OCTOBER 20188"...nobody has ever done this before. That's why it's going to work."- Neo, MatrixBy 2021, 2/3rd of the Indian population would be be-tween the age group of 20-35 years. Industries and orga-nizations that do not reshape their strategies to meet the millennial will become irrelevant. Same holds true for In-surance distribution as well. Insurance has an extremely low penetration and is still in its nascent stages in India. Insurance penetration in India stands at just 3.49 per-centage for the year 2016. Yes, the number is very low when compared to countries like United Kingdom (10.16 percentage). Being a country spread over 3 million square kilometres, we have no choice but to encourage and leverage technology to drive access of relevant insurance products and give professional advice to people even in the remotest villages. Millennial today form the major pool of the consumer population. With endless strategies aligned to pleasing them, why should InsurTech platforms shy away? The youth of today is progressive and is always wanting more. The following pointers will ensure that the InsurTech platforms go a long way in fulfilling the millennial's needs. · Maintaining Transparency: The communication to the millennials ought to be loud and clear. Transparency is the key here. It helps in building trust and a long-lasting relationship.· Tapping the Visible Streak: The best way to reach out to the big group with an even bigger impact is by tapping them right where they are. InsurTech platforms meet the cluster of millennials where they converge, i.e. social media platforms, albeit a different medium for every seg-ment of the chain. · Appealing to their Purposes: What really grabs their attention? InsurTech platforms ought to be creatively sound to pique the attention of the millennials who have a very lean attention span.· Being Personal and Authentic: Anything personalized and genuine always works. As simple as that. If it is de-signed specifically for a particular audience, a person-alised touch connects with them much better.· Don't Sell but Offer your Products: Insurance portals should lend a helping hand to the millennials, thereby One of the biggest InsurTech platform in India that has partnered up with 35+ insurance providers to provide the best policies and plans at the best possible premiumsUSE OF TECHNOLOGY IN INSURANCE DISTRIBUTION TO THE NEW MILLENNIALS By Premanshu Singh, CEO, Coverfox.comIN MY OPINIONAll that today's tech-savvy millennials care about is the speed of the service and the ability for self-buying and service options
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