Let's try some word association. Maybe we could begin with the term “change.” Exactly what does the word change mean for you? You can tell a great deal about people (contributing to companies) by their responses to the concept of change. Does change cause excitement or dread or both? Of course, much of this depends upon what's changing. Do we have reason to be excited? Can we embrace a bit of the unknown to seize hold of the positive side of change?
For our customers, change could mean instability. Instability is a threat to families, businesses, employers of any size and all of the organizations that insurers serve. Insurance needs to fill the stability gaps by adapting itself to develop new foundations to mitigate risk and support stable lives and businesses. When insurers adapt to a changing rapidly world, they are the ones who balance out the potential risks and normalize life and work.
Insurance's opportunities usually have circled around risk and instability because long-term stability is really a necessity. Modern challenges, however, require today's innovations and technologies to produce products and services that engender new areas to handle risk. Yesterday's insurance products couldn't anticipate cyberattacks, pandemic loss, climate change, and new lifestyles.
As risk changes, one thing that never changes is really a person's or business' need to have security and stability. Risk avoidance and control over the near future is really a visceral motivator. There is very little stress as debilitating as risk, uncertainty and lack of stability. So, Majesco has sought to discover how today's and tomorrow's customer lifestyles and business changes will impact both the perceived need for insurance (by customers) and also the perceived types of products and services supplied (by insurers). Are these aligned?
If today's market trends are any indicator, the level of change has not been greater, and insurance's opportunities have never been more numerous. People and businesses need insurance and they can look at the world at this time and find out every motivation to protect their interests.
Last week, Majesco released its 2022 Consumer Report, Your Insurance Customers: A Crystal Ball of massive Alterations in a Small Window of your time. The report is both an introduction to real insurance trends, as captured by our customer survey, as well as an analysis of what those trends mean to insurer adaptability and overall opportunity. If you are seeking insights and particular trends which will impact your organization today and tomorrow, make sure to download the entire report. In the current blog, we will look at two related segments of the report: individual and family changes that are impacting life and health insurance numerous demographic trends that will impact life, health insurance and voluntary benefits.
Which trends are likely to drive insurance purchases?
Family changes will boost life and health products
Insurers have commonly checked out the points of family change for opportunities to sell insurance. Today, however, insurers get the chance to improve products and placement. In the Majesco report, Gen Z & Millennials' have high expectations that their families can change soon. This undoubtedly helped enhance the need for insurance for them, with 25% likely to have children and 22% expecting to be taking care of an aging parent or relative (Figure 1).
