Note from the Publisher: As would be expected, research by CapGemini has confirmed that millennials throughout the world prefer to access insurance through technology firms, but the insurance industry remains slow to respond to this inevitability.
Legacy insurance providers have been slow to modernise and are still offering customers complex products that aren't tailored to individual needs. Many customers are dissatisfied and are now willing to look towards technology companies to meet their insurance needs, according to Capgemini.
- Gen Y is especially likely to buy insurance from technology companies. Globally, 23% of Generation Y consumers, those born between 1981 and 2000, say they are very likely to buy insurance from technology companies, compared to 14% of other consumers.