Gen Z customers, currently aged 18 to 24, have less trust in insurance providers than any generation before them, according to a Property & Casualty Insurance Report by Verint.
Over 30% of respondents said they had considered switching to a competitor, with older generations only reporting a figure of around 10 percent. They also said they had difficulty completing tasks during their first interactions which has definitely impacted overall trust in claims processes and their agents, given younger generations expect fast resolutions to issues that appear to not be forthcoming.
More key takeaways from the report include:
- Gender differences in priority: Women seek to keep their personal information as secure as possible, and are more concerned with the deductible than men. Men on the other hand prefer their insurer to have a high reputation, and place far more importance on working with an agent.
- Ease of doing business: Customer experience and easy to understand coverage is important across all ages, with Gen X and younger (18 to 56) rating these factors overall higher than their older counterparts, preferring an easy process to a slightly cheaper quote. As the report itself says, “customer service is more important than price.”
- Phones are in. Or are they?: Calling to speak to an agent is still preferred across most generations, with only 10% of those who first interacted with an agent over the phone having trouble completing their tasks on first contact, compared to 19% who went through digital channels. It should be noted however that two thirds of Gen Z choose digital channels for their first interactions, with the trend being that the younger the person claiming is the more likely they are to leave phone calls behind.
