Increasing Demand for Insurance Among Young Adults: Trends and Insights from BICE LIFE

There is a widespread belief that young people do not use insurance. However, the latest market trends are demonstrating the opposite, a sample of this phenomenon are the trends observed by BICE LIFE. From the organization they comment that more and more young adults – between 25 and 40 years old – are more aware that any unforeseen event can impact their personal, family and professional life, and, therefore, insurance is increasingly in demand by this segment.

Young adults are increasingly developing a habit of foresight and protection, according to BICE VIDA. The first options they choose are supplementary health insurance and catastrophic insurance, which allows the family of the insured to be financially protected against the high expenses that an illness or accident could cause. As he explained Natalia Drullinsky, BICE VIDA Digital Transformation Manager, “the reason for this behavior is that it is convenient for young people to start with this coverage as soon as possible, assuming that the health situation is better when one is younger.”

Another attractive insurance for young people is Seguro más APV. Natalia Drullinsky explained that “young people with a working life of between 10 and 15 years are opting significantly for Insurance with APV, since, in that way can save for the future at the same time that they protect their loved ones in the event of death”.

As expected, young people also opt for travel insurance, with South America being the preferred destination for more than half of the customers, followed by North America and then Europe. Natalia Drullinsky concluded that “as observed in the trends we analyzed, the belief that young people do not take out insurance is a myth. So too, for them It is of great importance that the service is 100% digital, simple, expeditious and interactive. This is why at BICE VIDA we are constantly innovating in this area, with insurance policies created in a personalized way for them”.

You might also be interested in: The New conZumer Journey: how the gen-z and zillennials have created their own buying funnel