Page 41 - Insurance Times November 2019

to reduce protection gap, in other words, provide more their net worth as early as possible. The millennials are
protection to customers..," he added. He felt that there of the opinion of now or never and they like to experi-
was huge scope for insurance to grow as a result of in- ence new things…," Argued Ms. Archana Vaze, Assistant
creased longevity and per capita income, coupled with Professor & Head-Content Development, College of Insur-
better understanding of insurance ance. Insurance Institute of India

The first panel discussion was on Dr. Bigyan Verma, Director SIES College
"India's millennial insurance market- of Management Studies shared his
capturing or seizing the full potential". views on millennial by quoting, "The
While moderating the panel discussion, millennials would only listen to Gen X
Prof K. K. Krishnan, set the discussion when there was experiential sharing.
rolling by capturing the moods of the In order to better understand them
Millennial with the punch line 'Papa well one must need to talk to them in
don't preach'. their own language and connect with them on common
grounds."
The definition of Millennial was exquis-
itely explained to the audience by Mr. Mr. Arun Agarwal, Independent Direc-
Vijay Sinha, MD & CEO, DHFL General tor, Kotak Mahindra General Insurance
Insurance Co. "The Gen Y has technol- Co. Ltd and well known Thought Leader
ogy in its hands, so the internet plays strongly felt that the millennials were
a major role in influencing the not only technology savvy but were
millennial and helps them significantly highly conscious generation. "I still feel
in their decision making roles. The millennials are called these millennials are Technology savvy
so, as they tend to ask a lot of WHYs. An ecosystem needs and are highly conscious people. A lot can be achieved by
to be developed with strong online reviews, to think collaborating with them as they are highly capable. They
about reaching them wherever they are," added Mr. are not really disillusioned but want to do a great deal of
Sinha. things for the world and for the society," He added.

Mr. Syed Moinuddin Ahmed, Addi- Dr. Abhijit K. Chattoraj, Chairperson-
tional MD and CS at Green Delta Insur- PGDM-IBM, moderated the second
ance CO. Ltd. Bangladesh, while sharing panel discussion on India's Geriatric In-
his views on brand engagement felt, "In surance Market: Need to Explore and
Bangladesh the millennial are more Expand Through Ayushman Bharat. He
impulsive and also anxious because initiated the discussion by stating that
they have little bit of everything. They the geriatric population wanted to age
like to relate themselves to success and for doing so; the with grace and dignity and should not be subjected to
brand needs to engage with the millennial in whatever way neglect. "With increasing longevity and declining fertility,
possible, like not just creating advertisements but also cre- the older population is expected to grow exponentially in
ating stories engaging with millennial, igniting ideas in times to come. The elderly population is likely to be the
them, challenging them, and then giving them a platform bigger problem in terms of its sheer size and magnitude.
to deliver. They are born in a nation which is growing faster It would be interesting to know how Ayushman Bharat
and has an emerging middle income group. They don't would deal with geriatric health care problem in days to
have to struggle unlike their previous generations, as a re- come," He quizzed.
sult, they are unaware of what struggle actually means.
"The geriatric healthcare is the need of
They assume that whatever they wish for, will come to
the hour. The challenges faced by the
them easily".
ageing group were the twin challenges
"Millennial today believe in what we of perception and aspiration. The in-
call FIRE i.e. Financial Independence formal homecare system which was
and Retire Early. They are also called historically available in the past is not
the YOLO generation that says You Live available to today due to disintegration
Only Once. They believe in increasing of joint families. However, there is great disconnect today

The Insurance Times, November 2019 41