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1、GlobalConsumer202324StudyA DECADE IN REVIEW:PAVING THE FUTURE OF INSURANCECONTENTSFOREWORD ABOUT THE GCS PAVING THE FUTURE OF INSURANCE CONSUMER JOURNEY 01 INSURANCE LITERACY&LEARNING 02 PURCHASE,OWNERSHIP&CLAIMS LIFE&HEALTH 03 HEALTH&WELLNESS 04 STRESS,MENTAL HEALTH&SOCIAL MEDIA 05 RETIREMENT PLANN

2、ING PROPERTY&CASUALTY 06 CAR TELEMATICS 07 EMBEDDED INSURANCE 10 YEARS OF THE GCS CONCLUSION 040608111729394753616977FOREWORDAs we look back,with the most severe consequences of the pandemic behind us,we are presented with the opportune moment to re-evaluate some of the prevailing trends that emerge

3、d during those times.Notably,the acceleration of digitalisation and the heightened focus on both health and wellness were significantly amplified by the impact of Covid-19.The question looms:are these shifts enduring transformations,or transient ripples that will dissipate as the world gradually rev

4、erts towards its pre-pandemic state?This year also marks the culmination of a decade-long journey with the Global Consumer Study(GCS).As we celebrate our 10-year anniversary and reflect on years gone by,we remain acutely cognisant that the future of the insurance landscape is being shaped by the Mil

5、lennial and Gen Z generations.A decade ago,most of them were in the nascent stages of their education or embarking on their professional journeys.Fast-forward to the present,with three of those years deeply marked by the pandemic,we are left to ponder:What do they think about where the insurance ind

6、ustry is headed?And how has the lasting impact of the pandemic shaped their views?In a quest for answers,this years study hones in on Millennials and Gen Zs exclusively,offering a tantalising glimpse into the forthcoming decade.One resounding revelation is that the formidable impetus of digitalisati

7、on is firmly entrenched.Insight 3,Living well in a connected world.However,digitalisation is a double-edged sword.An evident correlation emerges between mental health concerns and stress,attributed to the omnipresence of social media in our digital lives.Insight 4,Virtual lives:curse or cure?.Yet,if

8、 harnessed carefully,digitalisation emerges as a potent instrument in aiding consumers to make informed decisions.In fact,the number one consideration during the purchase process is“good online reviews”more so than price.Insight 2,Mapping out the insurance journey.Notably this is the first time in G

9、CS history where price is not quoted as the most important decision factor.To mark this special occasion,we modelled our consumer data from the last decade to generate longitudinal insights.The findings are nothing short of captivating.Consider,for instance,that the act of downloading a health and w

10、ellness app is a compelling predictor of insurance purchases.Our congratulations to insurers investing in health and wellness offerings!Moreover,a clear nexus emerges between young consumers insurance literacy and their inclination to invest in insurance products.In a landscape where customers clamo

11、ur for outstanding experiences,dedicating time and effort to educate consumers about risk and the value of protection emerges as a mutually rewarding avenue for engagement,bridging both emotional and financial realms.Insight 1,Decoding insurance for the youth.Similar to the previous year,we continue

12、 to include Property&Casualty(P&C)risk in this report.We dive deeper into the motor insurance and car telematics sector and expand on the ever-growing embedded insurance category.We unveil Gen Z and Millennial interest for add-on insurance,such as for ride-sharing apps or public bikes and scooters,b

13、ut find ourselves at the intersection of seamless experience against affordability.Insight 7 Convenience vs Value:a balancing act.In summary,we envision a forthcoming era defined by consumer experiences which illuminate the most effective sales strategy:investing in offerings that fortify their know

14、ledge,well-being and brand affinity.The remainder is entrusted to them,as they are the architects of decisions that align with their best interests.With eager anticipation,we look forward to the arrival of an exciting new decade ahead.We extend our heartfelt gratitude to you,our dedicated reader,for

15、 your support over the past 10 years.Na Jia,ReMark CEO This years study hones in on Millennials and Gen Zs exclusively,offering a tantalising glimpse into the forthcoming decade.REMARK GLOBAL CONSUMER STUDY 23-2445Australia-501Canada-502USA-1004Mexico-503France-505Italy-504Spain-504United Kingdom-50

16、1Sweden-502Germany-501Hong Kong-504China-1007Japan-502South Korea-504Taiwan-500Malaysia-502Indonesia-504Singapore-502India-1003Chile-503South Africa-502ReMarks Global Consumer Study(GCS)is a long-standing global survey of consumer attitudes towards insurance.Over the years it has given insight into

17、major consumer trends on topical subjects linked to insurance such as data privacy,mental and physical health,wellness apps,AI,embedded insurance and Covid-19.For the 10th edition,we are presenting 7 insights covering the consumer journey,from Life and Health(L&H)to P&C insurance.This milestone edit

18、ion has a unique focus on Gen Zs and Millennials,the next generation of policyholders,investigating their attitudes towards and opinions about protection.Our methodologyThe GCS is based on the responses to an online survey of 12,563 consumers drawn from 22 key insurance markets around the world.Fiel

19、dwork was conducted in April 2023 by our market research partner Dynata.The sample and methodology for each market aim to be representative of consumers or potential consumers of insurance,based on national sets of demographic parameters(age,gender and region).Results are analysed by ReMarks researc

20、h committee,which consists of a broad range of profiles from data analysts to marketers,researchers,insurance experts and independent consultants.*The breakdown is made according to the latest available figures from the OECD in insurance spending per GDP and ReMark market analysis.Generation classif

21、icationEstablished markets*Growth markets*Generation ZBorn after 1996|Ages 18-26MillennialsBorn 1981-96|Ages 27-42Ireland-503ABOUT THE GCSREMARK GLOBAL CONSUMER STUDY 23-2476REMARK GLOBAL CONSUMER STUDY 23-24PAVING THE FUTURE OF INSURANCEPaving the future of insuranceOne might argue that the future

22、prospects for the insurance industry are inextricably linked with those of the younger generations of its target market.The Millennial generation are already of an age where they are acquiring assets and responsibilities that make them prime prospects for the insurance market.But,if Millennials are

23、the present,Gen Zs are the future.This years survey focuses on these two generations as it is their attitudes and beliefs that will shape the response of the successful insurers of the future.Millennials have grown up alongside the development of the internet and have been enthusiastic and confident

24、 adopters of social media.Gen Zs have never known anything different.Their ease and familiarity with digital technology sets them apart from previous generations a skill that brings with it both opportunities and challenges.Digital technology can be both a blessing and a curse for insurers.It offers

25、 new ways to engage with the younger generation,but with the speed with which negative feedback can be spread online,it can magnify the reputational impact of poor customer service.For the younger generation of customers,digital dexterity empowers them with access to a range of sources of advice and

26、 information.They are supremely comfortable with sharing information online.The downside is that not all of the information to which they are exposed online is necessarily accurate.They run the risk of being influenced by people who are neither qualified nor equipped to express an opinion on financi

27、al matters.Perhaps most pernicious of all is the pressures felt by many young users of social media pressures that can have a deleterious impact on their mental health.So,as we shall see throughout this report,the digital world can be a double-edged sword.But it cannot be ignored.89THEME 1 XXXXXXKey

28、 FindingsGen Zs and Millennials are confident in their knowledge of different insurance products.More than half claim to have a good understanding of key financial and insurance products.The average insurance literacy score is 5.87/10.Respondents from Japan,Ireland and the UK score top marks,while I

29、ndia,Indonesia and Malaysia come bottom of the class.Younger insurance consumers are more confident applying for cover,but with lower insurance literacy scores than their older peers,there is work to be done to improve knowledge among young consumers.01REMARK GLOBAL CONSUMER STUDY 23-2411REMARK GLOB

30、AL CONSUMER STUDY 23-24Insight 1 Decoding insurance for the youth“Real knowledge is to know the extent of ones ignorance.”This observation by Confucius has a timeless relevance.We put his thinking to the test.As in previous years,we asked respondents to give a self-assessment of their knowledge of a

31、 range of financial products.Well in excess of half of the respondents claimed to have a good or very good knowledge of both L&H insurance(58.9%)and Home&Motor insurance(57.3%).To put these numbers into context,perceptions of understanding of insurance products are below those for savings and bankin

32、g,but considerably higher than those for the more specialised fields of pensions and investments.There is really very little difference between the responses of the two generation groups.Surprisingly,though with perhaps little justification,Gen Zs have a more positive opinion of their knowledge of i

33、nvestments and savings than Millennials.The survey included a quiz,designed to test knowledge of insurance,from which respondents were assigned an insurance literacy score out of a maximum of 10.As Confucius would have predicted,what people think they know does not necessarily accord with results of

34、 this more objective test.The global average score is 5.87.This is somewhat lower than the average score of 6.25 from an identical quiz last year.However,last years survey was conducted over a range of age groups including older generations who may be expected to have had greater exposure to practic

35、al dealings with insurers.If we compare this years figure with that for the same generation groups in 2022,we see that the literacy score has,in fact,risen from 5.52.Quite marked disparities exist between self-perceptions of knowledge and what the test is telling us of reality.This is true of the tw

36、o generation groups.Whilst they each have broadly similar self-assessments of their knowledge,Millennials,with an average literacy score of 6.1 fared considerably better than Gen Zs who scored an average of 5.45.77%of Gen Zs and Millennials feel they need additional education about insurance.77%AllG

37、en ZsMillennialsLife&Health58.9%58.7%59.0%Home&Motor57.3%53.4%59.5%Banking62.6%61.5%63.1%Investments48.5%50.0%47.7%Pensions43.6%43.7%43.6%Savings69.3%71.1%68.2%Q:How much do you think you know about the following?Fig 1.Self-declared good or very good product knowledge13Younger consumers are more con

38、fident when applying for insurance.INSURANCE LITERACY&LEARNING1312REMARK GLOBAL CONSUMER STUDY 23-24THEME 1 XXXXXXDespite the fact that many have a misplaced confidence in their knowledge,an overwhelming 77%of respondents accept that they have a need for more insurance education.Those respondents wh

39、o recognised the need for further insurance education were asked how they would best like to quench their thirst for knowledge.Even amongst the digital generations it is apparent that there is demand for a variety of training media and,in particular,there is still demand for the personal touch.Never

40、theless,over 40%would favour some form of online content.For insurers this gives the opportunity for greater control over messaging compared with leaving education to the whim of family and friends.The danger is that not everything that young consumers will see online is informed comment.Insurers ne

41、ed to ensure that their digital voices are heard above the noise of less qualified influence.Fig 6.Self-declared need for additional education about insuranceFig 5.Distribution of the literacy scores of those whose self-perceptions were good or very goodFig 4.Self-declared good or very good knowledg

42、e of L&H and P&C by marketFig 7.Ideal way to learn more about insurance5.68Savings5.27Pensions5.42Investments5.64Banking5.61Home&motor insurance5.47Life&health insuranceIndonesiaIndiaChinaItalySouth AfricaSingaporeMalaysiaHong KongMexicoAverageGermanyFranceCanadaSpainUSAChileTaiwanSouth KoreaIreland

43、UKAustraliaSwedenJapan84.6%83.9%71.6%71.0%65.1%64.7%64.6%63.0%62.0%57.6%56.0%53.0%53.0%52.9%52.2%51.8%50.3%48.8%48.5%48.0%44.8%40.5%36.3%Very good knowledge+Good knowledgeby Insurance Literacy Score How much do you think you know about the following insurance topics?What would be your ideal way to l

44、earn more about insurance?Do you feel you need additional education about insurance?Significant differences also emerge when we look at the results at a market level.It is immediately apparent that there is little correlation between those markets achieving the highest literacy scores and those clai

45、ming the highest level of knowledge.Quite the reverse.Whilst Japan heads the list of literacy scores its respondents have very modest perceptions of the extent of their knowledge.23.1%76.9%NoYesREMARK GLOBAL CONSUMER STUDY 23-241 to 1 call with agentTaking an online courseTrusted friend/family membe

46、rVideo content from an insurerReading a brochureAn email newsletterThrough social mediaThrough online forumsAverage Score6.71 4.94Very Good+Good Knowledge84.6%36.3%Average insurance literacy score by market1514Fig 2.Literacy score by market Fig 3.Self-declared good or very good knowledge claims of L

47、&H and P&CINSURANCE LITERACY&LEARNINGJAPIRLGBR SWE CAN AUSGERITAUSA TWN ROK6.716.706.426.326.296.276.256.236.166.146.03ESPHKGZAFMEX CHLSGP CHN FRAMYSIDNIND5.925.835.765.565.565.495.465.445.365.244.94IDNINDCHNITAZAFSGPMYSHKGMEXGERFRA84.6%83.9%71.7%71.0%65.1%64.7%64.6%63.0%62.0%56.0%53.0%CANESPUSACHLT

48、WNROKIRLGBRAUSSWEJAP53.0%52.9%52.2%51.8%50.3%48.9%48.5%48.0%44.8%40.5%36.3%1502Key FindingsGen Zs and Millennials value the opinions of their friends and family when purchasing insurance.But,with many checking out online reviews too,their circle of influence is wide.Positive online reviews is the to

49、p feature when purchasing insurance,especially among younger people.Price becomes the priority as they age.Customer service and the quality of information provided during the application process score highly with younger generations.Complexity of applying remains an irritation.Despite a wealth of in

50、formation available to the younger generations through digital media,around 45%would continue with the same policy and renew it.REMARK GLOBAL CONSUMER STUDY 23-2417Insight 2 Mapping out the insurance journeyBuying insurance is not what most have in mind when they think of retail therapy.The products

51、 rarely if ever evoke excitement or pride of ownership.Nevertheless,nearly 85%of our survey participants have at least one P&C product and close to 80%have a L&H insurance policy.What is it that has prompted our digital generations to buy insurance when,no matter how advisable insurance may be,there

52、 are so many more exciting products and services to claim their attention?Our survey sought to find answers.We asked respondents about their most recent purchase of both P&C and L&H products.We asked them what prompted their path to purchase;how they went about gathering advice and information,and a

53、bout the factors influencing their choice of insurer.#1#1 consideration during the purchase process is good online reviews more so than price.65.1%Car insurance49.3%Home insurance25.3%Travel insurance22.1%Mobile phoneinsurance15.6%None15.1%Pet insurance43.1%Private healthinsurance37.6%Health-related

54、insurance35.7%Insurance relatedto mortality27.2%Accidental death and disability insurance20.3%None19.3%Savings-relatedlife insuranceWhich of the following types of personal insurance(P&C)do you have?Which of the following types of personal health or life insurance do you have?Fig 8.Personal and L&H

55、Insurance ownershipFig 9.Most recent P&C and L&H purchase triggers(excluding mandatory purchases)Purchase triggersOur questioning quickly dispelled any notion that young people simply have warm and fuzzy feelings towards insurance.Two-thirds of the most recent purchases of P&C products and nearly tw

56、o-fifths of L&H purchases were mandatory.This might be where insurance is required by law for example motor insurance or perhaps required as a condition of another transaction,such as home or life insurance in conjunction with a mortgage.When it comes to discretionary purchase of insurance,it is int

57、eresting to see that time-tested family and friend recommendations are the single biggest trigger for both P&C and L&H purchases,for these age groups.Furthermore,when we look at the responses by generation group,we see that Gen Zs are even more likely to be influenced by family and friends than Mill

58、ennials.However,the influence of digital media cannot be ignored.Social media(15.5%)and online or TV advertising(15.1%)are significant purchase triggers,particularly so for P&C products and noticeably more so for Gen Zs than Millennials.Financial advisers continue to play a major role in generating

59、L&H purchases,but hold very much less sway in the P&C market.What initially triggered your purchase of your most recent product?Recommendation from family/friendsNothing in particular Social mediaAn online or TV advert An emailA phone callMy financial adviserA personalised letter from an insurerA br

60、ochureOtherI dont know/cant rememberMy employerA text or WhatsApp messageAn online influencerL&HP&C0.0%5.0%20.0%10.0%25.0%15.0%30.0%35.0%PURCHASE,OWNERSHIP&CLAIMSREMARK GLOBAL CONSUMER STUDY 23-241918REMARK GLOBAL CONSUMER STUDY 23-24PURCHASE,OWNERSHIP&CLAIMSSources of advice and informationFamily a

61、nd friends continue to have a major influence in the next stage of the purchase journey in providing advice and information(34%for P&C;33%for L&H).The aggregate of the responses indicate that consumers are even more likely to seek professional advice from insurance agents or financial advisers(43%fo

62、r P&C;65%for L&H),but as we shall see below there are generational differences.In addition,a significant proportion of respondents conducted research online(37%for P&C;27%for L&H).When we examine the key sources they turn to for advice,we see a generational paradox.Gen Z respondents,arguably the mos

63、t digitally literate of the generations,are less likely to research online than Millennials.Equally Gen Zs are less likely to turn to professional advice than Millennials.Fig 10.Sources of advice for P&C and L&H purchasesFig 11.Sources of advice by generationWhere did you go for advice before buying

64、 your most recent product?Insurance agent or adviserFriend/colleague/family memberResearched onlineIndependent financial adviserBrochure or information provided by insurerVirtual assistant(chatbot)EmployerNone/did not seek adviceI dont know/cant rememberOther0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.

65、0%45.0%50.0%P&CL&HWhere did you go for advice before buying your recent insurance product?Top 3 by generationFriend/colleague/family memberResearched onlineInsurance agent or financial adviserGen ZsP&CL&HGen ZsMillennialsMillennials41.2%30.8%38.8%30.2%35.0%38.5%25.0%27.8%39.0%45.9%60.4%67.3%2021PURC

66、HASE,OWNERSHIP&CLAIMSChoice of insurerWe now know something of how younger consumers go about gathering advice and information,but what is it that they are looking for?What is it that would attract them to a potential insurer?Our survey participants were asked which features would be most important

67、to them when selecting an insurer.It is striking that for the digital generations,good online reviews are as important and more important for Gen Z respondents than price.It is a fact that underlines the dividend to be gained from good customer service and conversely the penalty to be paid for faili

68、ng to meet expectations.Customer experience can be shared very quickly and widely online a double-edged sword for insurers!It seems that reputations for action on environmental,social and governance issues are not a significant factor in the purchase decision for these generations.This should not be

69、 interpreted as a sign that these matters are of no importance.In all probability,it reflects the practical difficulty of making an objective judgement of the competing merits of insurers.Respondents appear to be drawn to established brands,but nonetheless are open to the possibility of buying from

70、new online companies that have recently entered the market.Over 50%would be willing to forsake brand reputation if the new online competition were cheaper or more convenient.A number of new online-only insurance companies have recently entered the market.Would you be willing to buy insurance from a

71、company like this?Q:When purchasing a new insurance product,which of the following are most important?Fig 12.Most important factor during the buying processFig 13.Online-only brand purchasesREMARK GLOBAL CONSUMER STUDY 23-24Gen Zs and Millennials value the opinions of their friends and family.Quick

72、purchase processQuick claims processPriceGood online reviewsEstablished brand nameDiverse product rangeAffirmative action on ESGGen ZsGen ZsGen ZsGen ZsGen ZsGen ZsGen Zs11.2%5.2%21.8%28.3%17.9%9.9%5.7%8.2%8.5%26.5%24.1%19.7%9.5%3.4%MillennialsMillennialsMillennialsMillennialsMillennialsMillennialsM

73、illennials50.5%20.6%15.9%13.0%Yes,if cheaper/more convenientNo,prefer accessible branchesNo,prefer establishedbrandNeutral/dont know 2223PURCHASE,OWNERSHIP&CLAIMSBeyond the purchase happy ever after?As we have remarked so often,insurance is not a purchase to quicken the pulse.Once bought it sits pat

74、iently and largely unnoticed until or unless the fateful day arrives when it is called into action.So,the purchase process is a rare opportunity to make a lasting impression.As a test of how well the industry is doing,we asked those participants who had purchased insurance in the last two years to g

75、ive star ratings out of 5 to various aspects of the process.From the results it would seem that the industry is doing a good job either that or young people are extraordinarily generous with their ratings!At first sight,by far the least satisfied with their experience were the Japanese.Taking custom

76、er service as an example,just 16%awarded 5 stars in respect of their P&C experience and a little under 19%for L&H.However,4-star ratings were very much in line with the averages across all markets.One is inclined to suspect that cultural differences are playing a part.Time to commitThe research is d

77、one;the choices made,now how much attention is paid to the documentation before completion?We asked respondents the extent to which they read the fine print.There are no significant differences between responses by generation,but a huge diversity of responses from different markets.By far the most d

78、iligent are the Indonesians 48.2%of whom claim to read the documentation in detail.Following them are the Chinese,38.9%of whom claim to read the fine print.The French sit firmly at the relaxed end of the spectrum.22.2%just sign without a further thought and only 12.2%review documents in detail.Somew

79、hat surprisingly,the Japanese show a similar level of disinterest in the detail.19.4%just sign and only 11.8%-even fewer than the French look at the detail.Fig 15.Attention to policy documents/contracts before signing by marketAustraliaCanadaChileChinaFranceGermanyHong KongIndiaIndonesiaIrelandItaly

80、JapanMalaysiaMexicoSingaporeSouth AfricaSouth KoreaSpainSwedenTaiwanUKUSAHow much of your insurance contract/policy documents do you usually read before signing?100.0%80.0%60.0%40.0%20.0%0.0%I review in detailI only read cost and summaryI read most of mypolicy documentsI just sign itI only read cost

81、 andsummary33.8%I read most of my policy documentI just sign itI review in detail31.6%20.5%14.2%Fig 14.Attention to policy documents/contracts before signingP&C4*5*Customer service39.9%41.3%Time taken to apply37.7%39.8%Clarity on data usage36.2%36.0%Application length37.9%37.1%Complexity of applicat

82、ion35.9%34.4%Quality of information provided37.9%42.9%L&H4*5*Customer service39.5%39.4%Time taken to apply38.2%36.1%Clarity on data usage37.2%36.7%Application length38.8%35.4%Complexity of application37.3%35.7%Quality of information provided36.2%43.3%Fig 16.Star ratings of recent purchasesRate the f

83、ollowing aspects of the buying experience out of 5 starsREMARK GLOBAL CONSUMER STUDY 23-242524Customer communicationThe challenge for insurers is to build on this promising start and build brand loyalty with their customers.One way is by regular communication.But this,again,can be a double-edged swo

84、rd approaching customers too often or with unwanted information is likely to be a cause of irritation rather than appreciation.The survey sought guidance on what types of content would be of interest.It appears that Gen Zs are more receptive to educational content than their Millennial counterparts.

85、But it is clear that communications that might bring some financial benefit sparked the most interest money management tips and information about discounts and offers.There is relatively little appetite for company news.Those who expressed interest about receiving more information about any of the t

86、opics were also asked for their preferred delivery method.Perhaps surprisingly,for these digitally focused generations,the most favoured option is the relatively old technology of the email.This is perhaps a recognition that an email may still be the best medium for detailed content.ClaimsThe way in

87、 which claims are handled presents an opportunity for insurers to cement their relationship with a client.Equally importantly,a satisfied claimant is a potential ambassador in a business where,as we have seen,personal recommendations have a significant influence.Of course,it can also be a potential

88、point of conflict if the claim is somewhat speculative or if it is not strictly covered under the policy conditions.However,any steps that insurers take to make the process as user-friendly as possible will earn the appreciation of customers.Participants were asked to indicate their preferred way to

89、 register a claim should the need arise.There is a strong preference for online and digital channels,but more traditional methods,such as in-branch or by phone,still command a significant following.One suspects the preferences would be yet more equally divided if one were to include the preferences

90、of older generations.This underlines the importance of continuing to offer a choice of routes to fit the needs of different sectors of the customer base.RenewalFor policies issued on a renewable basis,policyholder actions could be considered to be an indication of customer satisfaction.Our survey re

91、veals that there is evidence either of considerable levels of satisfaction or simply inertia.That despite the wealth of information available to the younger generations through digital media.Around 45%would continue with the same policy and only 17%would consider products from other insurers.If rene

92、wing your insurance,what are you most likely to do?45.4%30.2%16.8%7.6%Continue withsame policyExplore my insurers altproductsConsiderother insurersNeverrenewed/dont knowFig 20.Policy renewalFig 18.Channels for insurer contentFig 19.Preferred claims channelFig 17.Type and frequency of content respond

93、ents would like from their insurerREMARK GLOBAL CONSUMER STUDY 23-2426.5%Online claim form16.3%Through an app13.6%At the insurers branch11.9%11.3%Over the phoneBy email8.9%Through an agent4.0%3.4%2.7%1.5%By chatbotVia text messageVia social media OtherIf you needed to make an insurance claim,what wo

94、uld be your preferred method?PURCHASE,OWNERSHIP&CLAIMSOpen to hearing moreFine with current commsWould like lessNoneProductsGen Zs35.2%41.4%15.3%8.2%Millennials30.7%42.0%15.6%11.7%LifestyleGen Zs35.3%38.8%17.6%8.3%Millennials28.2%42.0%17.0%12.9%Finance tipsGen Zs43.4%35.7%13.9%7.1%Millennials38.1%37

95、.5%13.6%10.8DiscountsGen Zs49.4%33.0%11.8%5.8%Millennials49.7%35.2%9.5%5.7%Co.newsGen Zs27.0%36.9%23.0%13.1%Millennials23.2%39.8%20.2%16.7%Which of the following types of content would you be interested in receiving from your insurer,and how often?ProductsLifestyleFinance tipsDiscountsCo.newsHow wou

96、ld you like to hear from your insurer?80.0%60.0%40.0%20.0%0.0%Via emailVia an appVia social mediaVia postVia phoneText/WhatsApp/WeChat2627THEME 1 XXXXXX03Key FindingsNearly 70%(69.9%)of Millennials and Gen Zs report having a health app or they were interested in getting one.Discounts on insurance pr

97、emiums were the most appealing reward for sharing their wearable health data with their insurer.Free insurance cover for family and friends came next,followed by retail discounts/gift cards close behind.72.8%of respondents are open to knowing from their insurer their risk of getting certain illnesse

98、s(like cancer,diabetes or a heart attack),if the insurer was given access to their health records.REMARK GLOBAL CONSUMER STUDY 23-2429No role at allA small roleNeither small or largeVery large/large roleAustralia3.4%19.2%28.5%48.9%Canada2.6%18.9%21.5%57.0%Chile1.2%5.6%10.7%82.5%China1.0%1.3%5.8%92.0

99、%France2.8%23.2%20.4%53.7%Germany5.2%17.0%23.6%54.3%Hong Kong4.6%11.7%26.6%57.1%India1.1%9.4%9.8%79.8%Indonesia0.8%5.6%19.4%74.2%Ireland2.0%22.9%24.9%50.3%Italy2.6%24.2%31.0%42.3%Japan12.0%49.8%16.3%21.9%Malaysia1.8%12.7%27.9%57.6%Mexico0.2%4.8%6.8%88.3%Singapore1.6%18.7%25.9%53.8%South Africa1.8%10

100、.2%14.7%73.3%South Korea4.0%13.9%27.0%55.2%Spain0.8%9.5%16.1%73.6%Sweden8.0%13.3%25.9%52.8%Taiwan4.8%9.6%12.0%73.6%UK2.8%27.1%25.9%44.1%USA3.4%17.5%20.9%58.2%Amidst the tumultuous global pandemic,individuals sought solace in technology to bridge the gaps that emerged in their personal and profession

101、al lives from lockdowns and social distancing measures.As the adoption of technology surged during these uncertain times,a notable trend that emerged,amongst others,was the increased utilisation of health apps and wearable devices.This shift in behaviour held substantial significance for life insure

102、rs,unveiling a fresh avenue to attract,engage,and retain insurance customers while simultaneously improving the well-being and welfare of policyholders.With the pandemic slowly becoming a distant memory for most now,weve seen life insurers interest in the health and wellness space go from strength t

103、o strength.Insurers continue to launch their own wellness programmes,partner with key health industry players and invest in health-based start-ups.For example,US insurer John Hancock recently unveiled a collaboration with URA,the Finnish company behind the smart ring that offers personalised health

104、information,activity insights and daily guidance.Through this partnership,eligible customers who possess an Oura Ring and active Oura membership can seamlessly integrate with the Vitality programme.By doing so,they can unlock a range of rewards for prioritising healthy sleep patterns and engaging in

105、 mindfulness practices,including meditation and breathing exercises.This collaboration aims to empower individuals to take proactive steps towards enhancing their overall well-being while reaping the benefits of their commitment to healthy habits.While such developments are reshaping the industry,th

106、e question remains as to whether Gen Zs and Millennials are captivated by this proposition,a proposition that insurers have invested so heavily in thus far.Do young people care about health?Across the last 4 years,weve been asking Millennials and Gen Zs how big a role healthy living plays in their l

107、ife.Their response?It matters.Consistently,weve seen more than 60%tell us it has a large or very large part to play,with consumers in China(92%),Mexico(88.3%)and Chile(82.5%)attributing the most importance this year.A curious outlier in our results is found in Japan.Despite having the worlds longest

108、 life expectancy,for almost half of Japanese respondents healthy living allegedly wasnt too important(49.8%say it plays a“small role”).An explanation for this could be that because factors such as good diet and nutrition are so commonplace in the country,residents dont associate these activities wit

109、h a“normal”life,rather than one which is unusually healthy.1 It is possible that the threshold for what is considered healthy in some markets like Japan may be wholly incompatible with other nations ideas of wellbeing,and indicates we still have some way to go to develop a universal notion of a“heal

110、thy life”.We should also be wary of getting too carried away with our positive results on average,less than a fifth of respondents from Western markets in 2023 say health is really important to them clearly leaving room for improvement.So,what motivating factors could lead to an increase in the numb

111、er of young people caring about getting in shape?69.9%Fig 21.Role healthy living plays in life by market1 Tsugane,S.(2021).Why has Japan become the worlds most long-lived country:insights from a food and nutrition perspective.European Journal of Clinical Nutrition.75,pp.912-928.Online.Available at:h

112、ttps:/ Accessed 21 August 2023.How large a role does healthy living play in your lifestyle?Insight 3 Living well in aconnected worldHEALTH&WELLNESS69.9%of Gen Zs and Millennials regularly use,or are interested in using,health apps.REMARK GLOBAL CONSUMER STUDY 23-243130REMARK GLOBAL CONSUMER STUDY 23

113、-24What gets you moving?In this years GCS,we gave respondents a list of nine different possible motivators to accelerate their activity and asked them to indicate all measures which would prompt them to become fitter.Going to the gym topped responses,with close to half of global respondents saying a

114、ttending a gym would reap health benefits for them(47.7%).Regular medical check-ups(43.4%)and encouragement from family and friends(39.2%)were some of the other most popular stimuli for our audience.Perhaps most encouragingly for a generation of digital natives though,is that our respondents conside

115、red health&wellness apps the second most effective method to improve their physical health(44.8%).In fact,when asked about whether they used a health app regularly,nearly 70%of Millennials and Gen Zs said they either did or they were interested in doing so.The data show not much of a generational sp

116、lit here either,with a negligible(1%)difference in the number of Millennials and Gen Zs who have a health app.Mostly,people are discovering such apps through their own research(56.4%),but social media is also playing a big role in user acquisition.Nearly a quarter of respondents learn about health a

117、nd wellness apps through social channels or influencers(23.2%),and with social media usage projected to rise by around 1 billion people by 20272,we are likely to see a rise in the number of young people discovering apps through Instagram,X(formerly Twitter)or TikTok in the coming years.Health apps w

118、hats the buzz?The main motivation for our respondents having health apps was,naturally,“to get healthier”65%,slightly down from last years 69.3%.Though noteworthy is the fact that a desire to understand ones body better was also appealing(46.2%),followed by the need for an extra push(41.9%motivation

119、).Perhaps most importantly for insurers is that only 11.7%of respondents globally said they had a health app because of the possibility of insurance discounts.Given that 89.7%of those considering installing a telematics device on their car are interested in doing so because of potential premium disc

120、ounts,we know that such discounts are a driving factor in consumer behaviour.So,why the difference when it comes to health?Is it one of exposure or desire?Well,it may be that consumers are simply less aware of the ability to obtain premium discounts through a health app and that,therefore,insurers n

121、eed to do a better job of advertising these schemes to their policyholders.But also a factor is that the gap between young and old in car insurance costs is far more pronounced than in life insurance,making the discounts available here more of a priority to pursue.How important are health apps to co

122、nsumers?Our data demonstrates significant usage of health apps by Millennials and Gen Zs.But are the apps sufficiently attractive to inspire young people to part with money,especially when comprehensive free versions of some of the most popular health apps such as Strava are commonly available on th

123、e market.Well,it is a split picture.45.2%say they would pay for premium versions of these apps if the features justified the cost,set against 47.1%who would not.The additional 7.8%are unsure on the subject and potentially could be swayed to pay for an enhanced service.What,then,is the deciding facto

124、r?Our respondents this year told us the most important features for them to track on such an app are number of steps(51.4%),active calories burned(49.9%)and sleep pattern(45.9%).Our results from this question do show strong appetite for a range of other features,too,suggesting that insurers who cons

125、ider exploring this avenue should provide features compatible with a holistic view of health.What information about your body would you be interested to track?Fig 22.Most important tracking metrics51.4%Number of steps49.9%Active calories burnt42.5%Resting HeartRate37.9%Diet49.5%Sleeppattern45.5%Weig

126、ht37.5%Physicalactivity4.3%None2 Dixon,S.J.(2023).Number of global social network users 2017-2027.O.Last Updated:29 August 2023.Available at:https:/ Accessed 4 September 2023.HEALTH&WELLNESS3233Data exchangeAs we know,offering a well-designed app that encourages policyholders to improve their lifest

127、yle may deepen ties with customers and improve the risk pool.The data gathered can be used to customise cover and price,rewarding good health behaviours with tailored pricing or product features that suit their needs.It can also inform underwriting,with the granularity of this data helping insurers

128、to identify trends and patterns that could affect risk.Innovation in this space is all well and good,but access to this data is dependent on customers feeling comfortable enough to share it.We explore the attitudes of Gen Zs and Millennials regarding this matter.When asked which pieces of data they

129、were comfortable sharing with their insurer,the majority say they are happy to share most types.While previous claims history(77.6%)was the information the highest percentage of people are comfortable or very comfortable sharing,health check-up related data also receives the green light.Information

130、that is already provided to insurers,for example health check-up data(75.5%)and medical or electronic health records(73.1%)was the health data people felt most comfortable sharing.However,69.6%of respondents have no qualms also sharing wearable data.The research also looks at attitudes to sharing op

131、tional data,for instance from a smart watch or car analytics device,to secure a customised insurance plan.More than half(56%)would be happy to do this.Some markets respondents are more switched on to this idea than others.In particular,India(78.3%),South Africa(75.7%)and China(69.7%)are most comfort

132、able with this idea,while it is less compelling in Germany(37.9%),Japan(40%)and France(41.4%).However,these generations expect some benefit in return for their data.When asked how appealing different potential types of rewards were,a discount on the insurance premiums was most appealing.Fig 23.Comfo

133、rt levels of sharing data with an insurerBearing in mind that insurers will require certain information to assess risk and grant insurance cover,how comfortable are you in sharing the following categories of data?Telematics dataWearable dataFinancial informationMental health historyMedicial/Electron

134、ic health recordsHealth check-up dataEmployment informataionPrevious claim history0.0%10%20%30%40%50%60%70%80%90%100%Very comfortable/comfortableVery uncomfortable/uncomfortableFree insurance cover for family and friends came next,followed by retail discounts/gift cards close behind.Donations to cha

135、rities were the least popular choice.Overall,this demographic recognises the value of their data and the potential benefits of exchanging their personal health information in return for customised plans and incentives tailored to their specific needs and preferences.REMARK GLOBAL CONSUMER STUDY 23-2

136、4HEALTH&WELLNESS3435For the recordElectronic health records(EHR)are a digital version of a patients medical history,that include information about their medical conditions,treatments,medications,allergies etc.EHRs are designed to replace traditional paper-based medical records,offering several advan

137、tages such as improved accuracy and accessibility of patient information.Over recent years,we have seen reinsurers,insurers and insurtechs show great interest in gaining access to such records.They hope it will allow them to maximise several benefits such as real time health updates,more accurate ri

138、sk assessments,efficient claims processing,improved care coordination and fraud detection and prevention.Recent examples of this include USAA Life partnering with Express Imaging Services,a provider of medical record retrieval and digital data solutions.This partnership will allow USAA Life to exped

139、ite the retrieval of member eHealth data and automate and streamline its underwriting process for its members.With this phenomenon seemingly becoming more common,we asked our respondents two questions regarding the sharing of their most personal health information.First,we asked if our respondents w

140、ould be open to knowing from their insurer their risk of getting certain illnesses(like cancer,diabetes or a heart attack),if the insurer were given access to their health check-up information.75.9%of Gen Zs and 71%of Millennials responded that they would be open.Second,we asked of those who said ye

141、s,if they would be happy to follow advice from their insurer on how they can get healthier and reduce their risk of disease.A resounding 92.1%said they would.Despite the extremely sensitive nature of EHRs,it appears our younger generations are comfortable in sharing their medical records with insure

142、rs and are open to hearing advice on how they can reduce their health risks.This is a great opportunity for insurers to foster deeper relationships with their policyholders whilst simultaneously streamlining their underwriting and claims processes.Fig 24.Potential rewards for sharing data with an in

143、surer levels of sharing data with an insurerHEALTH&WELLNESSREMARK GLOBAL CONSUMER STUDY 23-24How appealing are the following as potential rewards from your insurer for sharing such data?0.0%10%20%30%40%50%60%70%80%90%100%Free insurance cover for your family/friendsBonus return on your investment por

144、tfolioCharity donationsRetail discounts,merchantperks or gift cardsDiscount on your insurance premiumVery attractive/attractiveNeither attractive nor unattractiveUnattractive/Very unattractiveDont know3637REMARK GLOBAL CONSUMER STUDY 23-24Key FindingsFinancial issues are on average the biggest cause

145、 of stress for young people,with 26.2%ranking this their top cause for concern.Social media is checked by the majority of young people(86.3%)at least every 2 hours,with more than 1 in 10 looking every 10 minutes(11.9%).However,almost a quarter of respondents say it negatively affects their mental he

146、alth.Physical activity(45.3%)remains the most popular resolution for young people in dealing with stress,while talking to friends and family(44.1%)also provides significant comfort.REMARK GLOBAL CONSUMER STUDY 23-2439STRESS,MENTAL HEALTH&SOCIAL MEDIA39STRESS,MENTAL HEALTH&SOCIAL MEDIAInsight 4 Virtu

147、al lives:curse or cure?86.3%of young people check social media at least once every 2 hours.40Recent years have seen discussion around mental health become increasingly open.Progress in this space is largely being driven by younger generations the target group in this years GCS who appear determined

148、to eradicate taboos around emotional strife.With this in mind,we asked our participants a series of questions about the stress they are experiencing,the causes of that stress and the ways they are dealing with it.For the first time,this year we also explore the impact of social media on mental healt

149、h.How stressed are you?In this years study,46.7%of our Millennials and Gen Zs reported feeling often or always stressed,a rise of more than 6%pt on the previous year(40.2%).The figure is still lower than our 2021 data,where more than half the respondent group identified as often or always stressed(5

150、0.1%).But with 2021 now in the rear-view mirror,the fact we are creeping back towards the stress levels experienced during global lockdowns is a cause for concern.Stress varies with generation,too.Our data indicates that younger respondents are typically more stressed than their elder counterparts,w

151、ith more than half of Gen Zs feeling often or always stressed(51.7%),compared to just 44%of Millennials.One explanation for this may be that some causes of stress,such as rising energy and food costs caused by inflation,disproportionately affect those on lower wages.3 This could impact Gen Zs acutel

152、y,who are more likely to be in gig economy work(less secure,lower paid)than their Millennial counterparts.4Regardless of generation though,there is consistency on the top cause of stress for young people financial issues.Over a quarter of all respondents who say they are often or always stressed lis

153、t financial issues as the top cause of this stress(26.2%),followed by work issues(20.4%)and uncertain futures(18.4%).Curiously,global issues such as climate change and war caused the least anxiety for young people,with only 6.4%of stressed respondents saying this was their primary concern.This is pa

154、rticularly surprising,given the documented evidence of eco-anxiety in young people.5 However,even though there is a groundswell of emotional consternation among young people about global instabilities such as this,it appears that other,more personal issues,may be causing a greater deal of stress.86.

155、3%REMARK GLOBAL CONSUMER STUDY 23-24Always/Often stressed55.5%32.5%Generally speaking,how do you feel?Fig 25.Average stress level for each markets total respondents IRLJAPGBRFRAROKITAUSAAUSESPCANZAF55.5%55.2%54.7%53.3%51.4%51.0%50.9%50.3%49.6%49.0%48.4%CHLMEXSGPSWETWNGERMYSHKGCHNINDIDN48.1%47.7%47.0

156、%46.8%44.0%43.9%38.2%37.5%36.5%36.1%32.5%Is stress affecting your usual activities?Experiences of stress can range from unpleasant,at the milder end,to crippling,at the extreme.Indeed,periods of sustained stress can lead to the development of mental health conditions.6 We wanted to learn the impact

157、stress was having on young peoples lives.More than 1 in 3(37.1%)of our Gen Z respondents told us they had previously been diagnosed with a mental health condition such as depression,panic attacks or anxiety.The figure for Millennials sits somewhat lower at 28.2%,but still above a quarter.This data i

158、ndicates a far higher incidence of mental health conditions in Millennial and Gen Zs demographics than the global average for all ages,which is estimated at 1 in 8 people.7 This might be caused by a particular preponderance of mental health issues in young people,but also may be impacted by the fact

159、 that it is more difficult to diagnose mental health issues in the elderly.8It appears that stress is also disrupting the abilities of young people to get on with their daily life.When asked have you suffered from a period of mental distress,stress or anxiety which prevented you from completing your

160、 normal activities,52.1%said yes.Exploring the data geographically,respondents from Sweden(69.5%,“yes”),South Africa(61.6%,“yes”)and Canada(60.6%,“yes”)were the most interrupted by stress,while those not feeling negatively affected hailed largely from the Far East:China(69.7%,“no”),Taiwan(65.2%,“no”

161、)and Hong Kong(55.8%,“no”).6 Centre for Addiction and Mental Health.Mental Illness&Addiction Index.Online.Available at:https:/www.camh.ca/en/health-info/mental-illness-and-addiction-index/stress Accessed 20 June 2023.7 Mental Disorders fact page(2022).World Health Organization.Online Available at:ht

162、tps:/www.who.int/news-room/fact-sheets/detail/mental-disorders Accessed 20 June 2023.8 Gaitz,C.(1980).Diagnosing mental illness in the elderly.Online.National Library of Medicine.Available at:https:/pubmed.ncbi.nlm.nih.gov/7365177/#:text=Diagnosing%20mental%20illness%20in%20the%20elderly%20is%20diff

163、icult%20because%20changes,The%20reverse%20is%20also%20true Accessed 20 June 2023.3 Office for National Statistics.(2022).Inflation and cost of living for household groups.Online.Available at:https:/www.ons.gov.uk/economy/inflationandpriceindices/articles/inflationandthecostoflivingforhouseholdgroups

164、/october2022 Accessed 20 June 20234 Marketplace/Edison Research.(2018).The Gig Economy.Online.Available at:https:/ 20 June 2023.5 Hickman,C.et al,(2021).Climate anxiety in children and young people and their beliefs about government responses to climate change:a global survey.Online.The Lancet Plane

165、tary Health(Vol 5,Issue 12).Available at:https:/ 26.Social media viewing frequency by generation x Self-declared stress levelsHow often do you look at your phone to view social media platforms?NeutralAlways/often stressedMostly/always calmA look at the impact of social mediaThe information age has t

166、ransformed our communication,shrunk our world and redefined our behaviour.Unlike their parents,Millennials and Gen Zs grew up immersed in social media,with the latter barely remembering a time without it.But with a slew of studies now reporting the negative impact of social media on stress9,self-ima

167、ge,and wellbeing tendencies which have even been documented in leading TV shows such as Netflixs Black Mirror is social media a double-edged sword for young people?The overwhelming majority(86.3%)of our respondents from around the world said they were checking social media at least once every two ho

168、urs,with more than 1 in 10 checking their apps every 10 minutes(11.9%).Expectedly,Gen Zs used social media slightly more frequently than Millennials,though usage is high across both groups.Despite their higher usage of social media,Gen Zs have a more negative perception of it than their elder counte

169、rparts.27.2%of Gen Z respondents felt social media negatively impacted their mental health,compared with just 21.4%of Millennials.One of this years most noteworthy correlations emerges in relation to social media usage and self-declared stress level.Young people who reported being always stressed te

170、nd to check social media more frequently than other groups,with over half(55.2%)checking at least every 30 minutes.On the other hand,those who claim to be neutral or mostly calm were checking less often,with once an hour or once every 2 hours the modal responses in these groups,respectively.Curiousl

171、y,outlier data indicates that individuals identifying as always calm are also checking social media more frequently than the norm,contradicting the general trend that of higher stress levels correlating with more frequent social media usage.One possible explanation is that while social media increas

172、es anxiety for many young people,it may actually bring peace of mind to others.For many Chinese respondents though,they do not consider their appetite for apps damaging.At 44.9%,China had the highest number of people who did not experience negative effects from social media usage,more than 13%ahead

173、of next-place France.An explanation for this may come from the fact that China bans access to sites such as Instagram,X(formerly Twitter),Facebook and YouTube,in favour of its own channels like Douyin,WeChat and Weibo-China has often been quicker to regulate the addictive aspects of its own apps tha

174、n Western alternatives have of theirs.10In terms of sector,63.9%of those working in Publishing were looking at social media at least every 30 minutes,higher than any other area of employment understandable for an industry amid a well-documented digital transformation.11 At the other end,Military per

175、sonnel were the most infrequent checkers,with 17.5%booting up their social apps no more than once a day,perhaps unsurprisingly given the restrictions armies can place on phone usage while on duty.REMARK GLOBAL CONSUMER STUDY 23-24STRESS,MENTAL HEALTH&SOCIAL MEDIA9 Kuss,D.&Griffiths,M.(2011).Online S

176、ocial Networking and AddictionA Review of the Psychological Literature.Int.J.Environ.Res.Public Health.8(9),pp.3528-3552.Online.Available at:https:/ Accessed 19 June 2023.10 Zeyi,Y.(2023).How China takes extreme measures to keep teens off TikTok.Online.MIT Technology Review.Available at:https:/ 21 J

177、une 2023.11 McGlone,A.&Fazil,A.(2021).Digital Transformation of the Publishing Industry.Online.London Strategic Consulting.Available at:https:/ Accessed 21 June 2023RarelyOnce a dayEvery 2 hoursEvery hourEvery 30 minsEvery 10 mins0.0%20.0%80.0%40.0%100.0%60.0%4342REMARK GLOBAL CONSUMER STUDY 23-24ST

178、RESS,MENTAL HEALTH&SOCIAL MEDIASolving the issue of stressSo far,we have looked at the levels of stress Millennials and Gen Zs are experiencing around the world,considered the causes they cite for that stress and observed the impact of social media usage on mental health.But what about resolving it?

179、What actions are young people taking to tackle their stress?For respondents who told us they had experienced a period of stress which prevented them from completing usual activities,we asked how they resolved the strain.Overall,physical activity(45.3%)and talking to friends and family(44.1%)remain t

180、he two most popular resolutions,as they were in 2022.Notably though,7%less Gen Zs said they found exercise helpful when going through a period of mental stress than Millennials.Assessing by market,we see even more stark differences in the responses to this question.Almost three times the number of I

181、ndian respondents claimed a benefit in their mental state as a result of physical activity(67.4%)compared to those in Japan(22.6%).Encouragingly for the providers of health and wellness solutions,more than a quarter of young people found that mental health apps were helpful when dealing with mental

182、angst(26.3%).Additionally,a lower number of respondents in this years survey claimed to find Cognitive Behavioural Therapy(CBT)useful in addressing a mental health crisis(21.8%)when compared with last years data from the same generations(26%).If such a trend continues in the future,it may be indicat

183、ive of CBT falling out of favour as a treatment for mental health concerns,something which has been claimed in recent years.1212 Johnsen,T.J.,&Friborg,O.(2015).The Effects of Cognitive Behavioral Therapy as an Anti-Depressive Treatment is Falling:A Meta-Analysis.Online.Psychological Bulletin.Availab

184、le at:http:/dx.doi.org/10.1037/bul0000015 PhysicalexerciseTalking to friends andfamilyMeditationMental healthappsOthercounsellingCognitiveBehaviouralTherapy(CBT)None of the above202220222022202220222022202242.1%41.4%36.8%29.4%24.3%26.0%8.0%45.5%44.1%35.7%26.3%24.2%21.8%9.0%20232023202320232023202320

185、23More than 1 in 10 young people look at their phone every 10 minutes.Q:When going through this period,which of the following,if any,did you find helpful?Fig 27.Most Popular Ways To Combat Stress(2022 vs 2023)4544REMARK GLOBAL CONSUMER STUDY 23-24Key FindingsNearly 70%of respondents are putting some

186、thing away for the future.This could be into a pension(33.1%),investments(12.5%)or savings(22.6%).But a quarter of Gen Zs(25.2%)around the world arent making preparations because they consider it too early to do so with a further 13.6%not doing so because of a lack of spare income.The greatest numbe

187、r of young people making some form of financial preparation for their retirement are found in Taiwan(90.2%),Hong Kong(86.1%)and Singapore(83.5%),while Australian(51.7%),Spanish(54.2%)and Chilean(56.5%)respondents are taking least action.REMARK GLOBAL CONSUMER STUDY 23-244705RETIREMENT PLANNING47Insi

188、ght 5 Planning today to protect tomorrowPushing up pension savings The economic significance of retirement savings ensures that pension funding is never far down the political agenda.Indeed,proposed pension reform in France in 2023 saw wide-scale strikes and social unrest documented in media outlets

189、 around the world.However,the models adopted in the markets in our survey vary considerably both in their structure and accessibility.For younger generations,retirement may seem like a distant prospect.Nevertheless,there is evidence that Gen Zs and Millennials are actively preparing for their future

190、,whether through personal or employer-based pension schemes,or through their own investments and savings.Several trends are likely to be behind an increasing necessity to save for the future.Over recent decades,increasing life expectancies have prompted some governments to shift more of the onus for

191、 funding retirement from the state to the individual.Furthermore,those trends in longevity are a likely contributing factor to the diminishing significance of defined benefit pension plans.The OECDs Pension Markets in Focus 2022 report13 highlights some of the different models in place around the wo

192、rld.These include mandating employees to join a private pension,which is the case in Chile,and Mexico;requiring employers to offer an automatic-enrolment pension but allowing employees to opt out,which has been adopted by the UK.Elsewhere,there are models such as that adopted in Singapore that requi

193、re all employees to contribute a significant proportion of their earnings to the Central Provident Fund.61.3%Preparation prioritiesBreaking down the findings by age shows how planning priorities change as the recognition dawns that retirement is not just a distant possibility,but an approaching life

194、 stage that requires considerable funding.Unsurprisingly,engagement levels vary considerably by generation.Amongst Gen Z respondents,a quarter(25.2%)believe that it is still too early to think about retirement,compared with 0.5AgeLiteracy Score 0.52030405060700.60.40.20.0-0.2-0.4-0.6Knowledge=Sales,

195、the winning equationInsurance literacy scores prove to be an instrumental predictor,particularly amongst younger consumers.This score,derived from the GCS survey,stands out as a critical piece in accurately forecasting sales outcomes.The data demonstrates that insurance literacy significantly enhanc

196、es model accuracy across all scenarios,implying that gaining insights into customers understanding of insurance matters may hold equal or even greater importance than demographic,financial,technology,or health-related data.Probing further into insurance literacy reveals an intriguing pattern that me

197、rits both scrutiny and strategic consideration.The cross-referencing of age,propensity to buy and insurance literacy highlights an interconnected,inverse relationship.For those in the 20 to 40-year-old cohort,higher levels of insurance literacy correlate with a higher propensity to purchase.The data

198、 suggests that younger,informed consumers are making more deliberate purchase choices.0.050.100.150.300.200.100.20Insurance literacy score dominates predictive importanceGCS 10:2023 Baseline plus all*GCS 10:2023 Baseline plus all and Literacy*AgeResidential statusUrban/RuralHealth appExerciseWork st

199、atusIncomeWearableChildrenIndustryStepsDietIncome sourceFinance decision makerMarital statusEducationSleepHealthy livingSmokingRisk appetiteGenderLiteracy scoreResidential statusAgeHealth appUrban/RuralWork statusExerciseIncomeWearableStepsIndustryChildrenEducationDietMarital statusFinance decision

200、makerIncome sourceSleepHealthy livingSmokingRisk appetiteGender0.00.0Fig 39.10th GCS(2023)Fig 40.9th GCS(2022)*Mean(SHAP value)Best fit for average of age SHAP7475REMARK GLOBAL CONSUMER STUDY 23-2410 YEARS OF THE GCSLooking ahead-where do we go from here?Concluding our review of the last 10 years,se

201、veral key themes emerge,pointing us towards a future of adaptability,insight and innovation.The Covid-19 pandemic unintentionally and unsurprisingly served as a defining moment for change.Similarly,the transformative nature of 2021s purchasing behaviour shifts is hard to ignore.Combined,these variab

202、les prompt us to continuously monitor consumer evolution as we navigate the post-lockdown landscape and compel us to stay vigilant for any long-term impact.Our observations regarding the influence of gender on insurance decisions culminate in a broader realisation that product and technological adva

203、ncements are catalysts for transformative changes in consumer behaviour.Pre-pandemic,our research had established a link between the utilisation of health apps and the propensity to invest in insurance.However,as the shockwaves of the pandemic reverberated through the headlines,as many GCS readers m

204、ay recall,awareness about good health and healthy living surged.This heightened consciousness,in turn,cultivated a deeper appreciation for the value of insurance.With the ownership of health apps,often accompanied by digital vaccination records,becoming nearly ubiquitous,mere possession of these app

205、lications no longer serves as a strong indicator of insurance adoption.This development underscores the adaptable and dynamic nature of the insurance market.The current challenge lies in anticipating the potential new developments that can have a significant impact and figuring out how to harness th

206、em effectively.Our study highlights the crucial role of insurance literacy in shaping consumer choices.Weve uncovered an age-related trend:younger,more informed individuals are making deliberate insurance purchases,while those with lower literacy scores tend to lean on insurance later on in life.The

207、se findings raise questions about the potential impact of tailored strategies for distinct age groups and the role of continued insurance education efforts.We are steadfast in our commitment to championing financial and insurance literacy and enhancing customer satisfaction through better customer-p

208、roduct matching.Furthermore,embracing alternative data sources has unveiled new avenues to understand customer preferences,encouraging us to remain receptive to unconventional insights.These realisations reinforce the importance of the GCS,now bolstered by our model-driven purchasing behaviour analy

209、sis.In a rapidly changing landscape,our ability to adapt to evolving consumer trends is crucial.We will ensure that our study continues to be a valuable guide to the industry in understanding and responding to ever-changing market dynamics.ConclusionIn this modern era,the insurance experience is no

210、longer transactional it is an educational journey,a partnership.Investing in health,wellness and customer education should not just be a corporate strategy;it should be part of a larger commitment to meet the evolving needs of generations that seek not only protection,but empowerment.The culmination

211、 of our decade-long GCS journey paints a vivid portrait of the insurance industrys path forward,intricately woven with the aspirations of younger generations.As the torchbearers of our future,Millennials and Gen Zs were centre stage in our analysis,guiding our understanding of the shifts that await.

212、It is hard to ignore how the insurance landscape is being sculpted by the digital aptitude and distinct worldviews of these generations.From Millennials,who stand at the juncture of asset acquisition and familial responsibilities,to the digitally-native Gen Zs,we glean insights that resonate with bo

213、th opportunities and challenges.The tech-savvy nature of these generations offers a gateway to meaningful engagement,with technologys influence extending beyond convenience,shaping how consumers perceive,evaluate and invest in insurance.Yet,this very digital connectivity comes with tolls on mental w

214、ell-being and the magnification of dissatisfaction,stress and insecurities.It is from within this narrative of transformation that the digital sphere assumes the guise of a double-edged sword:curse and cure.Looking beyond the price tagIt is often stated that Millennials and Gen Zs have a distinctive

215、 perspective on value.Their preference to invest their resources in enriching and fulfilling experiences over material possessions or conventional milestones is a paradigm shift away from traditional aspirations like homeownership,marriage and early parenthood.What is clear,is that pursuit of high-q

216、uality experiences has filtered down to their insurance purchasing decisions.As we have seen,the need for good online reviews,only made possible by positive customer experiences,is a bigger consideration for these generations,more so than price.A clear message is being shared with insurers;having a

217、competitive price is not sufficient,your online reputation from your interactions with existing policyholders and potential leads is vital in attracting the next generation of customers.Cruising carefree:cover my rideThe rise of shared mobility urban travel apps such as ride-share services,e-bikes a

218、nd e-scooters have not only transformed how we navigate cities,but also created a new channel to distribute/purchase insurance.More than half of our respondents said they were open to incorporating a small surcharge into such apps when asked.This highlights a recognition amongst the youth for protec

219、tion against the dangers of the road.However,this demand is predicated on generational expectations of convenience.These generations expect insurance offerings that align seamlessly with their lifestyles,their booking processes and travel plans.Simultaneously,affordability remains a critical benchma

220、rk.As insurers navigate this evolving landscape,the success of this type of embedded insurance hinges on their ability to meet expectations of practicality and affordability.Healths influential purchasing power Processing the data we have collected through our previous GCS editions with a sense of n

221、ostalgia,ReMarks data scientists unveiled new revelations that reshaped our understanding of insurance purchase trends:health holds greater sway as a predictor of insurance purchases than traditional income levels.Of course,through this period,factors such as the pandemic,insurance literacy and the

222、use of health wearables have had their impact on the propensity to buy.However,in recent years,individuals who lead healthier lifestyles are more inclined to invest in insurance coverage.This most certainly gives insurers a clear target audience to consider when devising future marketing strategies

223、and customer segmentation for policyholder acquisition.As buying habits continue to evolve,we hope the GCS will continue to serve as a compass to steer the insurance industry towards greater innovation and customer-centricity in the years to come.By incorporating technology,prioritising customer edu

224、cation and personalising offerings,insurance providers can build stronger relationships with Gen Z and Millennial customers and position themselves as reliable partners in safeguarding their financial futures.7677Contact us As a team,we welcome insights and would love to hear your take on these resu

225、lts,whether youre from the insurance industry or not.We encourage you to get in touch to discuss these findings as we seek to understand consumer behaviour together.GCSWant more?Explore our 2023-24 Global Consumer data dashboard.Stay connected with the latest insurance consumer trends and insights on LinkedIn or our website at Discover our consumer profiles and filter all the insights by market,age and gender.ReMark International.All rights