According to a study that examined industry demographics, insurance advisors from the Gen Z and millennial generations (born after 1997 and 1981) account for 85% of total policy sales.
Turtlemint, an insurance technology (insurtech) startup, examined the demographics of its network of over 350,000 registered insurance consultants. According to the corporation, 78% of Generation Z advisers conduct the majority of their work online. Approximately 74% of millennial advisors favor digital channels for transactions.
In most states, Generation Z and millennials account for 80 percent of qualified insurance advisors. "We are seeing a significant increase in sales, driven by Generation Z and Millennials. This data emphasizes the importance of digital transformation in the insurance industry, and we remain committed to providing innovative solutions that meet the changing needs of both our partners and customers," said Dhirendra Mahyavanshi, co-founder and CEO of Turtlemint, in a press release.
The rise of insurtech firms with digital platforms is facilitating the entry of new advisors and making insurance a lucrative career.
“Traditionally considered a complex and less engaging career, insurance is now viewed as a dynamic and essential financial tool. The current generation's digital proficiency is not just increasing sales but is also redefining customer engagement. This evolution underscores the beginning of a new era in insurance, one that is driven by technology and a customer-first approach,” said the company.
