[ad_1]
Written by Shefali Khalsa, Head of Brand & Marketing, Corporate Communications and CSR at SBI General Insurance.
The advent of digitization has not only impacted the way businesses operate, but has also had a profound impact on the economic and social environment. This major shift has also changed the way the brand communicates, especially when it comes to marketing his products to Gen Z. Moreover, today, Generation Z is one of the most influential age groups in India and is expected to make up around 27% of the global workforce by 2025, according to a report by Zurich.com It is expected to be an attractive target consumer pool for the company.
Apart from this, another hallmark of Gen Z is their careful reliance on digital platforms and processes to plan for their financial future. They are making financial and risk-based decisions with a different perspective than their predecessors due to changes in behavioral patterns, social dynamics and economic instability brought on by events like Covid 19 . Given this situation, insurance products are an important tool for younger generations to cover financial losses arising from unfortunate events, especially those related to health and property. It functions as an important financial tool for them by providing benefits such as tax incentives for early purchase.
To market insurance the right way, insurers are taking advantage of the following trends:
Adopt a mobile-first approach
Gen Z is the first generation to have full access to smartphones from an early age, and as a result, they use their smartphones to conduct research, make purchases, and complete payments, making a mobile-first strategy imperative for marketers. It is Therefore, insurers need to work with mobile channels alongside other media to convey their brand message. To capture their attention, insurers must also ensure a seamless mobile app and responsive website experience.
Social media for financial literacy
A large portion of Generation Z use social media as their primary tool for information gathering and self-education on topics such as financial literacy. They tend to choose brands that they trust and can collect reliable information from. Insurers are starting to generate more mindshare among Gen Z with channels like Twitter, Instagram and Youtube. Insurers can also capture attention with content suitable for these platforms, such as social media posts, short videos, and tailored ads.
Add Personalized Touchpoints
In order to build lasting relationships with Gen Z customers, insurers are going to great lengths to develop products specifically tailored to their needs. The term “personalized insurance engine” refers to a mechanism that several insurers are working on developing. It consists of a fully automated customer journey supporting individual policyholders from the very first product.
Completely customize your research, sales, and billing through a hassle-free, data-driven experience.
Exploring new distribution models
Generation Z members are all about moving things fast. As a result, insurers need to explore channels that meet their need for speed. Insurers are investing in cutting edge technology and redesigning their UI/UX to deliver a quick, easy and personalized solution. Insurers are making both traditional and non-traditional channels more effective, reaching younger customers through their preferred channels. To reach new customers through technology and new channels, insurers are also considering new partnerships and acquisitions. Fintech and healthcare sector companies are using APIs to sell insurance through POS systems. To expand their customer base and tap into untapped markets, insurance companies combine their services with those of other companies.
GenZ is certainly an important segment to watch as the future of insurance holders and therefore a relevant segment for BFSI marketing. Now is the right time to gather insights for successful insurance sales in the years to come. There are new modes of marketing that evolve over time, and it’s important for marketers to adjust their marketing strategies to meet expectations.
[ad_2]
Source link
