4 key trends shaping the future of life insurance for the millennials and Gen Z
Also Read: Why regular pay is better for life insurance premium According to a Nasscom report, By 2030, millennials and Gen Z will account for half of India’s population. As of 2021, the share of millennials and Gen Z in India was higher than the world average.
The traditional "one-size-fits-all" approach to life insurance is giving way to a more nuanced strategy. Insurers are recognizing the diverse financial goals and risk profiles of the younger demographic and are tailoring their offerings accordingly.
The shift is not merely because of changing market dynamics but is also a proactive measure to empower the younger generation to be more equipped with their financial standing. Millennials are known for being tech-savvy who are very conscious about their health and wellness, and valuing experiences besides material possessions.
Simplicity and transparency in their financial dealings are what they want, and they are more likely to engage with policies that are to the point with no fuss or hidden clauses. Insurers at this junction need to tailor their policies to the specific needs of millennials and digital natives.
This includes offering easy-to-understand terms, easy access to information, straightforward coverage options, and transparent pricing. By providing clear information and eliminating confusing jargon, insurers can build trust and make it easier for millennials to make informed decisions about their coverage.
Also Read: Life Insurance Trends: Decoding Customer Preferences in the Digital Age It would be difficult for millennials to buy into long-term contracts; hence, insurers need to start offering short tenure insurance policies making it more flexible and easy for everyone to understand and make wise
