The next generation represents the future for insurers, as both customers and employees. Intelligent Insurer looks at some of the tactics being used by insurers to ensure their products and services appeal to and engage with this audience.
Technology has changed the way people buy their insurance. Instead of being offered only an annual policy, customers now have the option to buy insurance on a flexible basis—when they need it.
This movement towards a usage model instead of a continuous use one has had a significant effect on the products and services that are required to attract the younger generation.
A 2019 report by Oliver Wyman, The Future of Personal Insurance in the UK: Excellence or Irrelevance, states that insurers will have to make some hard choices around how and where to focus their business model.
Oliver Wyman, Insurance, Technology, Peer-to-peer, Flexible insurance, Flock, Ninety Consulting, John Rowlands, Global, Europe