Preparing for the Rise of Gen Z in the Property Market

One of the most challenging things for an adviser is to change what they already know. But just like with evolution, times change. Gen Z is the perfect example of this, covering anyone born between 1997 and 2012. This means that the oldest people in this range are 26 years old. 

The world as we know it has transformed into an age of technology and digital advancements, with younger age groups at the heart of this dynamic shift. As a result, the financial services industry has undergone significant changes in recent years, significantly driven by the influence of the tech-savvy generations, such as Gen Z. Evolve ahead of the curve, so you’re one step ahead of the competition, ready to meet your clients’ needs.

Adopt a Digital-First Mindset

Young people have grown up with technology and expects to access financial services through digital channels like websites and mobile apps. This gives policyholders instant access to crucial information within a few clicks on their devices. These modern generations use mobile phones and depend on them for most of their online presence, which must be catered for throughout the home insurance process.

Brokers must invest in user-friendly, mobile-responsive services to communicate with their clients, facilitating smooth and hassle-free online interactions. Using instant messaging services and social media can be the ideal way to interact with your clients online, in everyone’s own time.

Having your own social media pages can give you a crucial advantage over other brokers, especially if you want to display a digital portfolio of your reviews alongside your services. To learn more about how to do this, look at our article: ‘Social Media – Your Secret Weapon’.

The Difference Between Gen Z and Other Generations

Of course, Gen Z has grown up surrounded by advanced tech, meaning that they’ll have a different mindset from those in the Millennial or Gen X age groups, who are probably more adapted to traditional methods of communication and ways of purchasing home insurance.  

Phone calls and paper documentation are the port of call for these customers and are likely to be less technologically adverse when compared to the more modern generations. Coming from a background of technological advancements in the late 1990s, Millennials probably expect a service consisting of technology, with a side of tradition, such as phone calls.

The Importance of Good Advice

Good broker advice is essential for Gen Z when making informed decisions about home insurance. As a generation just starting to enter the housing market, Gen Z may learn about home insurance online, which means they’ll look for a broker’s expert advice to solidify their findings. You can provide this in abundance with your experience.

By providing education and knowledge for your customers on key topics like definitions of jargon, processes, and additional covers, you ensure that your clients have the best experience possible. However, it’s not just your customers that benefit, as you’ll have your reputation boosted as a result, with your clients viewing you as an expert in your field and as a trusted figure.

Personalised Services

Gen Z wants personalised and tailored experiences, with every aspect customised to their unique situation. To provide your customers with the optimum experience, customise each interaction to suit the needs of the policyholder. This can be done in several ways, like using preferred contact methods, recommending ideal policies, and other ways you can make someone’s policy-finding experience unique.

Advisers can use data analytics to improve services, using tangible, concrete evidence to support their reasoning, such as review platforms like Trustpilot and Google Reviews. By using business management dashboards, you can shape the future of your business with visual facts and figures all in one place!

Education and Financial Literacy

Gen Z has greater financial literacy and education resources than previous generations, and they value learning about managing their finances. So, why not provide them with guides and education to expand their learning about financial services and the products they’re investing in? 

Brokers can provide these resources, such as articles, webinars, and videos, to help potential policyholders understand the policy-finding process, along with different aspects of home insurance. Our Resources have plenty of avenues for your customers to explore, and it’s all free!

Gavin Judd, National Sales Manager of Source, gives us his thoughts:

“It is paramount that fintech businesses like Source and our competitors evolve in line with the requirements of our market. That includes segments such as Gen Z, and if we are to deliver for these customer groups, our services and technology will need to be simple and easy to access via all modern avenues and channels. The modern-day client has become accustomed to learning about products online and is more comfortable in ‘execution-only’ purchase journeys than previous generations of customers. However, the reality is the current market and the challenges it presents provide a considerable requirement for advice, and therefore brokers and guidance will remain in demand.”

To expand your learning as a broker to help improve your services, take a look at our LearningLab, where we have a wide range of topics and resources for you to utilise! For updates about Source, take a look at our LinkedIn page here.