A recent study has noted that Gen Z and millennials are driving around 85% of total policy sales. Turtlemint, a leading insurtech company, has revealed in its report that the younger generations are increasingly getting aware about insurance, and life and health covers. It is to be noted that Gen Z (born after 1997) and Millennials (born after 1981) having facilitated over Rs 2,000 crore in premiums over the past year alone.
India’s Gen Z population is expanding at a notable rate within the nation, constituting over 20% of the country’s demographic distribution. This demographic cohort is surpassing the worldwide average growth rate for Gen Z populations. The report noted that there is a significant transformation taking place in the insurance space.
Insurtech company Turtlemint studied the demographics of its network of more than 350,000 certified insurance advisors and found that 78 per cent of Gen Z advisors conduct most of their business online. As many as 74 per cent of millennial advisors prefer digital platforms for transactions.
In most states, 80 per cent of certified insurance advisors are GenZ and millennials. The central objective is to offer customised financial security solutions aimed at safeguarding the financial well-being of Gen Z and millenials.
The shifting requirements and ambitions of the youth necessitate a more individualised strategy in the realm of life insurance. This change in approach plays a crucial role in guaranteeing that the younger demographic is provided with strong financial protection, thereby facilitating a path towards a thriving future.
State | Gen Zs | Millennials | Total |
Uttar Pradesh | 38% | 52% | 90% |
Maharashtra | 21% | 51% | 72% |
Gujarat | 26% | 57% | 83% |
Rajasthan | 35% | 54% | 90% |
Madhya Pradesh | 33% | 53% | 86% |
West Bengal | 31% | 53% | 85% |
Delhi | 26% | 57% | 82% |
Karnataka | 21% | 62% | 83% |
Tamil Nadu | 17% | 60% | 77% |
Telangana | 17% | 59% | 76% |
“We are witnessing a remarkable surge in sales driven by Gen Z and millennials. This data highlights the importance of digital transformation in the insurance industry, and we remain committed to providing innovative solutions that cater to the evolving needs of both our partners and customers,” said Dhirendra Mahyavanshi, co-founder and chief executive officer of Turtlemint.
Besides, the company noted that there is a rise of insurtech firms with digital platforms is facilitating the entry of new advisors and making insurance a lucrative career.
“Traditionally considered a complex and less engaging career, insurance is now viewed as a dynamic and essential financial tool. The current generation’s digital proficiency is not just increasing sales but is also redefining customer engagement. This evolution underscores the beginning of a new era in insurance, one that is driven by technology and a customer-first approach,” it added.