Research published by technology platform provider Adyen and conducted by consultancy EY has found that ease of payment is a top three factor in the decision to buy insurance for Gen Z and millennials. More than a third (35%) of Gen Z respondents said the convenience of purchasing the cover influenced their decision to buy.

Respondents said digital-first payment options such as digital wallets were attractive as well as the ability to use credit, debit and pre-paid cards for online payments.

Adrian Davis, commercial leader, financial services and insurance at Adyen, said: “By offering more seamless and flexible payment options, insurers could not only improve customer satisfaction but also drive significant business benefits – selling more policies, reducing operational costs, and cutting down on fraud.”

Chris Payne, EMEIA financial services insurance technology leader at EY, added:
“Younger generations have grown up in a digital world, with increasingly simple and interconnected payment options available for all products and services, and the insurance sector must keep pace, and not risk losing new customers at the point of purchase.”