Millennials ask questions, choose products better, says Policybazaar CEO

Six top insurance executives discuss the mind of the millennials and their buying behaviour. They speak at length on how mis-selling has reduced significantly and why penetration levels have come down

On how to woo the millennial customer 

Sanjeev Nautiyal: The millennial consumer of today likes to co-create products with life insurance companies. Millennials want the life insurance industry to be more flexible and participatory. We have more structured products now but customers want to be able to modify products. Millennials value clear and honest communication. Insurers have to put that to perspective and reimagine customer journey. Simplification of products is important, and they should be de-jargonised. The ecosystem should be transparent in order to cater to millennials. 

Suresh Badami: We need to go back and look at the value proposition