Gen Zs and Millennials dominate insurance sales in India
Gen Zs and Millennials dominate insurance sales in India | Insurance Business Asia
Insurance News
Gen Zs and Millennials dominate insurance sales in India
Report highlights changing perceptions of insurance careers
Insurance News
By
Roxanne Libatique
Turtlemint, an insurtech firm, has highlighted the growing role of younger generations in India’s insurance sector.
According to data released by the company, Gen Z (born after 1997) and Millennials (born after 1981) account for 85% of insurance sales facilitated through its network of more than 350,000 certified advisors.
Press Trust of India’s report, the company handled over ₹2,000 crore in premiums during the last fiscal year, driven by its emphasis on digital tools and a tech-savvy advisory network.
This shift towards digital channels has enabled these advisors to reach remote and underserved areas, expanding insurance penetration beyond urban centres.
A closer look at state-level data reveals that in key regions like Uttar Pradesh and Rajasthan, about 90% of the insurance advisors are either Gen Z or Millennials. Other states like Maharashtra, Gujarat, and Karnataka also see a significant presence of younger advisors who leverage technology to tap into new markets and connect with customers.
Insurtech platform adoption in India
The rise of insurtech platforms has played a pivotal role in making the insurance sector more attractive to younger professionals.
Through TurtlemintPro, its mobile application, the company provides digital tools, training, and certification programs aimed at helping new advisors thrive in the field. Turtlemint sees this digital push as key to retaining younger talent and driving future growth in the insurance sector.
Dhirendra Mahyavanshi, Turtlemint’s co-founder and CEO, said the ability of Gen Zs and Millennials to use digital platforms effectively demonstrates the importance of technology in transforming insurance sales and customer engagement.
“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,” he said, as reported by Press Trust of India.
Changing perceptions of insurance careers
The increasing presence of younger professionals is shifting perceptions of insurance as a career.
Previously viewed as a complex and less appealing sector, insurance is now seen as a more dynamic field, driven by technology and innovation.
The digital skills that younger advisors bring to the table are not only increasing sales but also changing the way insurance is marketed and delivered to customers.
Turtlemint said it remains focused on empowering its advisor network with digital tools and resources to help them navigate this evolving landscape. The firm’s focus on younger talent is expected to bolster the insurance industry’s growth in India, as these advisors continue to redefine the role of technology in insurance distribution.
The two organisations discussed this plan during the recent Bima Vitarak Manthan event in May, focusing on expanding insurance coverage, fostering innovation, and creating new career opportunities in the sector.
IBAI emphasised the role of brokers in boosting insurance penetration, particularly in rural areas. Key recommendations included:
recognising insurance as part of corporate social responsibility (CSR) activities to encourage investment in awareness programs
integrating brokers into state-level insurance initiatives
promoting career opportunities for young people, including high school students
Additionally, IBAI is pushing for more extensive use of digital tools and technology by brokers, particularly in the sale of insurance products like Bima Vistaar.
Other proposals include expanding the role of Bima Vahaks as points of sales (PoSPs) and introducing global best practices, such as the use of managing general agents (MGAs) and flexible payment options for premiums.
