Listening to Customer Concerns: Gen Z, Cyberbullying, and Insurance

With insurer-tech collaborations on the rise, this post highlights their fight against cyberbullying, exploring how insurers can get ahead of the rapidly growing mental health crisis in the digital era.

Today's digital era has seen a stark increase in anxiety among Generation Z, with the CDC reporting a surge from 8.1% in 2019 to 25.5% in 2020. This uptick is closely linked to the rise of cyberbullying, which affects over 15% of students aged 12-18 within a year, as highlighted by the National Center for Education Statistics. These figures underscore the pressing need for innovative solutions, presenting a unique opportunity for insurance companies to extend their protective reach beyond physical health to encompass the emotional and psychological realms affected by online harassment.  

person holding black android smartphone
Photo by DuoNguyen on Unsplash

The potential collaboration between insurance firms and tech innovators like Bodyguard and Kaitiaki heralds a promising path for combating cyberbullying. Bodyguard, a tech firm based in France, has engineered a mobile application designed to shield users from the negative effects of online interactions. This app moderates harmful content on social media platforms in real time, which could significantly lessen the psychological impact of cyberbullying, thereby reducing anxiety and stress among young people. Envisioning insurance policies that cover subscriptions to such innovative services could provide policyholders and their families with a digital line of defense against online abuse.  

Kaitiaki introduces an additional commendable model, focusing on empowering parents and educational institutions with the tools to protect children from digital threats. Their advanced technology is capable of detecting potential cyberbullying incidents and alerting the responsible parties, thus enabling proactive measures against online dangers. Insurance policies that grant access to Kaitiaki's services could transform the approach to online safety, ensuring a solid digital defense mechanism is in place for the younger generation.  

Moreover, insurance providers have the opportunity to expand their cyberbullying coverage further to include essential services such as legal assistance and counseling. Providing victims with the necessary support to navigate the aftermath of cyberbullying, from legal recourse for seeking justice to therapy sessions for emotional recovery, represents a holistic approach to insurance coverage. This comprehensive strategy addresses the immediate needs of cyberbullying victims while fostering long-term mental health and resilience.  

black computer keyboard
Photo by freestocks on Unsplash

Insurers can also take on the role of educators and advocates for digital well-being. By organizing workshops, seminars, and online resources, they can equip their policyholders with the necessary knowledge and skills for safe digital navigation. This initiative could encompass a wide range of topics, from recognizing and preventing cyberbullying to understanding digital privacy and security measures, thus empowering policyholders with critical digital defense skills.  

Integrating cyberbullying coverage within insurance policies reflects a strategic and necessary response to the pressing mental health challenges confronting younger generations today.

Forming partnerships with companies like Bodyguard and Kaitiaki not only enhances the value of insurance offerings but also signals a shift towards a more empathetic and proactive approach to customer care in the digital era. A prime example of this innovative approach is Chubb’s cyberbullying insurance, serving as a leading model for other insurers by directly tackling an issue that significantly impacts mental health.  

Reiterating, that the inclusion of cyberbullying in insurance coverage is not merely a strategic business decision; it is a crucial step towards addressing the urgent mental health concerns of younger generations. The potential for insurance companies to incorporate cyberbullying in their coverage plans extends beyond offering financial protection; it signifies a commitment to understanding and addressing the root causes of anxiety in Generation Z. Transitioning from traditional financial protectors to champions of mental health and digital safety, insurers reflect a profound engagement with customer concerns, adapting to the intricate demands of today's digital age.  

blue and white light fixture
Photo by Nejc Soklič on Unsplash

Hence, the introduction of cyberbullying coverage by insurance companies serves as a prime example of the industry's capacity to tune into and address the primary concerns of its customers. This adaptation is a reflection of a broader, customer-centric approach where insurers are increasingly recognizing the importance of evolving their offerings in line with the changing dynamics of risk and protection in the digital age. With the alignment of their products with the genuine needs and worries of their customers, insurance providers demonstrate a commitment to not just safeguarding against traditional risks but also confronting emerging challenges that resonate deeply with policyholders.  

This responsiveness to customer concerns lays the groundwork for the creation of more appealing and relevant insurance products. As insurers continue to listen and adapt, they are likely to discover a wealth of opportunities to innovate within their product lines, making insurance more integral to customers' daily lives. Such an approach not only enhances the value proposition of insurance policies but also solidifies the relationship between insurers and policyholders, fostering a sense of trust and loyalty.

The evolution towards more customer-focused products, exemplified by the incorporation of cyberbullying coverage, signifies a promising direction for the industry.    

Richard Calvo, Alvaro Takashi Yamashiro, Dian Jin
Richard Calvo
Richard Calvo
Head of Insurtech at NTT DATA Insurance EMEAL
Alvaro  Takashi Yamashiro
Alvaro Takashi Yamashiro
Senior Sector Consultant Strategy & Advisory at NTT DATA EMEAL
Dian Jin
Dian Jin
Sector Consultant Strategy & Advisory at NTT DATA EMEAL
Published on 22/03/2024
~ 4 minutes
Business Transformation

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