The article provides insights from a survey conducted on Australian millennials and Gen Z consumers regarding their attitudes towards life insurance. Here are some key takeaways from the survey:
1. Family and property are core priorities for these younger demographics, with a significant percentage already in committed relationships and planning for children. Property ownership is also a major goal for the majority of the respondents.
2. There is a strong demand for life insurance among millennials and Gen Z individuals, with a majority either already covered or planning to secure coverage. Many respondents have life insurance through their superannuation, but there is room for personalized policy enhancement.
3. Barriers to obtaining coverage include concerns about affordability, perceived youth, and uncertainty about the adequacy of coverage. Insurers can address these barriers by offering competitive pricing, clear policy details, and responsive customer service.
4. Digital preferences play a significant role in consumer behavior, with a preference for online transactions for insurance purchases. Consumers also value 24/7 self-service capabilities and incentives for maintaining a healthy lifestyle.
5. Social media influences financial decision-making for these demographics, with a high engagement rate across various platforms. Insurers can leverage social media to engage with millennials and Gen Z individuals and provide relevant financial advice and information.
The article also highlights the implications for the insurance industry, emphasizing the need for insurers to adapt to the changing demands of younger demographics by offering customizable and digital-first insurance products. By focusing on consumer-centric models and leveraging digital innovation, insurers can better meet the needs of today's consumers and remain competitive in the market.
Swiss Re's expertise in the industry and support for digital platforms can help insurers in Australia navigate these trends and enhance customer satisfaction. Overall, the survey provides valuable insights for insurers looking to engage with millennials and Gen Z consumers in Australia.
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