Generation Y business owners are more likely to purchase insurance through intermediaries than online, according to research commissioned by Zurich.
The study found that despite a preference for researching and buying many products and services online, when it comes to insurance for themselves and their business, most young business owners prefer to turn to the guidance of a trusted adviser.
According to the research, the main reasons cited by Generation Y Business Owners (Gen YBOs) for not purchasing business insurance online were:
- The perceived complexity of business insurance
- No time (or interest) to learn about insurance
- A desire to outsource whatever they can in running their business
- A preference for ‘bundles’ and ‘one-stop-shops’
Zurich’s General Manager Sales and Marketing, Retail Risk, Philip Kewin, said the findings highlight the importance young business owners place on having a relationship with an expert.
“Gen YBOs, like many SME owners, are extremely dedicated to their business,” Mr Kewin said. “They don’t want to risk doing their own insurance in case they buy the wrong cover and end up losing their business because they ticked the wrong box.”
“So the good news is once they are aware of the need for insurance, they are keen to establish a relationship with a trusted adviser who gets to know the business and takes care of the risk process for them. They are also likely to maintain that relationship throughout the longer-term life of the business,” Mr Kewin said.
