New Majesco Research Underscores the Urgency of Acting Now to Capture and Retain the New Dominant Insurance Buyers – Millennials and Gen Z
Expectations for a wider array of capabilities from new products and value-added services to payment options, channel choices and personalized, holistic experiences offer growth opportunities
“Millennial and Gen Z life journeys are not following the path set by older generations, with significant lifestyle shifts, needs and expectations from older generations that require different insurance offerings,” said
The Millennial and Gen Z populations desire a holistic customer experience – where digital offerings bring together other products and services to help them manage their lives. This necessitates a full view for customers across their insurance products, value added services and non-insurance products. When insurers can’t deliver that view, a gap arises between what customers expect and what insurers are delivering. This gap opens the door for new competitors to meet that expectation, either directly or through partnerships with insurers. Companies like
The viability of the insurance industry is vitally connected to these demographic trends, customer expectations and adoption of new technologies and primed for growth. The only question is whether insurers are prepared to capitalize on that growth. The next generation of buyers is here today. The older generation has accelerated their adoption of digital, increasing their expectations as well. Insurers must quickly update their mindsets, their processes and technology, or risk being left behind in a state of irrelevance.
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