Having grown up in the digital age, the next generation of insurance customers will have very different expectations to any that came before them. Understanding their needs, and adapting product and service propositions to meet them, will be a significant challenge for the insurance industry.
Just how much of a challenge was highlighted in the Personal Lines Survey 2019, conducted by Insurance Post on behalf of EXL. When asked how prepared they were to meet the needs of customers born since 2000 when they turned 25, just under 22% of insurance respondents said they were well prepared. And, while 41.8% said they were slightly prepared, 36.6% admitted they were either under prepared or not prepared at all.
Based on the Personal Lines Survey results, this report explores what the industry needs to do to future proof itself and meet these evolving demands.
• How prepared are personal lines insurers to fulfil the needs of customers born since 2000 when they turn 25?
• What will be the biggest factors that define whether personal lines insurers can fulfil the needs of customers born since 2000 when they turn 25?
• Insurance distribution channels of the future.
• On demand vs annual cover.
• Anticipated differences between insurance customers aged 25 and insurance customers aged over 50 in 2025.
• Technologies required to serve customers in the future.
• Broker focus.
• Changing claims.