Changing channels

Gen Yers are on the rise, and they’re not satisfied with the insurance status quo

Young, mobile and attuned to a world of constant digital interaction, Generation Y is emerging as a new kind of customer. According to the latest World Insurance Report from Capgemini and Efma, fewer Gen Y customers reported a positive experience with their insurance carriers than their elders.

Perhaps most important is the marked gulf between what Gen Y customers expect and what traditional insurers provide. This generation is characterised by a desire to engage more frequently, with a preference for twice as much contact as other demographic segments, particularly in newer channels, such as social media. That opens the field to new competitors, especially as Gen Yers say they’d be more likely to consider purchasing insurance from a tech brand like Apple or Google, if offered.