How Can The Insurance Industry Appeal To Gen Z?

This article first appeard in Insurance Business America

By Surina Nath

Atopic too often flying under the radar in the insurance space is the importance of appealing to younger generations. Millennials have already entered the industry, and now it is time for Gen Z to become employees. According to research from Aon Programs, Gen Z makes up 20% of the US population, while millennials account for 50%. It is becoming increasingly apparent that the industry needs to revamp business models and shift attention towards understanding the employment behaviour of younger generations. “This is the first time where we have five generations of people working within the industry,” Bill Pieroni (pictured above), CEO at ACORD, explained to Insurance Business. “We have silent, boomer, Gen X, millennial, post-millennial (Gen Z).” In 10 years, Gen Z will be 20-30% of the workforce. If the insurance industry hopes to appeal to a younger crowd, digitization and transparent communication will be essential. ACORD looked at 30 years of employment data from carriers, reinsurers and brokers and found that, surprisingly, all generations care about the same values in the industry. The difference is that younger generations are more open to voicing their opinion. They say when they want more or want something to change. ACORD’s research also found that the insurance industry ranks below mining and manufacturing when it comes to attracting, developing,

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.” ACORD’s “Gen Z is more comfortable in an online ecosystem than other research generations, millennials included. also found that the Being digitally native is a unique insurance industry ranks below mining characteristic of this group and something that is really going to mold the experiences companies and manufacturing will create for them,” Dave Zeornes, when it comes to sales leader at Aon Programs told attracting, developing, Insurance Business. and retaining younger Gen Z values authenticity and talent, even though sincerity from a marketing insurance value systems align with perspective. Zeornes noted that younger generations look at successful financial companies as millennials and Gen Z.“ 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

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