New Majesco Research Underscores the Urgency of Acting Now to Capture and Retain the New Dominant Insurance Buyers - Millennials and Gen Z
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of its fifth annual report on insurance customer's changing expectations, behaviors and needs, Your Insurance Customers - A Crystal Ball of Big Changes in a Small Window of Time. The report, based on primary research with insurance buyers across life/health/ accident, employee/voluntary benefits, auto/mobility, and homeowners/renter's insurance, underscores the urgency for the insurance industry to rapidly adapt to a new reality for all customers, in particular Gen Z and Millennials who are now the dominant insurance buyer, replacing Gen X and Boomers.
"Millennial and Gen Z life journeys are not following the path set by older generations, with significant lifestyle shifts, needs and expectations from older generations that require different insurance offerings," said Denise Garth, Chief Strategy Officer at Majesco. "COVID increased the awareness and value of insurance, but also significantly changed expectations of buying to be far more digital, offering insurance through more desired channels - where embedded insurance is seen as extremely valuable, and digital payment options have exponentially increased inclding through new options like Bitcoin, Zelle and Venmo. Most interesting is the shift in expectations in types of insurance products needed, the necessity for value added services and the demand for personalized underwriting leveraging new data sources including IoT devices."
The Millennial and Gen Z populations desire a holistic customer experience - where digital offerings bring together other products and services to help them manage their lives. This necessitates a full view for customers across their insurance products, value added services and non-insurance products. When insurers can't deliver that view, a gap arises between what customers expect and what insurers are delivering. This gap opens the door for new competitors to meet that expectation, either directly or through partnerships with insurers. Companies like Toyota, Sofi, Ford, Petco, Outdoorsy are already doing this - offering insurance products through embedding or partnering on channel options with various insurers. The report adds clarity to the market areas where insurers are currently missing opportunities like these.
The viability of the insurance industry is vitally connected to these demographic trends, customer expectations and adoption of new technologies and primed for growth. The only question is whether insurers are prepared to capitalize on that growth. The next generation of buyers is here today. The older generation has accelerated their adoption of digital, increasing their expectations as well. Insurers must quickly update their mindsets, their processes and technology, or risk being left behind in a state of irrelevance.
Learn more by downloading Your Insurance Customers - A Crystal Ball of Big Changes in a Small Window of Time from the Majesco website or by emailing [email protected].
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco's next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.
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