Shifting Demographics: Are You Ready for Millennials and Gen Z?
SVP, Strategic Marketing, Industry Relations and Innovation, Majesco
Founder, Broke Millennial
CEO and Founder, Effective Coverage
The session will discuss how the current insurance business and customer journey was built for the silent and baby boomer generations, who have adapted to it and are generally content with it, because that’s the way it has always been for them. However, led by Millennials, Gen Z and increasingly Gen X who sits between them and the older generation, their needs and expectations are rapidly shifting to new products and services, new channels and a robust, intuitive digital experience. Loyalty is now influenced by how well insurers meet their needs and expectations for products, engagement and value, opening the door to new competitors and the potential shift in market leadership over the next 5-10 years as these generations overtake the previous ones.
The session will highlight the significant potential demand among consumers for new, non-traditional products and services, and new ways to buy and service them. This potential becomes especially strong among the younger generations when you add in the “swing group” – the group of respondents who were neutral/undecided about some of these new ideas, but like swing states in an election, they can rapidly accelerate adoption rates if these new ideas demonstrate sufficient value to win them over.
The primary research will emphasize the need and approach for insurers to rethink their business models, products, processes to compete in a new digital world that will be dominated by millennials and Gen Z.