Younger generations are also the most receptive to the idea of their agent or broker educating them on how insurance products and services can meet their long-term goals. The study also found that younger generations are more likely to use social media reviews when choosing an agent or broker. In fact, most Gen Z (94 percent) and Millennial (89 percent) respondents rely on social media reviews before choosing an agent, compared to 64 percent of Gen X and 56 percent of Baby Boomers.
The top two sources of insurance information are agents and online research, while family, friends, and influencers are not considered primary sources of insurance information. With the sole exception of Generation Z, which is more likely to rely on suggestions from trusted acquaintances.
In this regard, the data analyzed suggests that insurance will have to evolve more and more toward the digital world in the future. Research by Webranking, which monitors digital marketing, claims that 47 percent of policyholders in Italy purchase policies via the Web. This percentage is set to rise as the Millennials generation will account for 45 percent of the insurance market by 2030. Confirmation also comes from investments in insurtech startups, which have increased almost 100 percent in one year, from 5.1 million euros to 10 million.
Regarding coverage, younger generations tend to have fewer insurance guarantees than previous generations; however, the overall number is encouraging, in fact more than one-third of all respondents say they have taken out an insurance product, such as coverage for liability or articles of value.