Page 46 - The Insurance Times February 2025

Note: 1. Figures in bracket indicates growth over the previous year in per cent.
2. Death Claim is net of Reinsurance
3. Life insurance business of Sahara India Life Insurance Company Ltd (SILIC) is transferred to SBI Life Insurance
Company Ltd. (SBI Life) by IRDAI vide its Order dt. 02.06.2023 and the above data /information for the FY
2023-24 does not include data /information pertaining to SILIC.

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o Lemonade markets itself as a socially responsible with wellness rewards, motivating millennials to
insurer, donating unused premiums to charities adopt healthier lifestyles.
chosen by policyholders.
o Customers earn discounts on premiums and other
Impact: rewards by meeting fitness goals and undergoing
o Captured millennial interest by aligning insurance health checks.
with their values of convenience and social impact. o The program is integrated with wearable devices
Ping An Life Insurance (China) for seamless tracking.
What They Did: Impact:
o Ping An used AI and big data to create highly per- o Became a preferred choice for millennials inter-
sonalized life insurance offerings for millennials. ested in proactive health management alongside
o Their mobile app offers policy recommendations financial protection.
based on user behavior and preferences.
Conclusion
o Introduced gamification features, rewarding users
for engaging with the app and completing health- Life insurance for millennials requires a fresh approach that
related activities. addresses their misconceptions, aligns with their digital
Impact: habits, and appeals to their financial goals. By simplifying
products, leveraging digital platforms, and emphasizing
o Achieved high engagement rates among tech- affordability and flexibility, insurers can build trust and en-
savvy millennials, driving customer loyalty and
policy renewals. courage millennials to view life insurance as an essential part
of their financial journey. The key lies in adapting to the
AIA Group (Asia-Pacific) - Vitality Program evolving needs of this influential generation, ensuring that
What They Did: life insurance becomes a trusted and relevant solution in
o The AIA Vitality Program combines life insurance their lives.

42 February 2025 The Insurance Times