Rebuilding trust and simplifying insurance will win over the next generation

The survey of Globaldata is highlighted that insurance companies targeting young generations are struggling with deep roots issues, such as low levels of confidence and understanding of insurance products limited. Meanwhile, the survey conducted by Europe’s insurance-in cooperation with the European Youth parliament (EYP)-connects that younger consumers want the insurance be simpler, more digital and better designed for their own needs.

In the first quarter of 2025, there was a lack of understanding of the insurance value (39.7 %) or lack of confidence in insurance providers (27 %) was the main challenges in selling the Gen Z and Millennials. This was followed by the lack of unlikely purchase experiences, digital number (13.2 %) and the complexity of traditional policy structures (8 %).

Meanwhile, a new survey conducted by INSURANCE EUROPE and EYP, which collected responses from 651 young people in 33 European countries, found that many of them described the purchase of insurance as very complicated and heavy in papers. The results showed that 57 % of the respondents did not find that purchasing insurance is an easy process. In addition, seven out of 10 expressed her desire to get more clear and more responsive information. The lack of financial education was a repeated topic, as 82 % stated that they had not received sufficient education in school to make informed decisions on insurance. Despite these challenges, the poll found that 82 % were ready to pay more for better coverage and benefits; Noting that the quality of the product is a higher priority than the price of many young consumers. This indicates an opportunity for insurance companies to build a stronger participation with the smaller population composition by focusing on specially designed products that provide clarity and importance, rather than compete for cost.

In general, if insurance companies want to obtain a long -term traction with Gen Z and Millennials, they must rebuild confidence through transparency, simplify the purchase journey, and determine education priorities, as well as innovation of products.

“Reconstruction of confidence and simplification of insurance will win the next generation” was originally created by Life Insurance International, a brand owned by Globaldata.

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