· Younger Generations Lead the
Charge in Transforming the Insurance Landscape
Mr. Dhirendra Mahyavanshi, Co-Founder & CEO of Turtlemint
Mumbai, 30th September, 2024: Turtlemint,
a leading insurtech company, revealed insights into the demographics of its expansive network of over 3.5 lakh certified insurance
advisors, highlighting the increasing influence of younger generations in the
insurance advisory space. With Gen Z (born after 1997) and Millennials (born
after 1981) driving around 85% of total sales, Turtlemint continues to
demonstrate its market strength, having facilitated over ₹2,000 crore in premiums over the
past year alone. This success reflects not only the contribution of these
tech-savvy advisors but also the company’s ability to attract and empower a
diverse range of experienced professionals across its network.
This mix
of advisors not only dominate in numbers but are also
more inclined to leverage technology to deepen insurance penetration. According to Turtlemint’s
data, 78% of their total Gen Z advisors and
74% of the Millennial advisors conduct most of
their business online indicating digital-first
approaches to make insurance more accessible in
remote and underserved areas.
In a
closer look at state-wise trends, it is found that in most states approximately
80% of certified advisors comprise of GenZ and Millennials:
|
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% |
The rise
of new InsurTechs that offer advanced digital platforms is further facilitating
the entry of these new advisors, making insurance an increasingly attractive
and dynamic opportunity for them. By attracting talent early, the industry
benefits from long-term engagement, as these professionals are poised to remain
in the field for an extended career span.
Commenting on this, Dhirendra
Mahyavanshi, Co-Founder & CEO of Turtlemint, said, “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.”
A Shift in Industry Perception
The growing presence of a highly capable
generation of advisors is also changing the
way insurance is perceived. 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.
Turtlemint’s focus remains on
supporting its diverse distribution partners by
providing cutting-edge digital tools, training & certification, and
resources through their app TurtlemintPro. With
Gen Z and Millennials now leading the way in key states, this is the ideal time
for new talent to enter the industry and take advantage of the opportunities
presented by the platform.
About Turtlemint
Founded in 2015 by Dhirendra
Mahyavanshi & Anand Prabhudesai, Turtlemint is a leading
insurtech platform that transforms the way insurance advisors serve their
clients. The platform helps financial advisors instantly match each customer
with a suite of products that is best suited for their unique needs, through a
digital solution thereby removing the hassles of paperwork. Turtlemint’s
vision is to bridge the insurance gap by creating a transparent, accessible,
and user-friendly insurance buying experience. With over 3.2 lakh advisors
across 17,000+ pin codes in India, Turtlemint boasts the country's
most extensive insurance advisor network. They aim to empower 1 million
financial advisors and become a driving force in increasing insurance
penetration. Providing advisors with the digital tools, training, and knowledge
resources they need to thrive. Turtlemint’s platform empowers advisors to
grow their business and achieve success. Turtlemint has approximately
4 million customers and the have sold over 1 crore policies till date.