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Kolkata: With healthcare inflation far above the retail inflation in the country, healthcare is emerging as one of the most fear-inspiring sectors and more and more young Indians purchasing an individual health insurance, a survey has stated. Conducted by NielsenIQ across as many as 17 tier 1 and tier 2 cities involving 1,400 respondents, the survey found that as much as 61% of the Gen Z and millennials prefer to invest in individuals health insurance policies.
By the way, those who were born between 1981 and 1996 are referred to as Gen Z, while those who were born between 1996 and 2010 are known as millennials. HDFC ERGO General Insurance’s survey titled "Exploring Gen Z and Millennials Mindset Towards Insurance" found that there were quite a few parameters on which the young consumers evaluate health insurance policies. The key among them is the hospital network that an insurer recognised and 27% accorded priority to it. Next in the rank is simplified policy terms, the survey found and 24% gave priority to this aspect.
Zooming healthcare costs
As much as 37% of the respondents said that they were driven to buy health insurance because of the zooming cost of healthcare. A tad lower, 36%, said helth check ups and other additional benefits influenced their decision. Among the Gen Z respondents, as many as 55% said they depend on their relatives for guidance in choosing an insurer but 61% of the millennials would visit platforms of insurance aggregators and compare and contrast between health insurance policies available in the market.
“Gen Z and millennials constitute over half of India’s population, making them critical to the insurance industry’s future... This segment is reshaping how insurers operate, demanding transparency, quick digital services, and hyper-personalised solutions,” remarked Anuj Tyagi, MD and CEO, HDFC ERGO General Insurance.
Agents still important
The youth of India are extremely comfortable with online searches and digital transaction. However, significantly, old fashioned insurance agents still seem to hold sway when it comes to selling insurance to the youth. About 60% of Gen Z and millennials bought insurance policies offline. They seem to have consulted agents for guidance in choosing appropriate health insurance policies for them. The survey also said that about 67% of Gen Z respondents sought assistance in spite of their skills/comfort with technology. A significant share of insurance buyers resorted to staggered payments to ease the financial burden -- 30% of Hyderabad and and 29% in Mumbai opted for staggered payments of premium.
