IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v15y2022i4p185-d796053.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/15/4/185/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/15/4/185/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. Federico Adrodegari & Nicola Saccani, 2017. "Business models for the service transformation of industrial firms," The Service Industries Journal, Taylor & Francis Journals, vol. 37(1), pages 57-83, January.
    3. Opresnik, David & Taisch, Marco, 2015. "The value of Big Data in servitization," International Journal of Production Economics, Elsevier, vol. 165(C), pages 174-184.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Carlo Pugnetti & Mischa Seitz, 2021. "Data-Driven Services in Insurance: Potential Evolution and Impact in the Swiss Market," JRFM, MDPI, vol. 14(5), pages 1-16, May.
    2. Linus Thomson & Anmar Kamalaldin & David Sjödin & Vinit Parida, 2022. "A maturity framework for autonomous solutions in manufacturing firms: The interplay of technology, ecosystem, and business model," International Entrepreneurship and Management Journal, Springer, vol. 18(1), pages 125-152, March.
    3. Sjödin, David & Parida, Vinit & Kohtamäki, Marko & Wincent, Joakim, 2020. "An agile co-creation process for digital servitization: A micro-service innovation approach," Journal of Business Research, Elsevier, vol. 112(C), pages 478-491.
    4. Kolagar, Milad & Parida, Vinit & Sjödin, David, 2022. "Ecosystem transformation for digital servitization: A systematic review, integrative framework, and future research agenda," Journal of Business Research, Elsevier, vol. 146(C), pages 176-200.
    5. Caroline Jennings Saul & Heiko Gebauer, 2018. "Digital Transformation as an Enabler for Advanced Services in the Sanitation Sector," Sustainability, MDPI, vol. 10(3), pages 1-18, March.
    6. Alfiero, Simona & Battisti, Enrico & Ηadjielias, Elias, 2022. "Black box technology, usage-based insurance, and prediction of purchase behavior: Evidence from the auto insurance sector," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
    7. Vendrell-Herrero, Ferran & Bustinza, Oscar F. & Opazo-Basaez, Marco, 2021. "Information technologies and product-service innovation: The moderating role of service R&D team structure," Journal of Business Research, Elsevier, vol. 128(C), pages 673-687.
    8. Ray Qing Cao & Dara G. Schniederjans & Vicky Ching Gu, 2021. "Stakeholder sentiment in service supply chains: big data meets agenda-setting theory," Service Business, Springer;Pan-Pacific Business Association, vol. 15(1), pages 151-175, March.
    9. Li, Ying & Dai, Jing & Cui, Li, 2020. "The impact of digital technologies on economic and environmental performance in the context of industry 4.0: A moderated mediation model," International Journal of Production Economics, Elsevier, vol. 229(C).
    10. Xiaoya Xie & Yu Zhang, 2024. "Transformation Through Servitization: How Buffer Resources and Social Capital Support Transformation in Manufacturing Companies," Sustainability, MDPI, vol. 16(23), pages 1-24, December.
    11. Peter Qvist-Sørensen, 2020. "Applying IIoT and AI - Opportunities, Requirements and Challenges for Industrial Machine and Equipment Manufacturers to Expand Their Services," Central European Business Review, Prague University of Economics and Business, vol. 2020(2), pages 46-77.
    12. Hongjun Cao & Yuxin Fang & Jihui Sun, 2022. "A Study on the Impact of Institutional Support on the Servitization Transformation Performance of Manufacturing Firms—Based on a Dual Mediation Model of Business Model Innovation and Technological Inn," Sustainability, MDPI, vol. 14(21), pages 1-18, November.
    13. Bustinza, Oscar F. & Opazo-Basaez, Marco & Tarba, Shlomo, 2022. "Exploring the interplay between Smart Manufacturing and KIBS firms in configuring product-service innovation performance," Technovation, Elsevier, vol. 118(C).
    14. Zhan, Yuanzhu & Tan, Kim Hua, 2020. "An analytic infrastructure for harvesting big data to enhance supply chain performance," European Journal of Operational Research, Elsevier, vol. 281(3), pages 559-574.
    15. Cenamor, J. & Rönnberg Sjödin, D. & Parida, V., 2017. "Adopting a platform approach in servitization: Leveraging the value of digitalization," International Journal of Production Economics, Elsevier, vol. 192(C), pages 54-65.
    16. Iván Sosa & Óscar Montes, 2022. "Understanding the InsurTech dynamics in the transformation of the insurance sector," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 25(1), pages 35-68, April.
    17. Antonella Cappiello, 2020. "The Digital (R)evolution of Insurance Business Models," American Journal of Economics and Business Administration, Science Publications, vol. 12(1), pages 1-13, January.
    18. Wang, Hui & Gong, Qiguo & Wang, Shouyang, 2017. "Information processing structures and decision making delays in MRP and JIT," International Journal of Production Economics, Elsevier, vol. 188(C), pages 41-49.
    19. Patrick Mikalef & Ilias O. Pappas & John Krogstie & Michail Giannakos, 2018. "Big data analytics capabilities: a systematic literature review and research agenda," Information Systems and e-Business Management, Springer, vol. 16(3), pages 547-578, August.
    20. Maik Dehnert, 2020. "Sustaining the current or pursuing the new: incumbent digital transformation strategies in the financial service industry," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 1071-1113, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:15:y:2022:i:4:p:185-:d:796053. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.