Canadian Underwriter

Which generations most want a broker’s advice?

September 20, 2022   by Canadian Underwriter Staff

Gen Z woman working on her finances

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Younger Canadians are more receptive to getting insurance advice from brokers, said a new survey commissioned by Chubb that examined attitudes across five generations.

Specifically, the study found 46% of respondents in generation Z, which it defined as those born between 1997 and 2012, agreed with the statement, ‘I want [my broker/agent] to tell me what decisions to make and spare me the details.’

By contrast, 43% of millennials (1981-to-1996), 21% of gen X (1965-to-1980), 36% of baby boomers (1946-to-1964), and 29% of those in the silent generation (1928-to-1945) agreed with that statement.

The Selling Across Generations study also found generation X expressed the most interest (56%) in understanding the information and thought processes that go behind a broker’s recommendation. Boomers ranked next (50%), followed by millennials (43%), the silent generation (42%) and gen Z (40%).

Industry knowledge and responsiveness was highly valued by respondents in all generations but in particular by gen Z and millennials (69% for both). And every generation surveyed said it placed a higher value on a broker or agent’s ability to listen to, and understand, their concerns than it did on certifications held by the insurance professional.

As might be expected, the study found younger generations to be digitally focused and more likely to use social media reviews to select broker or agent. “Most gen Z (94%) and millennial (89%) respondents rely on social media reviews [to choose] an agent, compared to 64% for gen X-ers and 56% for baby boomers,” the study said.

But it also found 54% of gen Z and 58% of millennials wanted to be able to connect with their agent on a personal level. By contrast that view was held by 52% of those in the silent generation, 49% of boomers and 47% of gen X-ers.

The survey, conducted in Canada and the U.S. from Jun. 1-to-15, 2022 by Dynata, was answered by 1,151 people with yearly household incomes of $200,000 or more.

Possibly due to the higher net worth demographic surveyed, the study found one third of respondents had add-on coverages for things like liability or for valuable items.


Feature image by Z