IDENTIFY NEW OPPORTUNITIES  Financial Services

How can insurers future-proof their business models by building solid understandings of their next generation of customers?

We helped a global insurance leader develop a solid understanding of its future customers – Gen Z – in order to inform and best plan their strategy and product portfolio.

Through our global research with generational experts, practitioners and customers, our client realised that fundamental changes would be needed in their business to maintain market relevance to these new customers.

CHALLENGE

Our client, a leading insurance provider, started to recognise that insurance as we know it is losing relevance among the younger customers. To avoid losing market share at the expense of new players, they wanted to develop a deep understanding of the so-called “Gen Z”.

Having extensive knowledge of previous generations, they were keen on decoding the differences and similarities with this upcoming generation to best reinvent themselves for this new era.

APPROACH

We conducted 1:1 interviews with experts in Gen Z and generational studies to lay the foundation for a global ethnographic research study across five continents.

Over the course of three weeks, we talked to over sixty members of generation X, Y and Z to deeply decode the needs, aspirations, challenges and life styles of today’s digital natives.

We created design principles and frameworks to enable our client to identify the implications for their business and have a solid starting point to begin to ideate on new solutions.

IMPACT

We identified clear differences between Gen Z and previous generations. Thanks to our recommendations and resources, we enabled our client to have evidence-based internal conversations around new offerings and communication strategies.

Our outputs were presented during a global summit to top managers within the sales & marketing team. The insights uncovered became a key input for our client’s strategy moving forward.