Key takeaways
It is important to note that the impact of the pandemic has significantly exacerbated the process of digitalization and the heightened focus on health and well-being. The question is imminent: Are these changes a continuous shift or are they instantaneous ripples that will eventually dissipate as the world gradually returns to its pre-pandemic state? This year also marks the culmination of a decade-long journey of global insurance consumer research. As we celebrate our 10th anniversary and look back, we remain acutely aware that the future of insurance is being shaped by millennials and Gen Z. A year ago, most of them were in the early stages of their education or just starting their careers. Looking back to the present, three of those years have been deeply affected by the pandemic, and we have to ask: How do they see the future development of the insurance industry? How has the ongoing impact of the pandemic shaped their perspective?
In search of answers, this year's research focuses on millennials and Gen Z, looking ahead to the exciting next decade. One striking finding is that the powerful drivers of digitalization are already entrenched. [Insight 3, Healthy Living in a Connected World].
However, digitalization is a double-edged sword. There is a clear correlation between mental health issues and stress, which is attributed to the ubiquity of social media in our digital lives. [Insight 4, Virtual Life: Curse or Healing?1.] However, when used sparingly, digitalization can be a powerful tool to help consumers make informed decisions. In fact, the number one factor to consider in the buying process is "good reviews online – more important than price." [Insight 2, Plan your insurance journey]. It is worth noting that this is the first time in a global insurance consumer study that "price" has not been listed as the most important decision-making factor in the past years.
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