"OK, boomer" is a popular way for younger generations to respond to stereotypical baby boomer statements. It symbolizes the recurring conflict between old and young. Baby boomers and Generation Z in particular often seem to be irreconcilably at odds with one another. There is no question that the two generations grew up in different realities.
In particular, the way in which people communicate and interact with each other, as well as with companies and institutions, has undergone a thorough transformation over the last 50 years and has led to changing needs.
This has implications for insurance companies. The question arises: are the needs of the various generations really as different as people often claim? In the following, we take a closer look at their needs in the event of a claim.
The phone remains the first choice
Every claims process begins (in addition to the event itself) with submitting a claim. Customers generally have various communication channels at their disposal. Across all generations, phone is the preferred contact channel for submitting a claim,[1] though, generally speaking, email is also very popular. A clear trend can already be seen here: the younger the clientele, the more popular the digital communication options. A similar trend can be seen with claims submission via app, even if the app channel's popularity is only in fifth place overall. In comparison with the baby boomer generation, the younger generations in particular would report claims via this digital, mobile channel.
And what about THE contact person for insurance - the brokers? When it comes to information and advice on products, the younger generations still often seek advice from their trusted insurance broker. In the event of a claim, however, this is not the first option for younger people. In comparision with the baby boomers, the importance of the younger generations is declining sharply.
Inform customers about the claims processing status.
The first step for the customer is to file a claim with the insurance company. Now the insurance companies are saying that at every stage, customers should be kept informed about the current status of their claims settlement. More than 89 percent of respondents would like to be involved in and informed about this process. This figure also shows that trust in the insurance company during the claims settlement process appears to be rather low across all generations. For this reason, insurers should meet the need for information, e.g. by means of digital claims tracking.
Digital is in the lead!
When it comes to detailed claims processing, it is important to customers that the main processing steps are settled quickly. However, digitality also plays a major role. In addition to being able to submit documents digitally, customers desire digital contact options for their queries. This reflects the need for information on the current processing status and for transparency regarding the next processing steps. Additional services are also appreciated. Here, customers' demands are extensive - regardless of age.
Would you like to learn what customers want from their insurance company in the event of a claim? Find answers to the most important questions in our free white paper. Download it here now!
Together with Versicherungsforen Leipzig, adesso insurance solutions is publishing a series of white papers entitled "Change is necessary... Change is possible." The first white paper in the series addresses the topic of skills shortages as a driver of change. You can find the blog post here, and you can download it via this link.
