Millennial and Generation Z consumers are more likely than Baby Boomers or Gen-Xers to seek insurance advice from an agent or broker, according to new findings by Chubb.
The Chubb study explores attitudes about insurance-related issues among five generations of affluent consumers in the United States and Canada. Its results reveal differences in:
- How each generation searches for and buys insurance;
- What they look for in an insurance company;
- Their current coverages;
- The types of media they trust the most; and
- How they currently work with insurance agents.
The majority of Gen Z and Millennial respondents (53 percent for both) estimate that their agent or broker educates them about how insurance products and services can match their long-term goals, compared to about 40 percent each for Gen X and Baby Boomers. Unsurprisingly, the study also found that younger generations are more likely to use social media reviews when choosing an agent or broker to advise them. Most Gen Z (94 percent) and Millennial (89 percent) respondents said they trust reviews on social media, compared to 64 percent for Gen-Xers and 56 percent for Baby Boomers.
This quantitative study was released in conjunction with additional research that agents and brokers can use to tailor their engagement with each of these generations to build greater trust, connection and credibility.
“It is critical in today’s competitive business environment that we understand the dynamics of catering to different generations, each of whom evaluates and purchases insurance in very different ways,” said Ana Robic, vice president, Chubb Group and division head, Chubb North America Personal Risk Services . “We encourage our distribution partners to dive into what we’ve made available — and with us — leverage those insights to meet the unique risk management needs of our mutual customers across generations.”