The emergence of digitalization has had a major impact on our economy and social environment. This also impacts the way businesses run. This profound transition has also changed how the brands communicate, particularly when it comes to marketing products for Gen Z. Gen Z makes an informed decision after gathering information from different sources.
Today in India the most influential age group is Gen Z and as per a report on Zurich.com- Gen Z is also expected to account for 27 percent of the workforce worldwide by 2025 an attractive pool of target consumers for insurers. Apart from this Gen Z is prudently dependent on digital platforms and processes with mapping out their financial future. They have different perceptions while making monetary and risk-based decisions than their predecessors because of changing behavioural patterns, social dynamics, and economic volatility brought by events like covid-19. Due to this situation insurance products are a very important tool for the younger generation to cover monetary losses occurring from unfortunate events majority of those including health and property insurance.
Additionally, for the younger generation insurance serves as a crucial financial tool by offering benefits like lower premiums and tax benefits when purchasing early. To market insurance in the right way insurers are using the below trends:
Adopting a mobile-first approach-
Making the mobile-first strategy is essential for marketers because Gen Z is the first generation to have complete access to smartphones from an early age, and as a result use their smartphones to conduct research, make a purchase, and complete payments.
Exploring new distribution model-
People from Gen Z are all about moving things fast. As a result, insurers must explore platforms that meet their need for speed. Insurers are investing in cutting-edge technologies and redesigning UI/UX to offer quick and easy, individualized solutions. To reach young clients through the channel they prefer, insurance companies are making both traditional and non-traditional channels more effective. Insurance companies are also looking into new collaborations and acquisitions to bring in new customers through technology and newer channel.
Social media for financial literacy-
The important portion of Gen Z uses social media as the main source for gathering information and self-education on topics including financial literacy. Insurers are using channels such as YouTube, Instagram, and twitter to create more customer base amongst Gen Z. because Gen Z opts for brands that they trust and can gather credible information about.
Follow and connect with us on Facebook, LinkedIn & Twitter.
