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A recent report by Insurance Samadhan, an insurance grievance redressal platform, shows that 46% of the insurance related grievances have come from the age group of 25 to 38, also known as millennials. Of this group, 42% were women.
88% of all complaints were towards claim rejection, which was the top major issue among millennials. This was followed by short settlement of claims by insurers, which happens when insurers pay less than the policyholders expected and delay in claim settlement by the insurers.
The next highest number of complaints has come from the age group of 39-52, which accounted for 29% of the total complaints. This was followed by the 53-66 age group at 16%, the 67-80 years age group which had 4% of grievances and the 81-94 age group, which had no grievances.
Here are some other key highlights of the report:
- 62% of the people complaining were professional or service employees
- 67% of the complainants had a graduate degree
- The states with the highest insurance complaints were Maharashtra and Uttar Pradesh, respectively
Shilpa Arora, co-founder & COO of Insurance Samadhan, said, “Our data indicates that the younger generation, particularly the millennials, are the most active when voicing their insurance concerns. Additionally, more efforts should be channeled towards the female consumer segment, particularly in the rural and older demographics.”
“Despite growing awareness, 31% of India’s population still lacks health insurance due to low penetration and high costs. To address this, the industry must tailor products for different age groups and simplify grievance redressal for fairer outcomes,” she added.
