Youth and insurance: engaging the next generation

insurance for young adults 3 min read 22 July 2024

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The insurance industry is evolving to cater to the unique needs and preferences of the next generation.  But the insurance needs of the younger generation of consumers, namely Millennials (born between 1981 and 1996) and Generation Z (born between 1997 and 2012) have - until recently - mostly been a topic of discussion in an academic sense. Until now.

 

 

Young adults, often referred to as Gen Z, are in managing risk and securing their financial future. As the insurance industry continues to evolve, it is crucial that short term insurance providers understand the unique needs and preferences of millennials and Gen Z. This demographic is reshaping conventional industries, and insurance is no exception.

 

 

Here are some key insights on how Santam is engaging this generation.

 

Understanding Millennials and Gen Z

 

Millennials and Gen Z are characterised by their digital native nature, social consciousness, and value-driven decision-making. They are tech-savvy and expect seamless, user-friendly experiences across all platforms, including insurance.

 

 

To effectively engage with this generation, Santam has spent time and effort to deeply understand their preferences and needs.

 

Santam is adapting to these changing expectations by offering digital insurance solutions that cater to the unique needs and preferences of this demographic.

 

How Santam connects insurance with younger generations

 

Insurance education and transparency

 

Insurance education is crucial for young adults. This is to better understand the role of insurance in managing risk and securing their financial futures.

 

 

Informative and engaging content exists about typical types of insurance, such as car insurance, household and building insurance, as well as all risk insurance for all-important items such as laptops, sports gear, and photographic equipment.

 

 

Trust is built and maintained through Santam’s commitment to transparent communication and clear explanations of insurance products, value, and limitations. Santam is focused on establishing long-term relationships with these generations.

 

Digital insurance solutions

 

Digital insurance solutions are particularly appealing to young adults who are tech-savvy and prefer to manage their finances online. These solutions include online insurance quotes, mobile insurance apps, and digital wallets that enable seamless transactions and real-time updates.

 

 

Download the Santam insurance app here

 

Insurance simplified

 

Personal insurance companies like Santam are aware of the importance of offering insurance, straight and simple. The drive to simplify insurance processes and terminology to make them more accessible and understandable for millennials and Gen Z includes using clear and concise language, providing transparent information about coverage and pricing, and leveraging digital platforms for easy policy management and claims processing.

 

 

For example, Santam’s Whatsapp Self-Service makes it even easier to get policy documents and confirm cover. 

 

Digital competence

 

Santam ensures they offer the same level of digital competence that millennials and Gen Z expect.

 

 

This includes capabilities such as viewing insurance options online, smart data capture, value-added services, and omni-channel communication with consistency.

 

 

Swift and delightful experiences are what Santam relies on to build trust and loyalty with these generations.

 

Social Media Engagement

 

Santam leverages the reach and connection that social media offers to engage with millennials and Gen Z. This includes creating authentic, engaging content on platforms they prefer, such as TikTok and Instagram. Not forgetting the older generation with presence and reach on X, Facebook, and YouTube.

 

Get insurance that grows with you

 

Santam’s insurance solutions specifically address the needs of young adults, which we deeply understand. With personalised offerings, value added benefits, and a reputation you can trust, our short term insurance covers your lifestyle, your goals and your growth. Aside from the usual insurance you’d expect from SA’s top insurance company, you also get travel insurance, cell phone insurance, flexible car insurance, and personalised support.

 

 

Get a quote online, or speak to a broker today.

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