INSURANCE-BUYING BEHAVIOR IS PARSED BY GENERATION IN THE CHUBB STUDY

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Consumers in the Millennial and Generation Z generations are more likely than those in the Baby Boomer or Gen-X generations to consult an agent or broker about insurance, according to recent research from Chubb.

 

The Chubb study examines the perspectives of wealthy and high-net-worth consumers in the United States and Canada across five generations about insurance-related issues. Its results show variations in:

 

the manner in which each generation looks for and buys insurance;

What people search for in an insurance provider, their present coverages, the media they trust most, and how they currently interact with insurance brokers are some of the information they provide.

 

Compared to roughly 40% each for Gen X and Baby Boomers, the majority of Gen Z and Millennial respondents (53 percent for both) value their agent or broker’s education on how insurance products and services might align with their long-term goals. The survey also discovered, not unexpectedly, that younger generations are more prone to use social media reviews when selecting an advisor to assist them. Compared to 64 percent of Gen-Xers and 56 percent of Baby Boomers, the majority of Gen Z (94 percent) and Millennial (89 percent) respondents stated they rely on social media reviews.

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This quantitative study was published along with other research that agents and brokers can use to customize their interactions with each of these generations in order to establish more credibility, trust, and connections.

 

According to Ana Robic, vice president of Chubb Group and division head of Chubb North America Personal Risk Services, “it’s vital that we grasp the complexities of catering to different generations, with each analyzing and acquiring insurance in very different ways.” “We invite our distribution partners to explore what we’ve made available and, alongside us, use these insights to fulfill the specific risk management needs of our mutual clients across generations,” the company said.

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