Riding the Insurance Wave: 10 Customers to Watch

Jenna Trott

5 min read | APRIL 6, 2023

The insurance industry has weathered its fair share of storms over the last few years – from COVID-19 to economic trials and tribulations, agents have had to rely on reactionary planning as a means to stay afloat. But, as external forces continue to shape the industry, insurance agents are widening their nets to seize tools for stabilization and growth as we progress through uncertain times. Digital transformation is deemed a necessity by business analysts for success in the next wave of insurance, as is investing in tools to generate change. However, what many fail to address is the importance of the next wave of customers; and neglecting this critical component proves to be detrimental for any business.

With an evolving landscape and changing customer needs and preferences, it’s imperative for insurance agents to stay ahead of emerging trends. Thus, understanding the next wave of customers is vital for any agent looking to succeed in this new era. In this post, we’ll discuss the changing demographics and emerging trends – and why it matters. We’ll also explore how agents can adapt their strategies to meet the needs of this new customer base. So, without further ado, let’s get into it!

What insurance customers want in 2023

As the insurance industry continues to evolve in the digital age, insurance agencies must stay ahead of the curve by identifying key trends within their customer base. Overarchingly, this includes:

Customer Centricity
As the saying goes, “the customer is king,” and in the realm of insurance, customer centricity reigns supreme. These days, consumers are not only seeking trusted, relevant, and personalized interactions with their insurers, but they want hyper-personalized offerings as well. Fortunately, advancements in data-based technology are enabling insurers to shift from a traditional product-centered approach to a more data-driven and customer-centric approach.

Advanced AI
Insurance customers are increasingly interested in AI for a number of reasons. For one thing, AI can significantly streamline insurance processes, creating a more efficient and convenient experience for customers. This includes automating tasks such as policy applications, claims submissions, and customer service inquiries, which can save customers valuable time and effort. AI can also improve risk assessments, allowing insurers to better understand and evaluate the unique needs and risks of individual customers. This can result in more accurate policy pricing, tailored coverage options, and improved risk management strategies. Finally, AI can enhance the overall customer experience by providing personalized recommendations and solutions based on individual data and preferences. This can lead to better customer satisfaction and loyalty, as customers feel understood and valued by their insurance providers.

Embedded Insurance Options
Embedded insurance capabilities are capturing the attention of customers with their convenience, personalization, and streamlined processes; among other benefits. In fact, according to Lightyear Capital, the U.S. market value for embedded insurance was a staggering $5 billion in 2020 and is projected to skyrocket to $70.7 billion by 2025. The seamless integration of insurance coverage into the purchasing process of the product or service eliminates the need for customers to navigate separate policies, making it incredibly easy for them to add insurance as part of their transaction. With such rapid growth and customer demand, insurance agencies need to seriously consider implementing embedded insurance solutions to stay ahead in the competitive landscape and provide a superior customer experience.

Cybersecurity has and continues to take center stage for insurance agencies. As insurance agencies increasingly rely on digital technologies and data to deliver their services, implementing robust cybersecurity measures is no longer an option but a necessity. Advanced techniques like encryption, multi-factor authentication, and regular security audits can fortify the defense against cyber threats, safeguarding sensitive customer data and instilling trust among the customer base.

Instant Payments
Insurance customers now expect the same level of convenience and speed in their insurance transactions as they do in other areas of their lives. In various situations, be it minor inconveniences or major devastating events, the promptness with which policyholders receive insurance claim funds can be a crucial factor. According to a survey, 53% of consumers are open to switching insurance companies if it means they can receive their claim payments immediately. This emphasizes the importance of reevaluating the customer strategy in light of new competitors in the insurance industry who are offering instant claim payments as a prominent aspect of their value proposition in all verticals.

The New Wave of Customers

Aside from being knowledgeable about emerging digital trends, it is also crucial for insurance agencies to be cognizant of new customer segments and their expectations. This includes younger generations seeking personalized digital experiences, as well as businesses requiring more specialized coverage options. By proactively addressing the evolving needs of these customer groups, insurance agencies can establish their competitive edge and ensure continued long-term success. Let’s take a look at these upcoming customer groups:

The Customer Who Prioritizes Protection
Whether it’s a pair of pearl earrings or a plane ticket to Hawaii, these customers prioritize point of sale insurance and are looking for peace of mind and protection for their purchases from the moment they make them. These customers value getting the protection they need quickly and conveniently, and they are more likely to be brand-loyal to insurers that deliver on those expectations. Insurers can meet this demand by offering easy-to-understand policies and risk prevention services, targeted insurance for various products, and embedded coverage. By doing so, insurers can increase revenue and exposure to new customers while lowering their cost of acquisition.

The Customer Who is Also a Metazen
Wait – a, what? A metazen! AKA citizens of the Metaverse who are willing and ready to participate in a virtual reality space without hesitation. They are enthusiastic about the possibilities of the metaverse and are eager to explore and interact with the virtual world in any way they can. As the Metaverse gains momentum, an increasing number of individuals are embracing this digital realm, and according to Citi, it could generate a staggering $13 trillion by 2030. However, the increasing amount of time spent in the Metaverse has led to a growing demand for insurance coverage of digital assets such as crypto, NFTs, and virtual identities. Insurers can capitalize on the Metaverse trend by offering comprehensive coverage for digital assets to “Metazens”. With bulletproof identity protection, virtual life insurance, and business interruption coverage for virtual events, insurers can establish a strong foothold in this rapidly growing economy. To tap into this lucrative market, insurers must have a virtual presence in major virtual worlds and high-profile storefronts to meet these customer demands.

The Customer That Knows Their Worth
The savvy customers of today understand the value of their personal data and expect compensation for sharing it, particularly in the insurance industry. These data capitalists seek tailored offers, proactive risk prevention tips, and digital interactions with complete transparency about data usage. Innovative approaches such as usage-based policies, real-time dynamic pricing, and access to digital services will also intrigue this group. Moreover, the integration of smart devices can enhance the value of homeowners’ policies, and safe-driving discounts will be a big draw for data capitalists in automotive verticals.

The “Keep it Simple” Customer
The rocky sea of the economy is not lost on these customers who are looking to cut costs, well, everywhere. This customer grouping is a budget-conscious one that wants simple and affordable policies without sacrificing the digital experience. Insurers can cater to them by offering one-price offerings, micro-policies, partial and parametric coverage, clear contract language, and proactive advice. To reduce expense ratios, insurers need lean and automated operations.

The Customer With a Small Biz
Small businesses are a critical demographic, with 33.2 million in the US alone, representing 99.9% of all businesses. Insurers can tap into this vast market by offering personalized and affordable protection with digital support, access to expert advice, and risk prevention services. Real-time cyber insurance is a must for small businesses as they face a higher risk of cyber attacks. Similarly, using computer programs for consulting and advice, offering pricing based on how much the service is used, and providing additional services through connected networks and mobile applications can all aid in managing risks. For gig workers and small home-based businesses, insurers can develop one-price coverage for both personal and work coverages, with easy processes to adjust coverages and affordable solutions for income protection.

The “Zillennial” Customer
The term “Zillenial,” is often used to describe people born on the cusp of the millennial and Generation Z cohorts. Typically, this includes those born between the mid-to-late 1990s and the early 2000s who share characteristics of both generations. They are often seen as having a unique perspective on technology, having grown up with the internet and social media, but also remembering a time before it was seemingly everywhere. As these generations begin buying homes and building families, the need for insurance rises and agencies must be aware of a few key things. Born into a digital age, social media is king for this customer group, with most product searches beginning on Tiktok or Instagram. Things prioritized are affordability, convenience, and digital experiences, especially when it comes to things like insurance. Insurers can meet these expectations by offering personalized and flexible coverage options that cater to their unique needs and lifestyles. For starters, agencies need to prioritize their online presence, providing user-friendly online platforms and mobile apps to meet the demand of digital convenience. Additionally, Zillennials value transparency and want to fully understand what they’re paying for, so agencies need to be clear about their coverage, products, and pricing. But what really sets Zillennials apart is their value of individuality. Insurance agencies that offer tailored policies for unique items, like e-bikes or handcrafted furniture, will stand out from the competition and appeal to this generation’s desire for customization.

The Customer Who is Concerned with ESGs
Research also shows that these younger generations of Millenials and Gen Z’ers have values that differ dramatically from the generations that came before them – particularly as it pertains to consumerism trends. One of these is a business’s social and environmental responsibilities. Brian Solis, VP of Global Innovation at Salesforce, notes that, “when it comes to important issues, companies can’t stand on the sidelines. Your values are an important part of your brand”; making environmental, social, and governance (ESG) considerations increasingly important for insurance agencies. Agencies that demonstrate strong ESG practices are likely to be viewed more favorably by younger generations, who prioritize social responsibility and sustainability. For example, insurers can offer policies for vehicle-sharing, embedded carbon offsets, solutions for managing climate risk, and incentives for using green materials in home repairs. Insurers can also develop predictive models for natural catastrophes to strengthen protections in vulnerable areas and engage with governments on big-picture solutions.

To remain relevant (and successful!), agents must stay ahead of these new trends and focus on meeting the needs of the next wave of customers. By embracing digital solutions, transparency, and customization, insurance agencies can thrive in a new era.

Need Help Riding the Wave of New Customers? Talk to Us!

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