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Goal Setting, Personality Traits, and the Role of Insurers and Other Service Providers for Swiss Millennials and Generation Z

Author

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  • Carlo Pugnetti

    (ZHAW School of Management and Law, Zurich University of Applied Sciences, 8401 Winterthur, Switzerland)

  • Pedro Henriques

    (iamYiam Ltd., 207 Regent Street, London W1B 3HH, UK)

  • Ulrich Moser

    (Schweizerische Mobiliar Versicherungsgesellschaft AG, Bundesgasse 35, 3001 Berne, Switzerland)

Abstract

Service providers are developing more sophisticated offerings, and it is important for them to understand the demographics and specific context by which individuals might procure their services. This allows companies to stay relevant to their customers. The target of this paper is to investigate the types of goals Millennials and Generation Z individuals are pursuing and what role different service providers may play in supporting these endeavors, with the aim of providing actionable insights for insurers. Furthermore, it is to investigate how personality traits may relate to differences in individuals’ preferences. The study is based on a survey of 854 Swiss university students. The results indicate that goals are concentrated in a few categories, and educational institutions and healthcare providers are well-positioned to support goal achievement. Insurers, on the other hand, rank low among the preferences, and their profile is largely undifferentiated. This result indicates that insurers need to further focus their efforts to gain relevance among younger customers. Supporting goals relating to self-fulfillment and ability for high-conscientious and/or low-honest/humble customers by focusing on risk education and risk management seems a particularly interesting strategy for insurers.

Suggested Citation

  • Carlo Pugnetti & Pedro Henriques & Ulrich Moser, 2022. "Goal Setting, Personality Traits, and the Role of Insurers and Other Service Providers for Swiss Millennials and Generation Z," JRFM, MDPI, vol. 15(4), pages 1-18, April.
    • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:4:p:185-:d:796053
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    References listed on IDEAS

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    3. Martin Eling & Martin Lehmann, 2018. "The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(3), pages 359-396, July.
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    Cited by:

    1. Carlo Pugnetti & Sebastian Barth & Lukas Stricker, 2023. "Customer Expectations for Sustainability in the Swiss Insurance Market," Sustainability, MDPI, vol. 15(11), pages 1-16, June.

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