Fueling Younger Generations Interest In Insurance Services
Generation Z is now entering the workforce, following the millennial generation, and the healthcare insurance sector needs to evolve to keep up with the times. The good news is that there isn't much of a generational gap between the two, so businesses embracing technology and consistently innovating are on the right path.
Recent statistics revealed that both generations make up 55.4% of the East and Central African population. There is thus a huge need for the insurance industry to embrace people from these generations as they make up a large part of the population and soon, they will make up a large percentage of the workforce both as employees and customers.
Insurers and companies at large should be aware that just 63 percent of young people have a general understanding of insurance, with 22 percent having a high level of basic knowledge and 4 percent having a superficial understanding. This is according to a survey done by Wowzi.?
With this information, it’s easy to deduce that the younger generations want technologically advanced products among other features. And while the insurance industry is slow to adopt technology, strides are being taken in the right direction to ensure the industry is not completely left behind.
For instance, huge insurance businesses regret their past lack of investment in artificial intelligence (AI), according to data from Information Services Group (ISG). According to ISG's research, practically all insurers are aware of this, but there are still a lot of territories to cover.
About 300 top insurance executives participated in the poll, which revealed that 86 % believe that Covid-19 and the disruption it has brought about will affect consumer behavior. Ninety percent of respondents agreed that the pace of digital transformation in the industry will now go up, and ninety percent stated customers desire more digital goods and services.
Since the industry is well aware of what its consumers want, the next step is for the main players to act on the consumers’ desires in order to convert them into customers.
To learn more about how our Smart can help you appeal to the younger generation,
Talk to us on: Email: [email protected]
Website: www.smartapplicationsgroup.com
Tel: +254 20 320 6000, +254 709 326 000 WhatsApp: +254 718 222 000 Toll Free Line: 0800723600
No part of this publication may be reproduced, distributed, transmitted or in any form or by any means including photocopying, recording, or other means electronic or mechanical, without prior written permission of the publisher, except in the case of brief quotations, embodied in reviews and certain other non-commercial uses permitted in the copyright laws.
Global I-Tech Magazine. Copyright ? 2022.???All Rights Reserved.?Smart Applications International.