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In the age of digital innovation, Generation Z are emerging as trailblazers, and as such, are redefining industries. We explore the evolving realm of insurance, fueled by the younger generations evolving payment preferences.

Insurance evolution 

As this generation comes of age, their preferences are challenging traditional norms, demanding a seamless and tech-savvy approach to insurance transactions. From Open Banking to mobile wallets, the forces propelling the evolution of insurance are going to be based around Generation Z's payment preferences. 

Generation Z take charge 

Gen Z report being victims of unauthorised payments, challenges in cancelling payments, reported instances of being overcharged, and payment failures. But what sets Generation Z apart is their proactive approach in voicing discontent – an inclination evident through their propensity to leverage social media and the internet to register complaints, which can be catastrophic for any small or medium insurance business. 

Infographic PAYSUITE Insurance 240422 (1)

The challenges faced by Generation Z in navigating the realms insurance payments are becoming increasingly evident. Our infographic sheds light on these hurdles, highlighting the need for adaptation and innovation in the industry.  

To better understand and effectively cater to the evolving preferences of this demographic, we invite you to read the full report, which delves deeper into actionable strategies to meet the demands of Generation Z in the ever-changing landscape.

Want to know more?

If you're ready to elevate your payment experience and boost customer satisfaction, Access PaySuite is here to help. Contact us today to explore tailored solutions for your insurance business.