'Worried sick' Gen Z demanding insurance companies do this one thing
Young people age between 18 and 34 are fearing for their futures and are asking for reassurance amid growing concerns their jobs will be replaced by AI.
More than 60% of young workers want insurance companies to offer products that would pay out if they lose their jobs as a result of artificial intelligence(AI)
Six out of 10, 18-34 year olds said they wanted to buy insurance protection that would pay out against job losses to AI. The findings are from research carried out by Carr Consulting & Communications,with 1299 UK adults interviewed by Opinium Research; it revealed 63% of 18-34 year olds would buy the product if it existed.
This compares to 47% of 35-54 year olds who said the same and 23% of workers aged 55 and over.
Looking specifically at different generations, Gen Z - 18-27 year olds - came out on top, with 64% saying they would buy the insurance, compared to 60% of Millennials - 28-43 year olds- 34% of Gen X - 44-59 year olds - and 21% of Babyboomers age 60-78.
The insight also revealed that men would be more interested in buying such an insurance product, with 52% of men saying they would purchase it, compared to 44% of women.
When it comes to different professions that would be most likely to buy the insurance product, IT professionals came out top (77%), followed by manufacturing (61%) and finance (55%). Professions that would be least likely to purchase it were healthcare (65%), retail (65%) and those in the education sector (62%)
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Kesh Thukaram, co-founder of Best Insurance said: “Best insurance claims data over the last few years shows that technology and IT are amongst the highest sectors for unemployment claims.
"Although the initial spike could be attributed to post Covid normalisation of IT and e-commerce, sustained claims from these roles indicate the automation of IT processes and increased use of AI. While the main drivers for unemployment insurance policies have traditionally been around mortgage protection, increasingly we are seeing the threat from AI as a key driver”
Ryan Griffin, protection director of Beagle Street said, “AI is changing the working landscape daily and all businesses need to embrace it and weave it into how they work. Given the pace of adoption, it’s no wonder Gen Z is feeling jittery about their job security and wondering what the future holds. As insurers, we need to keep up with technological change and ensure our protection products remain relevant.”
Andrew Soames, a psychology of AI expert and director We Evolve Work said: "I can see that this is an idea for a insurance product but the best insurance is to gain knowledge of how AI can help in your work and keep up to date with current technology."
