Today’s established Gen X and Baby Boomer insurance customers have adapted well to how traditional incumbent insurance business models work. The results of our new consumer research show they’ve gotten so used to the current model that most insurance transactions and interactions are easy for them. These are valuable customers, and insurers need to retain them and continue to attract others to switch from competitors. But doing so with aging legacy systems and processes and a limited set of channels is getting more and more expensive and less and less effective.
The next generations of insurance customers, Gen Z and Millennials, have grown up (and are still growing up) in a digital world – and with them come new activities and behaviors that require totally new risk management strategies. They’re digitally savvy, and used to doing traditional activities in brand new ways, which has a huge impact on how and when they shop, purchase, or get customer service from companies.
Insurers should not expect this next generation of insurance customers to adapt to the ways of the traditional incumbent business model, like customers of the past. These roles are now reversed. Insurers are now the ones that must adapt by building new business models that meet the new needs and expectations of the new insurance customer.
How do you build for the future while protecting and growing your current customer base? Watch this webinar to learn what our newest research reveals about the behaviors and expectations of your current and future customers and the different approaches you must take to acquire and retain them.