Gen Z & Millennials Drive 85% Of Insurance Sales: Report

Gen Z and millennials are dominating the insurance advisory space, accounting for 85 per cent of total insurance sales, according to the latest data released by insurtech company Turtlemint. The report highlights the growing influence of younger generations in the industry, with Turtlemint’s network of over 3.5 lakh certified insurance advisors playing a pivotal role in facilitating more than Rs 2,000 crore in premiums over the past year.

The report showcases that tech-savvy younger advisors are more inclined to use digital platforms, helping to deepen insurance penetration in remote and underserved areas. Company's data reveals that 78 per cent of Gen Z advisors and 74 per cent of Millennial advisors conduct most of their business online, indicating a clear preference for digital-first approaches.

State-wise trends show that Gen Z and Millennials dominate insurance advisory in several regions, with Uttar Pradesh, Rajasthan, and Madhya Pradesh having around 90 per cent of their advisors from these age groups. Maharashtra, Gujarat, and Karnataka also saw significant representation, with 72 to 83 per cent of advisors being from the younger generations.

"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," Dhirendra Mahyavanshi, Co-Founder and CEO, Turtlemint commented on the findings.

The report indicates that the rise of insurtechs with advanced digital platforms is making insurance an attractive and dynamic opportunity for younger advisors. This shift is redefining the perception of insurance from a complex and less engaging career to a more dynamic and essential financial tool, driven by technology and a customer-first approach.