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Gen ‘Z’ to change the course of insurance: Igloo

The emerging trends include embedded insurance, pet insurance, and gaming insurance.

Insurance technology company, Igloo, shared five ways generation “Z” (Gen Z) will change the trends of insurance in the coming years.

Namely, Gen Z’s leaning toward insurance that are speedy and convenient, personalised, micro-protected, socially aware, and educational.

In the era of digitalization, accessibility to everything with a click has spurred the demand for speed and convenience. 

Igloo emphasised that Insurtech has emerged as a solution, enabling the insurance sector to keep pace. 

Embedded insurance integrates insurance products seamlessly into the purchasing process, leading to novel distribution channels. Trends like accelerated underwriting and digital assistants enhance customer experiences.

Igloo, through strategic collaborations with major players like Lazada, Shopee, DANA, GCash, and Circle K, embeds insurance products into diverse channels, even pioneering insurance sales in convenience stores.

ALSO READ: Insurance is not top priority amongst Singapore’s Gen Zs and millennials: Poll

Recognising this, personalized policies such as usage-based insurance will be crucial for attracting and retaining Gen Z customers. IoT, 5G, AI, and big data contribute to this shift. As a result, microinsurance addressing modern concerns like online shopping fraud, data breaches, and device protection is gaining traction.

Igloo introduces products like gamer’s protection for gaming-related health conditions and safe dining plan focusing on food poisoning. 

Beyond human coverage, the growing pet ownership trend drives demand for pet health insurance. Gen Z prioritises credible and value-aligned brands, seeking sustainability and diversity & inclusion.

With an underinsurance gap of $162.5b, insurers must be socially responsible. Gen Z's thorough research in purchasing, especially for complex products like insurance, necessitates insurers to establish clear unique selling points (USPs) against competition.

 

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