- Younger Generations Lead the Charge in Transforming the Insurance Landscape
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.
