You Might Not Recognize Today’s Insurance Buyer
The Shifting Face of the Modern Insurance Consumer
The modern insurance buyer is no longer defined by a single age group or life stage. Millennials and Gen Z now make up a growing share of the market, bringing fresh expectations shaped by digital habits and evolving economic realities. At the same time, retirees are living longer, prompting new conversations about long-term financial protection, supplemental coverage, and evolving healthcare needs.
This expansion at both ends of the age spectrum has created a consumer base with broader, more diverse priorities and new expectations for how and where insurance should be purchased.
Evolving Lifestyles Reshaping Financial Priorities
The rise of gig work, remote employment, and side hustles has reshaped household dynamics and income patterns. Many consumers no longer follow the traditional linear path of full-time employment with employer-provided benefits. Instead, they look for insurance options that are flexible, easy to understand, and aligned with lifestyles that may shift month to month.
Consumers are looking for solutions that feel personal and adaptive, not one-size-fits-all.
Convenience Is Redefining How Consumers Buy and Trust
While digital access still influences how consumers learn about insurance, the real shift is happening in where they prefer to manage their financial decisions.
Increasingly, consumers want their banking and insurance needs connected and handled in one place, with one relationship they already trust.
According to recent research, 44% of consumers are now interested in purchasing insurance through their financial institution, and interest is even stronger among younger generations — nearly two-thirds of Gen Z say they want to do so in the coming year. Trust plays a key role: nearly one in four consumers cite trust as the most important factor when choosing an insurance provider.
This preference reflects a few clear shifts:
- Consumers want a one-stop shop. Gen Z and millennials are twice as likely as older consumers to want both financial services and insurance from the same institution.
- Trust is rising in importance. Consumers already trust their financial institutions with their money — extending that trust to financial protection feels natural.
- Once consumers purchase insurance from an FI, they tend to stay. Among those who already have insurance from their FI, 75% are interested in buying additional coverage from that same institution.
Rather than navigating multiple carriers or comparison sites, the modern insurance buyer prefers simplicity, clarity, and continuity.
The Modern Buyer Values Simplicity and Support
Convenience as the New Loyalty Driver
Consumers increasingly prioritize experiences that are seamless and intuitive. The ability to view, inquire about, and enroll in insurance through the same relationship that manages their checking account, savings goals, or loans makes the process easier and strengthens loyalty.
Omnichannel Support Still Matters
It’s not about having every digital tool. It’s about ensuring every interaction feels connected. Omnichannel marketing utilizing email, direct mail, outbound call support, digital enrollment, and branch awareness should reinforce the same consistent message and consumer experience.
Trust Is the Foundation
In a marketplace full of ads, influencers, and noise, consumers are less brand-loyal but more trust-conscious than ever. Financial institutions are uniquely positioned to be credible guides, not just carriers.
What Financial Institutions Can Do Today
Use data to anticipate needs.
Consumers expect solutions that fit their life stage and lifestyle — not generic offerings.
Combine digital convenience with human reassurance.
Consumers want the flexibility to learn or enroll on their own terms, with support and expert customer service available when needed.
Partner strategically to expand supplemental coverage options.
The right partnerships allow financial institutions to offer products tailored to retirees, gig workers, young families, professionals, and beyond — without needing to build these capabilities internally.
A Path Forward
Today’s insurance buyer is more diverse, more independent, and more discerning. They want convenience, clarity, and trust — and they increasingly expect these needs to be met within the financial institutions they already value.
This presents a defining opportunity.
Financial institutions that recognize and respond to these expectations are positioned to build deeper, longer-lasting consumer relationships — strengthening both loyalty and revenue.
At Franklin Madison, we partner with financial institutions to help them understand and serve today’s changing insurance consumer. Through data-driven insights, tailored product solutions, and a seamless approach to consumer engagement, we help institutions deliver greater financial well-being and lasting value.
