"Generation Z" insurance report: More than five become family members and pets insured, and 60% have more than two policies

What are the consumption characteristics of the "Generation Z" who have grown up in the Internet environment in the Internet insurance purchase? How to upgrade Internet insurance services in new crowds and new needs?

ZhongAn Insurance recently released the "Z Generation's "Bottom" - Insights on the Trend of New Youth Internet Insurance Service Experience in 2022 ( hereinafter referred to as the "Report"), relying on CBNData consumer survey data, to investigate the current situation of the Internet insurance industry, the purchase trend of Generation Z people and the upgrading direction of the insurance purchase demand of young people.

According to the report, more than 60% of "Gen Z" have two or more policies and are more willing to pay for technology-inspired "self-pleasing" insurance services. At the same time, the report believes that the insurance service system that coexists with "speed and temperature" will become the future development direction of Internet insurance.

60% of Gen Z have more than two policies

As the natives of the Internet, the "Generation Z" has a natural acceptance of Internet insurance. According to the report data, more than 70% of users regard insurance purchase as an important means of health protection, and 50% of users disperse property risks through insurance purchase. In addition, more than 60% of Gen Z people have 2 or more insurances, and in addition to self-protection, insuring their families, including pets, is also an important option for them.

At the same time, the insurance service experience has become a key element of their consumption decisions. The report found that in terms of services, Internet insurance supports personalized DIY insurance combinations, can be purchased at any time 24 hours, and has high information flexibility to become the top three insurance preferences of "Generation Z".

In addition, the rich life scenarios of the "Z generation" are also forcing Internet insurance to tap the core needs of users and continuously introduce more perfect scene insurance. CBNData found that 98% of "Gen Z" consumers are willing to try new insurance types, of which pet insurance, vision health insurance, medical beauty insurance, ski accident insurance and other innovative insurance are favored.

For example, at a time when "cats and dogs" have become the dream of many young people, more and more "post-95" pet owners have begun to consider buying a guarantee for their pets. In addition, in the process of the trend movement from the niche to the public, Internet insurance is also upgrading its services.

"Generation Z" has spawned three major trends in Internet insurance

As the "Z generation" grows into the backbone of the workplace and family, the pressure increases, and their risk awareness changes with the change of identity, and more diversified protection demands emerge, which also promotes the upgrading of Internet insurance services. The report found that based on the new service needs of "Generation Z", Internet insurance presents three major upgrade trends of product-as-a-service, experience-as-a-service and service digital intelligence, and is providing young people with a "new bottom" solution at a faster speed and warmer temperature, boosting their powerful progress.

Trend 1: Everything is safe

The "Generation Z", who has a distinct personality and pays attention to experience, is not only a "living home" at ease, but also a "hit worker" who works hard. Compared with the traditional insurance buyers, they have richer and more diversified demands on Internet insurance products, which has also prompted Internet insurance companies to continue to innovate in products and services.

From the perspective of product types, Internet insurance products began to jump out of traditional serious illness insurance and life insurance, and expanded fragmented life scenarios and business operation scenarios such as health management, transaction security, and life consumption. With the gradual popularity of innovative insurance such as online account security insurance, mobile phone broken screen insurance, and struggle insurance, Internet insurance services have shown a trend of "everything can be insured".

On the other hand, the changing needs of "Generation Z" are redefining Internet insurance services. As a generation of personality self, "Generation Z" has high demand and instant satisfaction of consumption characteristics, in the traditional insurance services, the service link opened with the symbol of insurance is obviously unable to impress young people. For them, insurance services need to run through the entire cycle of insurance products, and the relevant operations are easy to obtain, high-frequency response and other characteristics.

In line with this understanding, Internet insurance companies are also constantly improving the value of value-added services to meet their practical needs of "enjoying services without insurance". For example, in the current "million medical insurance" market, more and more value-added services such as early screening for cancer and health management appear in product iterations, which can be used even if they are not sick, deepening the penetration of insurance services in daily life.

Trend 2: Improve the security ecology and build a comprehensive scene experience

In order to solve the worries of the "Generation Z" population to the greatest extent, Internet insurance companies provide insurance purchase services for them at different stages and in different scenarios by subdividing the population and covering different levels of diseases.

The current Internet insurance not only provides different protections for children, the elderly, women, and people with specific diseases, but also covers multiple levels of serious diseases, chronic diseases, minor diseases, daily health, etc., and builds a comprehensive protection ecology, such as outpatient emergency insurance that can be used for minor diseases such as colds and fevers, hepatitis B insurance for vertical groups, and bright eye insurance

Trend three: Technology + targeting the emotional pain points of "Generation Z"

As an indigenous people of the Internet age, The "Generation Z" is almost an instinctive reaction to the pursuit of "technology tides". The Internet has not only fostered Gen Z's unique social habits, but also fostered their digital need for life services. CBNData survey found that more than 60% of the "Z generation" care about the intelligence of claims processing in the service process, and they hope that Internet insurance companies will upgrade their claims technology, simplify operations, and quickly arrive at the account.

Technology enables not only to solve the problem of efficiency, but also to play a role in service temperature. For "Generation Z" consumers, the recognition of brand value comes from the product itself, which is also related to the public welfare care behind it, so many Internet insurance companies are also committed to cultivating brand temperature through science and technology. For example, through the intelligent consumer rights protection management structure to solve the problem of thousands of consumers, reduce user waiting time, improve service efficiency; the use of blockchain technology to record every public welfare behavior; give full play to the advantages of science and technology, disaster emergency claims rapid response, practice the speed and temperature of the service commitment, to provide Generation Z consumers with a traceable sense of trust.