REPORT - INSURANCE BUSINESS AMERICA
HOW CAN THE INSURANCE INDUSTRY APPEAL TO GEN Z? This article first appeard in Insurance Business America By Surina Nath
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(pictured above), CEO at ACORD, explained to Insurance Business. “We have silent, boomer, Gen X, millennial, post-millennial (Gen Z).”
topic too often flying In 10 years, Gen Z will be 20-30% under the radar in the of the workforce. If the insurance insurance space is the industry hopes to appeal to a importance of appealing younger crowd, digitization and to younger generations. Millennials transparent have already communication entered the ACORD’s will be essential. industry, and research now it is time for ACORD looked also found that the Gen Z to become at 30 years of employees. insurance industry employment ranks below mining data from According to carriers, and manufacturing research from reinsurers and when it comes to Aon Programs, brokers and Gen Z makes attracting, developing, found that, up 20% of the and retaining younger surprisingly, US population, all generations talent, even though while millennials care about the account for 50%. insurance value same values in It is becoming systems align with the industry. increasingly millennials and Gen Z.“ The difference apparent that the is that younger industry needs to generations are revamp business more open to voicing their opinion. models and shift attention towards They say when they want more or understanding the employment want something to change. behaviour of younger generations. “This is the first time where we have five generations of people working within the industry,” Bill Pieroni www.chart-exchange.com
ACORD’s research also found that the insurance industry ranks below mining and manufacturing when it comes to attracting, developing, TABLE OF CONTENTS
and retaining younger talent, even though insurance value systems align with millennials and Gen Z. “It’s a very fulfilling industry and it’s a shame we don’t do a better job convincing people to join,” Pieroni added. “It’s about a company’s culture, process and perspective.” “Gen Z is more comfortable in an online ecosystem than other generations, millennials included. Being digitally native is a unique characteristic of this group and something that is really going to mold the experiences companies will create for them,” Dave Zeornes, sales leader at Aon Programs told Insurance Business. Gen Z values authenticity and sincerity from a marketing perspective. Zeornes noted that younger generations look at successful financial companies as trusted brands, which evidently shapes their employment patterns. “When we talk about authenticity in the insurance industry, for a long time it’s been based on referrals and knowledge of the risk management
See GEN Z Page 25 OCTOBER 2021
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