Results of New Research Reveal Differences – from Gen Z to
the Silent Generation – to Help Agents and Brokers Build Trust,
Connection and Credibility
WHITEHOUSE STATION, N.J., Sept. 15,
2022 /CNW/ -- A new Chubb study is the industry's
first to explore the attitudes on insurance-related matters across
five generations of affluent and high net worth consumers in the
U.S. and Canada. The findings of
"Selling Across Generations" reveal differences in how each
generation searches for and purchases insurance, what they look for
in an insurance carrier, their current coverages, the kinds of
media they trust most, and how they currently engage with insurance
agents.
According to the study, Gen Z and Millennials are the
generations most likely to want their insurance agent or broker to
advise them what decisions to make. Nearly half (46%) of Gen Z
(born 1997-2012) and 43% of Millennial (1981-1996) respondents
welcome this direction, compared to just 21% of Gen X (1965-1980),
36% of Baby Boomers (1946-1964), and 29% of the Silent Generation
(1928-1945).
The younger generations are also the most receptive to having
their agent or broker educate them on how insurance products and
services can match their long-term goals. Majorities of Gen Z and
Millennial respondents welcome that education (53% for both) versus
about two-in-five for Gen X and Baby Boomers. The study also found
that younger generations are more likely to use social media
reviews when choosing an agent or broker to advise them. Most Gen Z
(94%) and Millennial (89%) respondents rely on social media reviews
ahead of choosing an agent, compared to 64% for Gen Xers and 56%
for Baby Boomers.
The new research reflects Chubb's commitment to provide
independent agents and brokers with valuable resources to support
them in their business. This quantitative study is being released
in conjunction with additional research that agents and brokers can
use to tailor their engagement with each of these generations to
build greater trust, connection and credibility.
"It's critical in today's competitive business environment that
we understand the dynamics of catering to five different
generations with each evaluating and purchasing insurance very
differently," said Ana Robic, Vice
President, Chubb Group and Division
President, Chubb North America Personal Risk Services. "We are
pleased to offer agents and brokers this research and other
resources to help them close generational gaps in sales
relationships. We encourage our distribution partners to dive into
what we've made available – and along with us – harness these
insights to meet the unique risk management needs of our mutual
clients across generations."
Other key survey findings:
- Not unexpectedly, the younger generations tend to have fewer
insurance coverages than older generations, and more than one-third
of all respondents have an add-on insurance product, such as
coverage for liability or valuable articles. Current use of an
insurance agent – including both independent and captive – was high
across all generations with, perhaps surprisingly, the highest
usage among Gen Z (80%) and Millennials (83%). Across all
generations, 46% prefer purchasing through an independent agent,
the study found.
- Two-thirds (66%) of respondents in all generations believe it
is very important for an agent or broker to listen to their needs.
Respondents also placed a high value on the responsiveness of their
agent or broker (69%) and their industry knowledge (68%). Only 51%
said industry certifications held by their agent was very
important.
- Gen Z is the generation most likely to strongly agree that they
need an agent to define their goals and challenges. Some 44%
feel this way, versus 29% of Gen Xers and 19% of Baby Boomers.
When asked to assess the advertising methods used by insurers,
online client reviews and word of mouth were rated the most
trustworthy. Other sources, including client video testimonials,
influencer marketing, and print and broadcast advertising, had
lower levels of trust.
For more information, visit
chubb.com/selling-across-generations, Chubb's quick reference
guide, or download Chubb's Genintelligence® report, "Selling Across
Generations," which harnesses insights and data to deconstruct
myths, uncovers unexpected truths, and explores how agents and
brokers can authentically connect with clients. For a preview of
key findings, please visit Key findings from the Chubb study.
About the Survey
This is the first survey by Chubb
measuring U.S. and Canadian consumers' generational attitudes
towards insurance- related decisions. The defined generations used
for this study were Gen Z (born 1997-2012), Millennial (1981-1996),
Gen X (1965-1980), Baby Boomers (1946-1964) and Silent Generation
(1928-1945).
Conducted by Dynata, a leading global provider of first-party
consumer and professional data, the survey was fielded in the U.S.
and Canada from 6/1/22 – 6/15/22. The results are based on 1,151
completed interviews from those with annual household incomes of
$200,000 or more.
About Chubb
Chubb is the world's largest publicly
traded property and casualty insurance company. With operations in
54 countries and territories, Chubb provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. As an underwriting company, we assess,
assume and manage risk with insight and discipline. We service and
pay our claims fairly and promptly. The company is also defined by
its extensive product and service offerings, broad distribution
capabilities, exceptional financial strength and local operations
globally. Parent company Chubb Limited is listed on the New York
Stock Exchange (NYSE: CB) and is a component of the S&P 500
index. Chubb maintains executive offices in Zurich, New
York, London,
Paris and other locations, and employs more than
34,000 people worldwide. Additional information can be found
at: www.chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its coverages and
services through licensed insurance brokers across Canada. For additional information, visit:
chubb.com/ca.
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SOURCE Chubb