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Business News/ Insurance / News/  Covid has increased health insurance awareness among millennials: Study
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Covid has increased health insurance awareness among millennials: Study

But there still seems to be resistance when it comes to actually buying one, with a huge gap between realising the need and the actual action of buying one

Edelweiss General Insurance, said millennials will play a big role in improving India’s health insurance penetration. Photo: iStockphotoPremium
Edelweiss General Insurance, said millennials will play a big role in improving India’s health insurance penetration. Photo: iStockphoto

Covid-19 has led to heightened awareness and the need for buying a health insurance policy, especially among millennials. But there still seems to be resistance when it comes to actually buying one. There is a huge gap between realising the need and the actual action of buying one, according to a study by Edelweiss General Insurance that throws light on this glaring insurance protection gap. 

EGI’s multi-metro, qualitative study --A finger on the pulse-- brings to fore the financial, emotional, and psychological factors that encourage millennials to buy health insurance. The report covers a millennial’s journey from fear to a sense of security.

The study also identifies three interesting and distinct customer mindsets within the millennial cohort and presents the health insurance purchase journey for each of them. They are:

Evaluator – Wants only the best policy, and hence will spend substantial time and effort in thoroughly researching and evaluating available options before making a choice. The agent is a source of information for him/her, not the expert he/she relies on. Reaches out to trusted sources offline and online to ensure that his/her choice of policy and brand is correct.

Outsourcer – Understands the value of health insurance and hence needs a policy that is adequate enough to cover him/her and his/her family. Since the category is confusing and flooded with too many options, he/she prefers to consult an agent to make his choice.

Tick the Box – Ease and convenience matters most to him/her and hence online purchase is his/her go to route. Believes in online research and will look up insurer and aggregator websites to make a choice. The fear of losing money due to heavy hospitalisation/ medical bills, etc., pushes him/her to buy health insurance. Is premium sensitive and works within a budget.

Shanai Ghosh, executive director & CEO, Edelweiss General Insurance, said, “Millennials will play a big role in improving India’s health insurance penetration. If this generation is curious about health insurance, then why are they not buying? This was the premise of our study, and we took a step back to first try and understand this gap. The insights drawn from the research has only helped reiterate our belief that it is important to know and understand the customer, and offer them simple, easy, and convenient solutions that encourages them to one, trust the category and two, invest in it."

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Published: 15 Mar 2022, 12:03 PM IST
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