A GlobalData ballot has highlighted that insurers concentrating on youthful generations are scuffling with deep-rooted points, comparable to low ranges of belief and restricted understanding of insurance coverage merchandise. In the meantime, a survey by Insurance coverage Europe—in collaboration with the European Youth Parliament (EYP)—discovered that youthful customers need insurance coverage to be less complicated, more-digital, and higher tailor-made to their particular wants.
A GlobalData ballot performed on Life Insurance coverage Worldwide in Q1 2025 discovered that both a lack of information of the worth of insurance coverage (39.7%) or a scarcity of belief in insurance coverage suppliers (27%) have been the important thing challenges in promoting insurance coverage to Gen Z and millennials. This was adopted by lack of seamless, digital-first buy experiences (13.2%) and complexity of conventional coverage constructions (8%).
What’s the largest problem in promoting insurance coverage to youthful generations (Gen Z and millennials) among the many following elements? Q1 2025
In the meantime, a brand new survey by Insurance coverage Europe and the EYP, which gathered responses from 651 younger folks throughout 33 European international locations, discovered that many described the method of shopping for insurance coverage as overly sophisticated and burdened by paperwork. The findings confirmed that 57% of respondents didn’t discover buying insurance coverage to be a simple course of. Moreover, seven in 10 expressed a want for clearer and more-consumer-friendly data. An absence of economic training was additionally a recurring theme, with 82% stating that they had not acquired ample training at college to make knowledgeable choices about insurance coverage. Regardless of these challenges, the survey discovered that 82% have been prepared to pay extra for higher protection and advantages; suggesting that product high quality is a better precedence than worth for a lot of younger customers. This factors to a possibility for insurers to construct stronger engagement with youthful demographics by specializing in tailor-made, value-rich merchandise that supply readability and relevance, reasonably than merely competing on value.
Total, if insurers wish to achieve long-term traction with Gen Z and millennials, they have to rebuild belief by means of transparency, simplify the buying journey, and prioritise training, alongside product innovation.
