Applied Reveals Latest Trends in Millennial and Gen Z’s Insurance Buying Behaviors
November 14, 2018
Survey conducted to understand driving factors influencing younger adults' insurance purchase decisions
University Park, IL – Nov. 14, 2018 – Applied Systems® today announced the findings of a survey conducted to understand the influencing factors in the insurance buying behaviors of millennials and Gen Z. The report, The Next Generations and Insurance: Understanding Buying Behaviors and Preferences of Younger Adults, focuses on key objectives including the purchase behavior in personal insurance, preferred communication channels when interacting with insurance providers and selection criteria when choosing an insurance provider.
Key survey findings include:
- Biggest Influence on Insurance Purchasing Decision: While word-of-mouth referrals are most influential to younger adults shopping for insurance, online search and review sites are increasingly being used, especially by Gen Z, males and younger adults in the UK and Ireland.
- Insurance Purchasing Preferences: Survey results show that younger adults in Canada prefer an in-person interaction; those in the UK and Ireland prefer online; and those in the United States prefer in person for homeowners, and online for auto and renters.
- Insurance Communication Preferences: Millennials and Gen Z prefer to call directly to an agent for auto and homeowners insurance. An in-person interaction is preferred for renters; however a call directly to an agent is used more often.
“While millennials and the Gen Z generation demand more digital services than previous generations, they still require in-person and over-the-phone interaction for guidance and advice,” said Reid French, chief executive officer, Applied Systems. “Agents and brokers that digitally transform their business models and servicing options to include omnichannel customer service with customer self-service portals, mobile apps, and face-to-face communications, will be well positioned to engage and retain these younger generations.”
Applied recently partnered with ORC International, a leading business intelligence research firm, to conduct a survey on what millennials and Gen Z are looking for in their insurance providers. This survey was conducted in June of 2018 among a sample of 1,002 millennial and Gen Z consumers, 18-38 years of age, across the United States, Canada, the United Kingdom and Ireland.
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Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
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