Chubb Study Parses Insurance-Buying Behavior By Generation
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 recent findings by Chubb.
The Chubb study explores attitudes about insurance-related matters across five generations of affluent and high net worth consumers in the U.S. and Canada. Its findings reveal differences in:
- How each generation searches for and purchases insurance;
- What they look for in an insurance carrier;
- Their current coverages;
- The kinds of media they trust most; and
- How they currently engage with insurance agents.
Majorities of Gen Z and Millennial respondents (53 percent for both) appreciate having their agent or broker educate them on how insurance products and services can match their long-term goals, compared with 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 rely on social media reviews, compared with 64 percent for Gen-Xers and 56 percent for Baby Boomers.
This quantitative study was being 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’s critical in today’s competitive business environment that we understand the dynamics of catering to different generations, with each evaluating and purchasing insurance very differently,” said Ana Robic, vice president, Chubb Group and Division President, Chubb North America Personal Risk Services. “We encourage our distribution partners to dive into what we’ve made available – and along with us – harness these insights to meet the unique risk management needs of our mutual clients across generations.”
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