Millennials are the subject of intense study and discussion, and understandably so. After all, this generation, classified as those ranging between 21 and 40 years of age, make up a significant percentage of people around the world.
In Indonesia alone, according to the Central Statistics Agency, millennials comprise 34 percent of the population. The future of the country is in the hands of this generation. The youngest millennials have begun to enter adulthood. They have all reached a phase in life where they can begin to take responsibility and plan for the future. For these millennials (or "Generation Ready", as some call them), research indicates that planning is extremely important.
Research from AC Nielsen and Kompas indicates that millennials are early adopters of financial products, with many putting their money into savings, investments and preparation for old age.
Of these financial products, major focus is placed on life insurance. According to data from Alvara Research Center earlier this year, life insurance is the second most important financial product to have for 48.5 percent of Indonesian millennials, second only to having a life savings account.
This demonstrates that millennials care about their future, particularly their health. Preparing this demographic for the future is a central focus of BNI Life. This is part of the company's mission as it approaches its 21st year of operations in Indonesia’s insurance industry.
After all, despite realizing the importance of healthcare planning, many millennials are still unaware about the specifics of financial preparation, planning and protection.
"Research indicates that millennials need more information toward preparing for the future, including when it comes to life insurance," said Geger Maulana, acting executive director for BNI Life. "Many from this generation have not included financial planning when thinking about the future."BNI Life’s approach toward millennials takes into account this generation’s technological savviness.
The services BNI is introducing provides convenience through the use of the latest digital platforms. Its preferred channel of communication is through its www.bni-life.co.id website and social media.
This move toward digitization is expected to help customers find accessible information on financial products and services. BNI Life has also trained over 6,000 marketers on how to better serve the younger generation of customers.
In addition, BNI Life's measures to improve service quality include easier access to its customer care centers in major cities throughout the country. Its fast, 25-minute claim process, is sure to be a perfect fit for increasingly busy millennials.
It is also preparing millennials for the future by providing them with a "starter kit for life”.
With its extensive experience and the combined reach of BNI and Sumitomo Life, BNI Life is ready to provide financial products that are tailored to fit customers’ stage in life, whether they are just starting work, becoming parents, or whether they are looking for special health insurance or want protection for retirement.
BNI Life also offers a variety of financial products for any kind of insurance holder, whether as an individual or as an organization. Sharia-based insurance options are also provided.
“We are optimistic that with BNI Life’s product and service innovations, we will improve the public’s quality of life, especially Generation Ready. We hope that our insurance products can become the choice for planning and protection among Indonesians,” Geger said.
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