January 23, 2024
Gen Z and Millennials Demand Embedded Insurance Options at the Dealership
If you think car buying is just about choosing a car and driving off the lot, think again. Gen Z and Millennials are rewriting the rules of the game. For them, it's about the whole package, and that includes insurance. Discover why younger generations are demanding embedded insurance options at the dealership and how it's changing the game.
- 4 out of 5 think insurance should be part of the car buying process.
- 75% say buying a vehicle and insurance together would be more convenient.
- 81% would like the option to buy Auto Insurance while purchasing their vehicle at the dealership.
- 83% have purchased other types of embedded insurance in the past six months
- 77% are already aware that they can shop for insurance while on their phones at the dealership.
When you picture a car dealership, what comes to mind? Rows of shiny cars, friendly salespeople, and the excitement of choosing your new ride, right? That's the traditional image, but for Gen Z and Millennials, it's just the starting point. These tech-savvy buyers are shaking up the car buying experience, and they have a new set of expectations.
In our latest study, we found that four out of every five Gen Z and Millennials view insurance as an integral part of the car-buying process. It's not an afterthought; it's a core consideration. This shift marks a profound change in how these generations approach car buying. They're no longer content with a simple car purchase; they want a comprehensive solution that covers all their needs.
What's even more intriguing is their enthusiasm for non-traditional insurance channels. They're just as comfortable buying insurance through an embedded insurance app at the dealership as they are calling a well-known insurance giant like 1-800-GEICO. Around 65% of them express their readiness to purchase insurance via an embedded app right at the dealership. This aligns almost perfectly with the 66% who are equally comfortable with the traditional phone call approach.
So, what's driving this change? It's the desire for a seamless, tech-driven experience. Gen Z and Millennials have grown up in the digital age, and they expect their car buying journey to reflect that. It's about efficiency, convenience, and having everything they need at their fingertips.
The implications for dealerships are clear. To cater to these evolving consumer preferences, it's essential to offer innovative, tech-driven insurance solutions within the dealership ecosystem. It's not just about selling cars anymore; it's about providing a comprehensive, integrated experience that aligns with the expectations of younger generations.
The dealership of the future isn't just a place to buy a car. It's a destination where Gen Z and Millennials can seamlessly access the comprehensive solutions they need for a hassle-free car buying experience. Embedded insurance options are at the forefront of this change, and they're here to stay.
Download the full 2024 Polly Embedded Auto Insurance Study, and stay tuned as we dive deeper into the shifting dynamics of the automotive industry and the demands of younger generations.
