Enhance the purchase intention of life insurance at Daiichi Life Insurance Company of Viet Nam LTD among Gen Z

Abstract

Nowadays, with the increasingly competitive life insurance market in Vietnam, enhancing the intention to purchase life insurance among Gen Z has become an important issue for insurance companies. However, Gen Z is still a customer segment with relatively low insurance participation due to limited financial capacity, lack of insurance knowledge, and insufficient exposure to suitable service experiences. Based on this reality, this study aims to identify the enablers and inhbitors influencing Gen Z’s intention to purchase life insurance at Dai-ichi Life Vietnam and to propose solutions to improve their purchase intention. The study applies a quantitative research approach using survey data collected from 308 Gen Z respondents, data were analyzed using SPSS. The results indicate that service quality, hope, and subjective norms have positive effects on purchase intention, while unaffordibilty, lack of insurance literacy, distrust and perceived product risk have negative effects. Based on these findings, the study provides managerial implications to enhance service experiences and improve Gen Z’s access to life insurance in the future.