BUSINESS Gen Z goes online to seek insurance protection

BUSINESS

Gen Z goes online to seek insurance protection

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19:47, October 25, 2021

Gen Z goes online to seek insurance protection

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Millennials are turning to social media and short video platforms to inform their decisions on insurance.

China's social media and short-video platforms are becoming the new classrooms for the younger generation – who are eager to seek more protection for themselves by using such resources, a new study has found.

Millennials prefer to learn the ABCs of insurance on social networking sites like Weibo, Wechat and Douyin.

And insurance companies are rushing to satisfy the demand by producing innovative and interesting content, according to a joint study by ZhongAn Online P&C Insurance and Fudan University.

Digital marketing will become a new growth engine for the insurance industry in the future, and insurers that can take the lead in digital transformation will stand out, the report said.

Around 72 percent of insurance companies said that short videos helped improve the conversion rate of their products, while over a half of surveyed consumers believed they can make a better decision while buying insurance online with the help of social media platforms.

"With the combination of AI technology, digital marketing and the insurance industry itself, more and more links and scenarios such as customer acquisition, operations, claims settlement and online services have greatly improved the realization of automatic operations and the user experience," Jiang Qingyun, executive director of China Marketing Research Center of Fudan University said in the report.

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