Millennials recently surpassed baby boomers as the largest living generation and their influence can be felt throughout society – including the insurance industry.
Millennials, born between 1981 and 1996, control about 65 percent of Africa’s purchasing power valued at nearly $500 billion.
With such significant purchasing power, it’s no surprise that millennials are reshaping the insurance industry.
The industry must, therefore, rethink what insurance looks like and how it is sold to tap into the massive opportunity presented by this generation.
Millennials are tech-savvy and are using technology to shop and purchase insurance covers.
This includes using online comparison tools and the adoption of insurtech start-ups that offer innovative coverage options.
The industry must embrace artificial intelligence (AI) to revolutionise how insurance is sold, underwritten and managed.
AI will help insurers more accurately assess risk and price policies while also streamlining the claims process.
AI-powered chatbots will improve customer experience by providing personalised recommendations and instant answers to customer inquiries.
The Jubilee Insurance chatbox – Julie – alongside our self-help portals offer support to our customers across the region.
Millennials are socially and environmentally conscious individuals who are looking for insurance companies that align with their values.
This includes choosing insurance products with a lower carbon footprint and supporting companies committed to sustainability.
The IPSOS Global Trends 2021 Report found that reducing environmental harm and standing up for social issues are the two top expectations consumers have of businesses they buy from.
Millennials are willing to pay a premium for products and services from companies that embrace sustainability and social responsibility as core values.
Insurers must hence contribute to the communities they operate in by addressing pressing social and environmental issues.
For instance, Jubilee Health Insurance has taken a proactive role in promoting wellness among communities. Through our Maisha Fiti wellness programme, our customers and stakeholders receive guidance on physical and mental well-being as well as an opportunity to join communities that address various health issues such as nutrition and lifestyle management.
In addition, the firm continues to develop innovative insurance solutions that address pressing societal issues such as mental health and create opportunities to discuss wellness issues with our various stakeholders.
In conclusion, the insurance industry is at a turning point. Millennials are at the forefront of this change, transforming the industry from leveraging technology and AI to prioritising sustainability and social responsibility to seeking personalised and convenient coverage.
As a result, insurers that can cater to millennials’ needs will be better positioned to succeed in the future.
Millennials expect convenience and customisation from their insurance coverage.
This includes purchasing their covers online, customising their policies, and accessing their insurance information digitally.
The traditional insurance model is being challenged by alternative insurance models catering to millennials' needs. For example, the sharing economy, on-demand, and wellness-based models are gaining popularity among millennials.
With healthcare services moving online, millennials are leading the charge in using telemedicine to access medical care.
This trend is significantly impacting the health insurance industry, and traditional insurers are adapting to the changing landscape.
Jubilee Health Insurance has partnered with various companies such as Sasa Doctor, Livia Health and One-Stop Pharmacy to enable customers to access convenient and affordable healthcare services like doctor consultations and drug delivery services.
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