With Indians and Chinese people the fastest growing “tribes” in Australia, now is the time to “write [those] changes in population and ethnicities into your business”, delegates at the NIBA Convention 2013 have been told.
Bernard Salt, analyst and trend forecaster, yesterday urged brokers to take notice of the changes in the Australian population and seize the business opportunities that emanate from them – but that must start now.
“People always ask me what the trends will be over the next 10 years but you should never look forward until you have looked back.
“There is no prize for getting it right in 2025. You need to get it right in 2013, 2014 and 2015.”
Turning to current trends, Salt identified the growing ethnic diversity of Australia, noting that the newest growing “tribes” are the Indians and Chinese.
“It is a [business] opportunity […]. Write yourself into the changes in ethnicities and demographics in Australia […] Australia is on the cusp of significant change.”
In addressing the audience, Salt said key questions delegates must ask themselves as a result include: “Do you speak Mandarin?”
While the population continues to grow so do the lifestyles and expectations of generations. Young adults (Generation Y) are buying car insurance and home and contents insurance; and mature adults are buying life insurance.
“These are things to get into over the next ten years,” Salt explained. “We will see a significant shift in the way people live their lives between 55 and 65 years old by the baby boomers […]. They re-reengineer retirement in the coming decades but it is all about managing expectations, and managing the rising population of retirees and implications that flow from that.”
“These are the trends that will overflow over the next decade as a result if the changes in demography and the Australian population. Absolute growth leads to absolute opportunity,” he added.
Insurance Business is reporting live from NIBA 2013. Follow us at @InsuranceBiz_au