reviews over our 120 years in the industry and we hope that these give a snapshot at our reputation and how we market our services to this generation and generations before.
🧲 Shift in Coverage Priorities: As Gen Z faces different challenges and life stages than previous generations, their insurance needs may differ. For example, there may be an increased focus on cybersecurity insurance or other coverages relevant to their lifestyle.
How we Tap into this Untapped Market
Insurers must focus on technology, flexibility and communication to attract Gen Z consumers. Technology ensures your application process is as hassle-free as possible. Flexibility caters to Gen Z’s need for customizable coverage options. Communication will help clear any roadblocks in the prospect’s mind. With any luck, these areas will allow carriers to bridge the coverage gap among Gen Z.
Gen Z is a highly proactive generation that knows how to research, but carriers should not assume that Gen Zers have adequate knowledge about insurance. Unlike Baby Boomers, Gen Zers have had little exposure to what insurance is and how it works.
We work hard for our clients to anticipate market fluctuations and seek out the best value for new and existing policies. We can save you both time, money and valuable research time while finding the right insurance coverage for you. Contact our team at: (636) 537-5611, send us a note at contactus@concannonagency.com or fill out our online form today to discuss the coverage options that align with your lifestyle needs.
