JAKARTA – Noticing great potential of younger generation in insurance industry, Prudential Indonesia held NextGen Fest 2024 in Senayan today (30/10), consisting of two inspirational sharing sessions with young speakers to attract gen Z and millennial participation.

Karin Zulkarnaen, Director of Prudential Indoensia, mentioned that NextGen Fest 2024 is indeed meant as the company’s latest strategy to expand its agent distribution network, particularly to younger generation.

“If we targeted gen Z as both customers and marketing agents, the approach must be readjusted,” said Zulkarnaen when met at NextGen Fest 2024 today (30/10).

Despite the fact that the highest contribution of Prudential’s premium income came from agents, Zulkarnaen still believes that the potential of becoming insurance agents for youth is also great.

She mentioned that although younger generation now has many options to buy insurance products through digital channel (insurtech), Prudential’s research indicates that the young still chooses to have a face-to-face meeting with the marketing agents prior to purchasing insurance products, preferably from their peers.

“It might be due to the fact that insurance products are harder to digest, or it is their first time purchasing, so they prefer to have an explanation from the agent. Therefore, the potential that comes with being insurance agents is huge, and they are irreplaceable,” she added.

According to the data, total Prudential agents reached over 100 thousand as of June 2024. “Out of current total Prudential agents, 52% are millennials, and 19% gen Z,” Zulkarnaen revealed.

Furthermore, she said that becoming insurance agents is also a way to foster agency for the young.

“We create this event with intention so that existing youth, who might not yet be familiar with insurance business and entrepreneurship in insurance agencies, could learn a lot from sharing sessions today,” Zulkarnaen said.

However, in terms of users, she admitted that the portion of young generation users of Prudential Indonesia is indeed small, of under 5%. “But they continue to grow; in fact, the growth rate of new customer acquisition in Prudential is primarily prominent in this segment,” added Zulkarnaen.

“Therefore, we are truly serious in managing gen Z segment; not only as marketing agents but also users,” concluded Zulkarnaen. (ZH)