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Technology at the Forefront of Insurance-Canada.ca Executive Forum | Canadian Insurance
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Technology at the Forefront of Insurance-Canada.ca Executive Forum

Gen Xers just as likely as millennials to purchase online

InsurTech was a hot topic at the Insurance-Canada.ca Executive Forum, held in Toronto on Aug. 29.

Many of the day’s presentations looked at how the industry is being disrupted by digital startups with a laser focus on customer engagement.

“We’re seeing the rise of a new breed of customer,” noted Mukul Ahuja, the strategy and innovation leader with Monitor Deloitte. “You need to deliver a level of experience that is commensurate with what consumers expect.”

Related: Getting into the Millennial mindset

Ahuja advocated for the “retailization” of insurance, suggesting the industry should take cues from the retail sector in its approach to selling products online. He added that members of Generation X are just as likely as millennials to make online purchases.

As for millennials, Mark Dowds (pictured), co-founder of Trov, noted that they are far less likely to own homes or cars, making their insurance needs different than those of previous generations.

“The industry will decline if new products aren’t developed for younger generations,” Dowds said. “If you’re in the insurance world, you need to be paying attention right now, because it’s ripe for disruption.”

Related: The Generation Gap

To cater to the millennial crowd, Trov offers on-demand, micro moment insurance coverage, allowing clients to insure their personal belongings whenever they want with no annual premiums. Coverage is currently available in the U.K. and Australia, and is expected to launch in Canada next year.

David Crozier, president and CEO of Everest Canada, suggested that having a digital product offering has become a necessity for all industry stakeholders.

“It’s not going to be win or lose, its’ going to be exist or don’t exist, and that goes for insurers, brokers and vendors alike,” he said.