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October 26, 2021

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Social media is millennials’ new classroom

China’s social media and short-video platforms are becoming the new classrooms for the younger generation — who are eager to seek more insurance protection by using such resources, a new study has found.

Millennials prefer to learn the ABCs of insurance on social networking sites like Weibo, Wechat and Douyin.

And insurance companies are rushing to satisfy the demand by producing innovative and interesting content, according to a joint study by ZhongAn Online P&C Insurance and Fudan University.

Digital marketing will become a new growth engine for the insurance industry in the future, and insurers that can take the lead in digital transformation will stand out, the report said.

Around 72 percent of insurance companies said that short videos helped improve the conversion rate of their products.

And more than half of surveyed consumers believed they can make a better decision while buying insurance online with the help of social media platforms.


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