Insurtech firm sees Gen Z to potentially drive changes in the industry

Insurtech firm sees Gen Z to potentially drive changes in the industry | Insurance Business Asia

Insurance News

Insurtech firm sees Gen Z to potentially drive changes in the industry

How can the Gen Z population change the insurance industry?

Insurance News

By
Jonalyn Cueto

Insurtech firm Igloo has shared in a news release the different ways the Gen Z population could influence the insurance company in the future.

According to McKinsey, there is a chance that by 2025 Gen Z would make up one-fourth of the APAC’s population as more people from this generation would join the workforce, thus potentially driving the economy. With this in mind, speed and convenience in services and products have become essential to catch up with the fast pace of this generation.

Insurtech has helped the insurance company keep these qualities in check, with innovations continuously evolving and being introduced in the insurance industry. These include the utilization of accelerated underwriting and digital assistants to improve customer experience and the availability of microinsurance.

Traditional insurance can be costly as the policies are often broad in coverage, and most insurance products could lack personalization. Thus, Gen Z people tend to hesitate about considering insurance products.

To address such concerns, new insurance products have been introduced to enable personalization, such as the availability of stackable microinsurance, allowing insurance to become more specific to the risk that the customer would want protection from.

Igloo has a diverse network of partnerships, including with ecommerce giants Lazada and Shopee as well as payment platforms DANA in Indonesia, GCash in the Philippines, and Circle K in Vietnam. In collaboration with GCash and Malayan Insurance, Igloo introduced Pet Insure, an insurance that provides reimbursement and coverage for pet owner’s liability and personal accidents.

The insurtech firm has noted the importance of insurance for any potential risks that consumers may need protection from, and thus a need for new systems to be introduced to adapt to the change that is driven by the future generation.