Providing choice, convenience, agent support, and digital distribution are key to acquiring and retaining the next generations of consumers
Boston, MA – April 18, 2023 – Bindable™, the InsurTech leader for alternative distribution, is pleased to share access to recent research via their new report, “Future-focused Insurance: Inside the minds of emerging generations of insurance consumers.” The report examines how well consumers from the Millennial and Gen Z generations understand insurance; what they value about insurance; what drives their purchasing decisions; and where there are opportunities for insurance providers to better meet the needs and expectations of these younger buyers.
“With the increasing purchasing power of Millennials and Gen Z, a window of opportunity is open for insurers to establish relationships with a new segment of customers that grow over time. But to do so successfully, insurers cannot risk running their businesses based on misconceptions,” said David Leskovar, vice president of partnership development at Bindable. “Our research helps insurers understand the unique perspectives of the next generation of buyers. It validates our belief that having a strong B2B2C distribution strategy is crucial to acquiring and retaining a younger audience of consumers."
Designed and conducted by Bindable in the first quarter of 2023 with respondents participating from 48 out of 50 U.S. states, the report shows that Millennials and Gen Z value digital channels, but they also like to get help from insurance professionals. Choice and convenience matter to them too. The report’s most significant findings include:
- 96% of Millennials and Gen Z turn to the internet to research insurance options, but 75% say that they still want access to the advice of an insurance professional if purchasing online
- 56% do not feel confident in their insurance knowledge, and 45% turn to insurance professionals when they need insurance information and/or advice
- 64% of those who have been offered the option to buy insurance during a relevant purchase said it made them more likely to purchase insurance they wouldn't otherwise seek out
- 73% agree that when offered insurance alongside a relevant purchase, they would prefer to see options from multiple insurance companies instead of just one
- 94% of those who said they have purchased insurance alongside a relevant moment did so because it was through a brand they trusted, and it didn't matter who the insurance provider was
“As future generations redefine what they need and expect from providers, insurers must be prepared to modify traditional strategies to meet Millennials and Gen Z where, when, and how they want to shop,” said Mary Clare Riordan, director of marketing at Bindable. “Insurers must always maintain a clear understanding of their customers, and leverage the right mix of technology, partnerships, and expertise to ensure a competitive edge, no matter the market conditions."
For those providers looking to leverage digital distribution to build long-lasting relationships with the next generations of consumers, Bindable offers configurable, market-ready solutions that enable carriers to quickly grow their businesses, sell their products, and expand customer relationships without adding stress to existing infrastructure.
To access the full report, download it here.