Guidewire Survey Shows Opportunity for Insurers to Work with Generation Rent
Staff Writer | March 17, 2017
Guidewire Software announces findings from a survey of Generation Rent, defined as young adults ages 20 to 30, who cannot afford their own homes and for whom rented accommodations is the only option. Generation Rent is not adequately clued about insurance and the majority do not have insurance, or even know if their landlord is insured.
These are key findings identified in a survey commissioned by Guidewire to help insurers understand better, and respond to how this demographic group think about protecting themselves and their possessions in rented accommodation. Guidewire’s survey involved 1,000 renters from across the UK, and was conducted by OnePoll in 2016.
The UK will become a nation of renters rather than homeowners by 2025, according to PwC, but the majority (60 percent) of today’s renters aged 20-30 do not insure the contents of their homes, despite 55 percent saying they had incurred a loss while uninsured.
For Generation Rent, it seems the insurance habit is hard to trigger with 60 percent of those who had suffered a loss saying this did not make them buy insurance. In fact, Generation Rent does not have a strong connection with the insurance industry. When asked if they felt insurers understood their needs as renters and offer the right products, almost 28 percent said no, while the majority (42 percent) did not know.
The research also shows a lack of knowledge among renters about their rights and the responsibilities of their landlords. Sixty-five percent were unclear about whether their landlord had building insurance to protect their home and 28 percent said they would not stop renting if they found out that their landlord did not have coverage.
However, the research clearly shows that Generation Rent is interested in the benefits insurance can bring, if presented in the right way by insurance providers, and they can see value for money. While cost was the number one factor in not buying contents insurance, Generation Rent is not wholly cynical about the value of insurance, with more (48 percent) disagreeing than agreeing (22 percent) with the statement that, “Buying insurance is throwing your money away.”
Not surprisingly, they were keen to have the ability to make claims and manage policies online themselves (83 percent), but they also appreciated human-interaction (82 percent). In terms of policy innovations, the research suggests that online photo inventories and smart-home monitoring to prevent home emergencies are the most popular insurance ideas for the future.
“We are becoming a nation of renters and this is beginning to be reflected in the way we buy insurance,” says Keith Stonell, managing director, EMEA, Guidewire Software. “The young adults of Generation Rent are demanding flexible policies, that reflect their changing living circumstances, and they will look for an insurance provider that can understand them, show value through their insurance products, and support their individual needs.”
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Electronic Chat with Jeroen Morrenhof
- 2019 Global Insurance Accelerator Cohort Reflects Evolution of InsurTech
- Nearly 50% of US Insurers Are Enhancing Security Capabilities Across the Board, Says Novarica
- Xchange Benefits Acquires the Assets of J. Allan Hall & Associates, Inc.
- HazardHub Celebrates 2018
- Slice Launch Studio
- Crawford Technologies Experiences its Strongest Year of Sales and Growth
- InsureTech Company Accurence Secures Fourth Patent
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE