Only about a fourth of those surveyed could correctly identify simple insurance terms like “deductible,” and 22% have little or no awareness of the importance of auto coverage.
“There's a gap in insurance knowledge among Gen Z adults," Andrew N. Mais, NAIC president and Connecticut Insurance Commissioner said in a release about the study. "This is a critical time in their lives, as they are laying the groundwork for their financial futures, and as an insurance regulator, I know how confusing navigating the world of insurance can be. The good news is you don't have to figure these things out by yourself. There are independent resources to help consumers of all ages and stages of their lives get answers to insurance questions and ensure there are no gaps in their coverage."
While getting younger generations to buy into insurance is a challenge of its own, it can also be difficult for insurers and agents to keep Gen Z customers around long-term once they secure them.
So, what kind of perks can insurers use to entice Gen Z customers that will actually keep them around? Paylode recommends carriers consider the following benefits:
- Discounts on sustainable products and services, like eco-friendly home goods or renewable energy solutions.
- Access to financial education and wellness programs, including workshops on budgeting, investing and attaining mental health services.
- Perks that support community involvement and social initiatives, like offering volunteering opportunities, supporting environmental causes or forming partnerships with non-profit organizations for causes Gen Z cares about.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.