The innate digital lifestyle of Generation Z, also known as Gen Z, prefers to meet face-to-face more than millennials.
In a survey conducted by Applied Systems and InVEST, a sample of 1,744 Gen Z consumers, 17-19 years old and 1,000 millennial, 18-34 years old, were asked questions on how they prefer to shop for insurance and how they would like to interact with the agents.
The findings illustrate the generations’ preference to shop for insurance coverage with businesses that actively interact and provide 24/7 experiences to them. When purchasing insurance, 55 percent of Gen Z prefers to meet an agent in person, compared to 37 percent of millennials. Interestingly, 35 percent of millennials choose to purchase auto insurance online, compared to 29 percent for Gen Z.
For both Gen Z and millennials, referrals from family or friends have the greatest influence on finding an insurance provider. Fifty one percent of Gen Z and 54 percent of millennials found their current insurance provider through referrals. Those who were not referred went to digital search engines and online review sources to shop for their insurance.
Notably, both generations highly value 24/7 access to information and customer services, particularly through a mobile app. An average of 97 percent of Gen Z and millennials answered 24/7 service as an important part of their purchasing decision, while 88 percent of Gen Z said access to information and service via a mobile app as important.
“The report further underscores the fact that millennials and Gen Z consumers are attracted to insurance firms that provide the customer-centric, 24/7 experiences they have become accustomed to in other industry,” said Reid French, CEO of Applied Systems. “Independent agencies need to invest in technology to provide multichannel customer service experiences and to establish and innovative workplace to attract the next waves of insurance consumer and professionals.”
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