Why Innovation In Insurance Tech Is Vital For Engaging Gen Zers

02 Aug Why Innovation In Insurance Tech Is Vital For Engaging Gen Zers

By Jeff Fromm | Contributor | Forbes.com

Fifty-five percent of Gen Zers did not have a primary care physician in 2019, the lowest percentage of all previous generations. Gen Z consumers want their insurance easier to understand, more accessible, and overall different from older generations.

Hamilton Insurance Agency created BeneBee, an insurance resource app for employers and employees alike to help Gen Zers take better advantage of their insurance benefits. I spoke with vice president of Hamilton Insurance Agency Jason Zuccari to learn how he sees new generations influencing the insurance industry and the helpful benefits of an office visit from your pocket.

Jeff Fromm: What insurance trends are you seeing with Gen Z and Millennial consumers?

Jason Zuccari: Younger generations don’t want to go to the doctor in person for a sore throat or seemingly other small symptom. They want something that is mobile, convenient, and easy for them to use.

To address this trend, Hamilton Insurance launched an app called BeneBee about a year ago. Users can access a doctor around the clock, read through educational resources, and contact a support team member instead of reaching out to their workplace’s HR department with questions. There are also no copays for telehealth visits.

Fromm: What has Hamilton Insurance done to innovate insurance tech?

Zuccari: We’re proactive in seeing the trends prior to the industry turning, and we attempt to be ahead of other insurance leaders in our tech developments.

There’s a joke about insurance not being the sexiest or most exciting industry, and there’s truth to that. Yet, it’s a necessity and a big part of our world. With insurance tech, we have a huge void to fill, so it doesn’t have to be this confusing piece of life. There are easier and better ways to understand insurance in today’s time.

Fromm: How will hiring in the insurance industry evolve as more Boomers retire and more Gen Zers join the workforce?

Zuccari: Younger people are coming into the industry, but they aren’t coming in at the tsunami waves other industries are seeing. This gives younger generations, like Gen Zers, opportunities to move up the ranks, build careers, and grow while Boomers begin retiring. There’s so much opportunity in this space.

For employers, one of the biggest challenges right now is handling recruitment and retention. Mass resignation is what companies have to focus on. This might be one of the 5-10 year plans that employers include and work on to find and recruit good talent. Yes, salary and opportunities are great, but it has become standard to have good, quality healthcare at affordable pricing.

Fromm: What insurance trends have emerged from the pandemic and how has Hamilton Insurance addressed them?

Zuccari: Telemedicine, by far, has been the biggest trend to emerge from the pandemic.

With telemedicine on the rise for everyone, Zuccari sees a way for insurance to become easier to understand and more accessible overall. Gen Z and Millennials continue changing many aspects of the working world, which Zuccari only sees as positive and a way for the industry to proactively shift with these ever-evolving advancements.