A business can only be successful if it knows its customers. This is especially true in the insurance industry, where new customers — namely millennials and Gen Z — are entering the market and disrupting the status quo. To understand the wants and needs of these new market entrants, the insurance industry must adopt new strategies that speak to millennial and Gen Z individuals. Coverage and risk issues relating to cybersecurity, for example, will connect with both generations as they've lived in a technologically-dominated era. Related: Millennials: Reaching a new generation of employees and customers

Know your customer

So what is it that millennials and Gen Z are looking for in insurance? What is the best way to reach them? Are they more likely to talk to agent or shop online? To answer questions like these and more, Applied Systems recently partnered with ORC International to conduct a survey on what millennials and Gen Z are looking for in their insurance providers. The survey was conducted in June 2018 among a sample of 1,002 millennial and Gen Z consumers across the U.S., Canada, U.K., and Ireland. With this in mind, here are 5 key takeaways about millennials and Gen Z and their insurance buying behaviors. Related: Millennials showcase their passion for insurance at IICF summit