Millennials and Gen Zers were born between 1981 and 2012 (big gap, we know). But both generations share a deep connection with technology. Gen Zers never knew a world without iPhones and Snapchat filters, and millennials started using technology at a young age. Now, why is this important to the world of insurance?
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of our survey respondents said that tech has made a positive impact on insurance workflows
The insurance industry does a lot of things right. One thing they can work on is adopting technology…”
Underwriting
Easier claims processing
Payment options
The hiring
process
The attention to detail between the agent and carrier
Training programs
AI
Automation
Communication
Customer Service
Where do Gen Zers and Millennials Want to See
More Innovation in Insurance?
96%
What Millennials and Gen Z Are
Saying About Digital Transformation
Listen to Raghav Tanna, Applied SVP of small commercial, talk about the importance of the industry adopting tech.
Gen Z and millennials have their differences, but they both have a strong attachment to their tech gadgets. They have been in the tech scene for some time now and expect speedy and effortless tech experiences.
Millennials and Gen Zers are all about using the latest tech to push things ahead.
Driving Digital Transformation
The oldest millennials have memories before the internet took over, while the younger ones can’t even imagine a world without Wi-Fi.
Millennials, also known as Generation Y, entered the world between 1981 and 1996.
What Sets Millennials Apart?
Left to right: Mamadou Bah, Cassandra Koegel, and Raghav Tanna chatted with us about everything from work preferences to the future of insurance.
Gen Zers have grown up in a world where they can order food and it magically appears on their doorsteps. They expect quick and easy digital experiences.
Gen Z, also known as “Zoomers” and “digital natives,” were born between 1997-2012. They’ve basically grown up in the online world, living and breathing everything digital.
What Sets Gen Z Apart?
These tech-savvy generations could change the game for the insurance industry and transform how we work. But how do you get them to notice you and stick around as employees and even as customers? That's the million-dollar question.
We've got some stats, interviews, and research to help. In addition to conducting a survey to these age groups, we chatted with three tech-savvy young professionals at Insurtech Boston 2023 – including Mamadou Bah, business development manager at RT Specialty; Cassandra Koegel, Commercial Lines producer at Eastern Insurance and MAIA Young Agents Committee co-chair; and Raghav Tanna, Applied SVP of small commercial.
So, keep scrolling and let's dive into how to connect with these rising generations in the insurance world.
Getting to Know Millennials
and Gen Zers in Insurance
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Reaching the Rising
Millennials and Gen Zers:
Sources
1. Is Gen Z the Spark We Need to See the Light?, Ernst & Young, 2021
2. 5 Steps to Attract and Retain Top-Tier Insurance Talent, Applied Systems, 2023
3. Digital Transformation In the Age of Millennials and Gen Z, Forbes, 2019
4. Ivans Generation Z and Millennial Survey, Ivans, 2023
The commercial lines world has major potential, but let’s face it; the processes can still be clunky and cumbersome – not exactly the instant gratification Gen Z and Millennials are looking for. In our interviews and survey, our respondents let us know there is an opportunity for more transparency in today’s insurance processes.
Cracking the Code to Keeping Millennial and Gen Z Loyalty
Even though Gen Zers and millennials bring their own unique perspectives, they’re actually looking for similar things when it comes to company culture. So, what are younger insurance professionals looking for?
While some crave in-office collaboration time, most prefer remote and hybrid options.
Preferred Work Communication Methods
28.8%
26.1%
In person
23.4%
Virtual meetings
5.3%
Texting
3.15%
Phone calls
12.2%
Email
Source: Ivans 2023 Gen Z/Millennial Client Survey
What Millennials and Gen Zers Look for in Their Employer
Source: Ivans 2023 Gen Z/Millennial Client Survey
9.3%
Business mission or values and alignment with personal values
8.8%
Access to technology (laptop, phone provided)
3.8%
Reputation
1.9%
Digital access to information/paperless office
76.3%
Work/life balance
To the Future of Insurance
How Gen Z and Millennials Want to Work
Source: Ivans 2023 Gen Z/Millennial Client Survey
Click the circles to learn more!
They want to change the perception of insurance as being an “old” industry and attract more talent.
Biggest Opportunities for Industry Growth
Source: Ivans 2023 Gen Z/Millennial Client Survey
56.3%
Connecting and building on existing tools in the industry
31.9%
Removing silos and collaborating more across the industry
67.6%
Being more transparent with clients and employees about decisions
69.5%
Offering quick and easy digital experiences
Tech is already transforming the insurance industry, but a key part of its ongoing evolution is keeping the upcoming generations engaged. Our respondents say they are hopeful for the future of insurance.
What Does the Future of Insurance Look Like?
This is what some of our survey respondents had to say:
Agents will still be a key component since human experience will be crucial to adequate coverage.
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5 Steps to Reach These Tech-Savvy Generations
Offer Quick and Easy Digital Experiences
This one’s a no-brainer! Almost 70% of the Gen Zers and millennials we surveyed said the industry needs to offer more quick and easy digital experiences. And that’s no surprise. These two generations expect these seamless experiences as customers and also as employees. And our interviewees revealed that there’s a talent gap in the industry when it comes to attracting these generations due to some outdated perceptions. Cassandra Koegel, Commercial Lines producer at Eastern Insurance and MAIA Young Agents Committee co-chair, said she thinks the future means quicker transactions, quicker responses back to our customers, and quicker claims being paid out.
Don’t wait any longer! It’s time to start reaching out to these generations, tap into their talents and see your business reach new heights. We’ll be chatting about this topic on social media. Join the conversation on our Twitter, Facebook, and LinkedIn accounts.
57.7%
23.4%
18.9%
Hybrid
Listen to Mamadou Bah, business development manager at RT Specialty, as he describes the ideal work environment.
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Listen to Cassandra Koegel, Commercial Lines producer at Eastern Insurance and MAIA Young Agents Committee co-chair, talk about changing the perception of insurance.
The one thing I would like to see improved is the perception. I recently spoke to a high school and asked what they think insurance is. They said very nicely they thought it was a bunch of old people sitting behind a desk. The one thing I want to see change is them realizing that’s not the case.”
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2
3
4
5
Generations in Insurance
Chat technology like Slack and Teams
I think hybrid is the most productive work environment. We can’t forget about being in the office because culture is very important. I do think it’s important to come into an office 1-2 days a week.”
Influencing the Future of Insurance
If we want to secure the future of this industry, winning and keeping the loyalty of these generations is a must. Follow these five steps to gain and secure their loyalty!
These digital natives are hungry for transparency and authenticity. They appreciate it when companies keep it real.
It’s not all about the money for this group. They’re more about making a positive impact and being seen as unique individuals in their careers.
Like Gen Z, millennials look beyond compensation – they want jobs that actually mean something and make a difference.
Millennials are not the new kids in the business world anymore. Many are in decision-making roles, and they’re focusing on re-thinking traditional insurance processes.
These generations see an opportunity for the insurance industry to level up by embracing tech in their day-to-day workflows.
Generation Z is hungry for connected experiences, whether it’s through the virtual world or face-to-face encounters.
Both millennials and Gen Zers in the industry look for work/life balance.
Put down the phone for these generations when considering a call or text. They’d rather chat on Slack, hop on a Zoom call, have a good old-fashioned face-to-face convo, or just shoot them an email.
These age groups are seeking easy ways of doing business, which means embracing digital speed and innovation.
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Remote
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Corporate Office
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They’re hopeful about the future of insurance, especially with the power of technology by their side.
Quick and digital experiences are the expected norm for the future.
AI will play a role in insurance processes, but don’t worry. Humans will still be in the equation.
If insurance companies don’t keep up with tech, they won’t be as successful.
I think the future will be more digital as we get away from paper and more business will be done virtually
Inclusion of AI will create more jobs to keep up with the AI and the less need of human interaction for reports.
It will definitely be more analytics-driven in order to maximize premium revenue and speed up the claims process.
It’s hard to tell, but I hope it will be more advanced in regard to technology and the systems will improve.
Embrace Your Mission
Gen Z and millennials are both mission-driven and looking for purpose in their careers. Make sure to offer them more than just an attractive benefits package and give them a reason to believe in your mission, a real sense of purpose.
Be Open to New Ideas
While our interviewees mentioned a talent gap with the younger generations in insurance, the ones joining the industry are bringing new perspectives, experiences, and ideas. If we’re open to their feedback, these future insurance leaders can transform the industry with their tech-savvy ways. Mamadou Bah, business development manager at RT Specialty, said he hopes more Gen Zers and millennials will come into the industry, bringing their own fresh ideas and perspectives.
Be Transparent
Transparency is something that came up in our interviews and survey results as very important. Nearly 70% of our respondents said they think the industry can be more transparent. And Raghav Tanna, Applied SVP of small commercial, agrees that transparency is important across the board and can always be improved.
Offer Work/Life Balance
It turns out work isn’t everything to these younger generations – they’re all about balance! Nearly 80% of our survey respondents ranked work/life balance at the top of what they’re looking for from employers. And nearly 60% of them would rather work remotely than in an office. So, keep that in mind when you’re trying to attract younger talent.
Watch the full interview
Watch the full interview
Watch the full interview