Insurance firms must keep up with millennials

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Generally, the insurance industry is conservative. Insurers are not known for admitting the need and interest to transform their business models to suit current demographics. In fact, insurers have been quite circumspect when it comes to embracing new technology. However, the industry’s future depends on embracing this change, which is disrupting all industries and sectors.

In Kenya, millennials comprise up to 10.1 million of the 49.7 million population according to data from the Population Reference Bureau 2017. Millennials have grown up in today’s digital media world and are technology savvy, resourceful with tonnes of information at their disposal, and seek instant gratification. Their exposure to technology has influenced their behaviour, opinions and the choices on which products and services they use.