Fortune Favors the Bold, Gen Z Favors the Bold Tech

To welcome this generation into the fold, carriers need to be able to meet Gen Z where they’re most comfortable—in the digital world, and how and when they choose.

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Although financial planning—including the purchase of life insurance—is one of the last things on the mind of a Gen Z’er, if started early enough, one can realize its vast benefits down the road. Yet trying to convince the latest generation of adults to apply for life insurance isn’t as simple as getting them to jump on the latest TikTok viral trend. As carriers look to woo the newest wave of customers, it’s critical to have the right tools in place for when individuals start thinking about life insurance.


Technology plays a significant role in this demographic’s lives, most of them not recalling a time before iPods or WiFi. The oldest Gen Zs (or Zoomers) were 10 years old when the iPhone debuted in 2007, so a mobile device is simply part of their daily lives. Rather than searching for information by furiously clacking a keyboard with their fingertips while looking through a desktop monitor, information reaches them in milliseconds in the palm of their hand, needing just a cursory glance to unlock any information they could possibly want to know. And, with recent innovations, it’s as easy as asking a speaker if it’s raining, while sitting next to an open window.

Millennials and Gen Xers are no strangers to technology, experiencing the growing pains of the world’s digital transformation firsthand, still having nightmares of the garish dial-up tone, but not to the same degree as those in the first digitally native generation. To welcome this generation into the fold, carriers need to be able to meet Gen Z where they’re most comfortable—in the digital world, and how and when they choose.

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Almost every industry has, or is undergoing, a digital transformation, but with Gen Z, they expect companies to have modern technological capabilities. In a recent customer survey from Zendesk, three out of four Zoomers say they take their time comparing prices, reading reviews, and checking out different brands before they buy. And they typically do this on their own, utilizing self-service options and their own research methods. In that same survey, 30 percent of Gen Z said the most frustrating aspects of bad customer service was “not being able to find the information I need online.”

Legal & General America, has been working on its own digital transformation since 2018. Applicants can now apply for a policy online or over the phone at any time of day, making it easy and convenient for self-guided journeys. And without the need for additional labs on many applications, applying can be more autonomous than ever.

Aside from what they touch and feel on the screen, there are ongoing digital innovations that will appeal to Gen Z in their buying experience. During the review process, carriers like Legal & General America are augmenting underwriting with digital interfaces and the use of data  to decrease cycle time and improve risk analysis, all powered by machine learning, with the goal of putting a policy in the hands of consumers at the speed of life.

Pending Delivery

After catering toward Millennials who prioritize speed in many areas of life—like preferring to go into the grocery store instead of ordering delivery online to get their household products faster – Gen Z has shown more patience, especially when it comes to their individuality. Instead, their buying decisions are based on readily accessible information, perceived value of the product their purchasing and corporate responsibilities.  In a recent study from OCAD University, 73 percent of Gen Z believe they need more self-expression to live a happy, healthy life.

While one’s health is certainly not robotic and humans cannot be automated, it’s important that even in this digital age we see the entire person for who they are.  With underwriting advancements powered by digital transformation, carriers like Legal & General America are able to provide a symbiotic buying journey, combining the human element with the automated rules engine, leading to a more pleasant experience.

Life insurance will never be more affordable than it is today as rates are based on the age and health at the time of application. Gen Z will begin to have conversations around life insurance with their family and friends and will begin the digital hunt for a policy that suits their needs best. It is the job of the carriers to be there when they’re ready—when and how they want to be engaged with the digital abilities they desire to enable Zoomers to protect a brighter tomorrow for their families and peace of mind for themselves knowing they’re leaving a lasting legacy of love.

Unlocking Faster and More Simplified Insurance: Legal & General America’s Transformation Journey.

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Andrew Doerman // Andrew Doerman is the vice president of digital distribution & strategy at Legal & General America. With more than 20 years of experience in distribution, Doerman is a collaborative and results-driven executive who drives growth across diverse business functions. Using data and analytics coupled with extensive industry and product knowledge, he leads a team to achieve and exceed sales revenues, profitability and organizational efficiencies.

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