Silver surfers wipe out Generation Z when it comes to travel insurance
With new research highlighting the generation gap between over 55s and Generation Z when it comes to travel insurance, technologists at Aquarium Software are warning insurers to up their digital game to tap into the iGeneration as a core future market. Commissioned by Aquarium Software, the online YouGov research shows just eight percent of 18-24 year olds have annual insurance cover, compared to 30 percent of over 55s.
Only eight percent of ‘generation backpack’ had even single trip cover, when compared to 11 percent of over 55s. In perhaps in a shock twist, the ‘silver surfers’ lead the call for better anti-fraud tech, with 34 percent saying technology must be used to weed out fraudulent insurance claims; compared to 26 percent of 18-24 year olds. More worryingly, 46 percent of 18-24s have no insurance of any kind, compared to just five percent of over 55s. “It is clear the industry needs to do more to bridge the generation gap when it comes to travel insurance,” said Aquarium Director, Mark Colonnese. “Different attitudes across different generations are not surprising, but there are some very unusual and unexpected contrasts in the research data, that technology can help address,” he added.
“It is quite surprising to see the over 55s so ‘tech positive’. The young are hooked into price comparison sites, while the older generation seem to prefer to source their insurance direct,” added Colonnese. “Apps and the latest insurance technology platforms can bring the two together, by allowing instant claims and by making product purchase and upgrade as effortless as possible,” Mark said.
“Just 31 percent of trips made by young people are covered, compared to 60 percent of over 55s, and this is a serious problem,” added Colonnese. What our new YouGov survey reveals is the generations least likely to be able to afford to pay for medical expenses and repatriation, are those who either don’t understand the benefits of travel insurance, or simply can’t afford it,” he concluded.