Gen Z & Insurance Research - Cake & Arrow
Gen Z & Insurance Research - Cake & Arrow
Cake & Arrow
💡 Key Learnings from this article
Resilience Builder Concept - Complete Guide
## 🛡️ Resilience Builder Concept - Explained **The Traditional Insurance Model:** "Pay us money, and IF something bad happens, we MIGHT pay you back (after reviewing your claim)" **The Resilience Builder Model:** "We help you become stronger and more prepared, so you can handle whatever life throws at you" --- ### Why This Resonates with Gen Z: **1. From Reactive → Proactive** - Traditional: Wait for disaster, then file claim - Resilience: Build skills and resources BEFORE problems hit **2. From Dependency → Self-Reliance** - Traditional: "Trust us to take care of you" - Resilience: "We'll give you tools to take care of yourself" **3. From Abstract → Tangible Value** - Traditional: "Protection" you can't see or feel - Resilience: Real tools, real progress, real confidence --- ### What a Resilience Builder Could Look Like: **Financial Confidence Tools:** - Budget tracking integrated with insurance - Emergency fund calculators - "What if" scenario planners - Financial health scores **Preventive Resources:** - Health & wellness programs (reduce claims, reduce premiums) - Home maintenance reminders (prevent damage) - Safe driving coaching (lower car insurance) **Education & Empowerment:** - Micro-learning about financial planning - Investment basics - Tax optimization tips - Career development resources **Progress Tracking:** - "Your resilience score: 72/100" - Milestones: "You've built 3 months emergency fund! 🎉" - Rewards for building good habits --- ### Real Example: **Instead of:** > "Your health insurance premium is $200/month" **Resilience Builder approach:** > "Your health plan includes: > - $200/month coverage > - Free gym membership (save $50/month) > - Mental health app (save $30/month) > - Preventive care reminders > - Health coaching sessions > - Your Wellness Score: improving! 📈" --- ### The Psychology Behind It: Gen Z grew up with: - Economic crisis (2008) - Pandemic uncertainty - Climate anxiety - Job market instability They learned: **"No one will save me, I need to save myself."** So insurance that says "we'll save you" feels hollow. But insurance that says "we'll help you save yourself" feels valuable.
Broker Actions - How to Become a Resilience Builder
## 🎯 Actions for Insurance Brokers to Become Resilience Builders ### A. Beyond the Policy - Value-Added Services **1. Financial Wellness Hub** - Emergency fund calculator - Budget templates - "Insurance readiness" score - Debt payoff planners **2. Prevention Programs** - Health: Gym discounts, mental health apps, nutrition coaching - Car: Safe driving app with rewards - Home: Maintenance calendar, seasonal checklists - Business: Risk assessment tools **3. Education Platform** - "Insurance 101" video series - "How to file a claim successfully" guides - Financial literacy workshops - Webinars with experts **4. Proactive Communication** - Policy review reminders before renewal - Life event triggers: "Getting married? Here's what changes" - Market updates: "Premiums are rising - here's why and what to do" **5. Claims Advocacy** - Dedicated claims support (not just selling) - Step-by-step claim filing assistance - Appeal support when claims are denied - Transparency reports: "Your claim status" **6. Community Building** - Client networking events - Peer support groups (e.g., small business owners) - Success stories sharing --- ### B. Technology Investments | Tool | Purpose | |------|---------| | Client Portal | Track policies, claims, documents | | Mobile App | Quick access, notifications, ID cards | | Chatbot | 24/7 support for simple questions | | Risk Assessment Tool | Personalized recommendations | | Comparison Engine | Transparent pricing |
Marketing the Resilience Builder - Complete Strategy
## 🎯 How to Market "Resilience Builder" Positioning ### A. Messaging Framework **Old Message:** > "We find you the best insurance rates" **New Message:** > "We help you build financial confidence - insurance is just one part" **Tagline Ideas:** - "Beyond Protection. Beyond Insurance." - "Your Partner in Financial Resilience" - "Stronger Together. Prepared for Anything." - "Not just insured. Empowered." --- ### B. Content Marketing Strategy **1. Educational Content (Build Trust)** - Blog: "5 Signs You're Underinsured" - YouTube: "How to Build a 6-Month Emergency Fund" - Instagram: Quick tips, infographics - LinkedIn: Industry insights for corporates **2. Resilience Stories (Social Proof)** - Client testimonials: "How Beyond helped me after my accident" - Case studies: "Company X reduced claims 30% with our prevention program" **3. Interactive Tools (Lead Generation)** - "Financial Resilience Quiz" - free assessment - "Insurance Gap Calculator" - find coverage gaps - "What's Your Risk Score?" - personalized report --- ### C. Campaign Ideas **Campaign 1: "The Resilience Report"** - Annual personalized report for each client - Shows: coverage summary, gaps, recommendations, resilience score - Shareable on social media **Campaign 2: "Beyond Day" Evolution** - Transform existing Beyond Day from just events → resilience workshops - Topics: Financial planning, health screenings, legal advice - Position as "Investment in our clients' wellbeing" **Campaign 3: "Gen Z Ready"** - Target young professionals (25-30) - Message: "Insurance that grows with you" - Flexible products, app-first experience - Gamification: rewards for healthy habits **Campaign 4: "Business Resilience Program"** - For corporate clients - Risk assessment + training + insurance - "Protect your business AND your people" --- ### D. Sales Approach Shift | Old Approach | Resilience Approach | |--------------|---------------------| | "Here are 3 quotes" | "Let's understand your risks first" | | Focus on price | Focus on value + price | | Annual contact (renewal) | Quarterly check-ins | | Sell products | Solve problems | | Transaction | Relationship | --- ### E. Metrics to Track - **Client Retention Rate** (loyalty) - **NPS Score** (satisfaction) - **Claims Resolution Time** (service quality) - **Cross-sell Rate** (trust indicator) - **Content Engagement** (brand awareness) - **Referral Rate** (advocacy) --- ## 💡 Quick Win for Beyond: **Start with ONE thing:** Launch a **"Financial Resilience Assessment"** - a 10-question quiz that: 1. Identifies coverage gaps 2. Assesses emergency preparedness 3. Gives a resilience score 4. Provides personalized recommendations 5. Captures leads Market it as: **"Find out your Financial Resilience Score - Free 2-minute assessment"** This positions Beyond as a trusted advisor, not just a broker. 🚀
Wholesale Brokers in Insurance - Complete Guide
## 🏢 What is a Wholesale Broker in Insurance? **Definition:** A **Wholesale Broker** (also called Wholesale Insurance Broker or Surplus Lines Broker) is an intermediary between **retail insurance agents/brokers** and **insurance carriers**. --- ### How the Chain Works: ``` Client → Retail Broker → WHOLESALE BROKER → Insurance Carrier ``` **Retail Broker** = Works directly with customers (like Beyond) **Wholesale Broker** = Works with retail brokers, NOT directly with end customers --- ### What Wholesale Brokers Do: 1. **Access to Specialty Markets** - Hard-to-place risks (unusual, high-risk businesses) - Surplus lines / non-admitted carriers - Lloyd's of London markets 2. **Expertise in Niche Areas** - Cyber insurance - Professional liability - Construction risks - Cannabis industry - Entertainment 3. **Volume Negotiation** - Better rates through volume - Exclusive programs - Binding authority with carriers 4. **Underwriting Support** - Help retail brokers structure complex deals - Navigate difficult placements --- ### Why Use a Wholesale Broker? | Situation | Why Wholesale? | |-----------|----------------| | Standard market declined | Access surplus lines | | Complex/unusual risk | Specialty expertise | | Need better pricing | Volume leverage | | Time-sensitive | Faster turnaround | | Need program access | Exclusive arrangements | --- ## 🏆 Major Wholesale Brokers (Examples): **1. Amwins** (Largest in US) - $44.5B annual premium placements - 43,000+ underwriter relationships - 36,000+ retail agency relationships - Specialty: Construction, Energy, Healthcare, Cyber **2. CRC Group** (Part of Truist) - $20B+ in premiums - Focus: Specialty property, Professional liability **3. Ryan Specialty** - Founded by Pat Ryan (Aon founder) - $18B+ premium - Specialty: E&S, Binding Authority **4. Risk Placement Services (RPS)** - Part of Arthur J. Gallagher - Strong in transportation, habitational **5. Burns & Wilcox** - $3B+ premium - Focus: Personal lines, Small commercial --- ## 🔍 Anzen Insurance - Modern Wholesale Broker **Website:** goanzen.com **Headquarters:** San Francisco, California **Founded:** 2021 **CEO:** Max Bruner ### What They Do: **Tech-enabled wholesale broker** using AI to streamline insurance workflows. **Their Platform:** - Centralizes wholesale AND retail operations into single workspace - Automates: Records, Submissions, Proposals, Quoting, Renewals - Works across all markets **Integration:** - Email, Carrier portals, APIs - Existing agency management systems - "Modernize without disruption" ### Their Evolution: ``` Direct Broker → Wholesale Broker → Software Platform ``` ### Key Differentiators: 1. **AI-Powered Workflows** - Real enterprise AI, not just chatbots 2. **Handles Complexity** - Specialty lines, high-volume SMB, all policy sizes 3. **Bridge Tech + Insurance** - Team of technologists AND insurance experts ### Quote from CEO Max Bruner: > "Technology adoption is no longer just operational - it's a CEO-level decision fundamental to competitiveness, talent attraction, and customer service." --- ## 💡 How Retail Brokers Can Use Wholesale Brokers: 1. **Access hard-to-place risks** - Clients declined by standard markets 2. **Offer specialty products** - Cyber, D&O, Professional liability 3. **Get competitive pricing** - Leverage wholesale relationships 4. **Expand product range** - Without direct carrier contracts **Example:** Client needs cyber insurance → Standard carrier declines → Use wholesale broker to access Lloyd's or surplus lines market.
📝 AI Summary
Research on Gen Z value gap in insurance and how to become a Resilience Builder