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Currently showing: Funding longer lives > Pension/retirement

02 Jul 14 07:48

On Tuesday last week, Swiss Re held its inaugural 'Next generation insurance customer' conference here in Zürich. We were joined by a wide variety of our clients and partners, with a view to discussing how we can work together to identify new insurance products and new channels to reach future generations.In my session, we discussed the evolution of life risk pooling in Europe. We wanted to understand how we got to today, in order to better understand where we are going tomorrow.

Our story began with mutual societies that started a few hundred years ago, before discussing the rise of the social state and a later shift of responsibility from the government to the individual.We discussed our recent European Insurance Report, and how the vast majority of our research participants felt that government was responsible for the  provision of protection. However, we know that our customers understand that there is a shift imminent. The big question of course centres around 'what next?' It is all very well understanding what has happened up until now, but what is coming up?

We have observed and continue to see the evolution of generations X, Y and Z. How will insurance products and services be investigated and then bought by these customers? Mobile will surely play a big part, given the expectation that within the next couple of years, mobile devices are expected to overtake desktop computers. We need to invest in the connection between the digital and analogue worlds. With insurance acquired simply 'on demand', how will cover differ? It was interesting to discuss what the industry may look like in the medium and longterm.

We discussed the possibility of seeing the rise of 'mutuals for the 21st century'. It is possible that social media will act as the glue for new insurance pooling communities, with community and immediacy (in particular) becoming the key principles of modern insurance.Who is the 'family'? Is the community at large now more relevant? Can we expect to see new players entering the market? Perhaps the question is more of a 'when' rather than 'if'. Perhaps the leading new business generators of the future will be names we have yet to hear of.

What do you think?

Category: Funding longer lives: Pension/retirement, Social contract

Location: Rüschlikon, Switzerland


Rashunda Tramble - 22 Jul 2014, 1:30 p.m.

Part of your comments prompts the question of exactly *how* to market to millennials, which is something more than just the re/insurance industry is thinking about. The group as a whole is pretty optimistic about the future, even with all the issues it may face. But the buying patterns of millennials is different than generations past. Merely going for the "buy insurance so your family will have a good life when you're gone" doesn't really work anymore, I don't think. Millennials need to know how *they* will benefit. It's not selfishness, it's more of a desire on their behalf to be marketed to in a straight way.

Bruce Hodkinson - 23 Jul 2014, 10:37 a.m.

Rashunda very valid point; our marketing and our approach does need to ensure the "they" element is included. Millennials also want to understand how they and the community fit; in my view then is broader than marketing but also who and how the entity selling the insurance is set up and operates - hence my belief in the need for "21st century mutuals" that transparently cater for communities.

viorel gazdaru - 17 Sep 2017, 4:33 p.m.

Life insurance sold by digital device, eventually mobile device is a real challenge. For Millenials customers is a must.

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