Smooth sign-up processes are “make or break” for Gen Z and Millennials when taking out an insurance policy, as is faster payment and inclusion of digital wallets, Dutch payment firm Adyen says. 

In a blog detailing how to appeal to a “new generation of insured,” Adyen says consumers expect a speedy, streamlined service in all areas of their lives, and those born after 1980 are more likely to give up if the initial steps are too slow and complicated. 

In the past, customers could only use credit or debit cards to buy insurance, but times have changed, Adyen says.  

Younger generations prefer digital wallets such as Apple and Google Pay™ and you’re “missing a trick if you exclude them,” says Amsterdam-based Adyen, which has an office in Sydney and works with global brands Facebook, Uber, H&M, eBay and Microsoft.  

"To master this world, we recommend you focus on these two areas in particular: easy sign-up and faster payments,” the blog said.  

“Customers expect to be able to whip out their phone and spend just a few minutes filling in their details. A feature as simple as autofill is an effective way to whizz customers through traditionally time-consuming forms without losing them halfway.  

"Saving them precious minutes could make a world of difference in the decision they make.”  

Adyen also says insurers that add Click to Pay, supported by Visa and Mastercard, to their checkouts will help tap into a large customer base with safe and seamless payments.   

It recommends insurers use a real time account updater that automatically updates card details that are expired, lost or stolen in real time, with no need to reach out to the customer. Adyen has offered this as part of its RevenueAccelerate solution since 2017.