COVID-19 has raised awareness and the need to buy health insurance policies, especially among millennials. But there still appears to be resistance when it comes to actually buying one. According to a study by Edelweiss General Insurance, there is a huge gap between understanding the need and the actual act of buying, which highlights this clear insurance protection gap.
EGI’s multi-metro, qualitative study – a finger on the pulse – uncovers the financial, emotional and psychological factors that encourage Millennials to buy health insurance. The report covers a millennium’s journey from fear to a sense of security.
The study identifies three interesting and distinctive customer mindsets within the millennial group and presents the health insurance buying journey for each of them. They are:
The appraiser – seeks only the best policy, and will therefore spend substantial time and effort in thoroughly researching and evaluating the available options before making a choice. The agent is the source of information for him and not the expert on whom he depends. Accesses reliable sources offline and online to ensure that its policy and brand choice is correct.
Outsourcer – understands the value of health insurance and therefore needs a policy sufficient to cover him and his family. Since the category is confusing and filled with too many options, he prefers to consult an agent for his choice.
Check the box – Ease and convenience matter most to him and so online shopping is on his way. Believes in online research and will look for insurer and aggregator websites to make a choice. The fear of losing money due to heavy hospitalization/medical bills etc drives him to buy health insurance. is premium responsive and works within a budget.
Shanai Ghosh, Executive Director and CEO, Edelweiss General Insurance, said, “Millennials will play a big role in improving India’s health insurance penetration. If this generation is keen on health insurance, why are they not buying it? This was the basis of our study, and we first took a step back to try and understand this difference. The insights gained from research have only helped to reiterate our belief that knowing and understanding the customer is important, and providing them with simple, easy and convenient solutions that encourage them to have one, count category and two. , invest in it.
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