Toffee Insurance For Millennials — Solving The Basic Economic Problem
Toffee’s Bite-sized Insurances Are Solving the Basic Economic Problem for Millennials…
First things first, what are these economic problems, really?
Theoretically speaking, ‘scarcity of resources’ and ‘problem of choice’ are together called the ‘fundamental economic problems of society.’ All problems, at their core, exist because of these basic problems. Every individual in a society is subject to them.
So, what’s it got to do with you?
Well, assuming you’re in your early 20’s to mid 30’s, you’re a Millennial. This makes you very very different, compared to how any generation before you was, at a similar age owing to the technological boom the world experienced during the ‘90s.
Primarily, the ease with which you understand and interact with technology and use the internet is the first of its kind. But yet, the centuries-old hypothesis of the fundamental economic problem stand true and tested.
1. ‘Scarcity of Resources’
literally just means the gap between limited resources and their limitless wants.
On the other hand…
2. ‘Problem of Choices’
means that because there is scarcity one needs to pick between these limited resources to optimally satisfy their wants.
The basic economic problem is the dilemma of distributing limited resources that have many uses, to satisfy unlimited wants the best way possible.
How are millennials today prone to the economic problems of scarcity and choice?
What’s insurance’s role in this?
“When it comes to insurance and millennials, the basic economic problems of scarcity and choice are as classic as the textbook definition.”
We purchase resources via money. This makes money our most important resource. Simply put, your earnings are your resource, and they are undoubtedly scarce for your limitless wants.
Let’s just say you have been saving for a vacation abroad. A week before your flight bad luck strikes and you happen to fall sick. Since it was monsoon season, you got diagnosed with Dengue.
What a wreck!
Not only are your flight tickets paid for you will now also have to incur medication costs, diagnosis costs and probably a week’s hospitalization costs.
“Your paid leaves for a vacation have now turned into sick leaves. The trauma is not just physical, is it?”
Due to limited your savings, in scarcity you now choose to exhaust your resources on your treatment rather than your vacation. Now that you get the whole idea, what could you have done to avoid this situation? Nor is dengue realistically skippable, nor will your earnings multifold overnight. This sounds like an irreparable jam!
That’s where the idea of a contextualized insurance comes into place.
You might or might not believe that you need full-fledged health insurance worth thousands in your 20’s, wherein you struggle every month end with lifestyle expenses. However, you surely can afford to safeguard yourself against risks you feel particularly exposed to on a daily basis.
Similarly, health isn’t all that’s expensive these days. Our daily gadgets like laptops, mobiles, etc. are also expensive essentials. Repair costs are skyrocketing and one single mishap can cost us our entire savings. Also, we’re a generation of young travelers. We can’t even imagine how our parents waited till after our graduation before they started spending on touring around!
In a nutshell, only millennials will relate to millennial problems up close and personal.
That’s what we are. An insurance intermediary solving problems of the millennials, being run by the millennials, for the millennials.
Our products range from ‘Fitness Insurance’ covering injuries from your daily fitness routine to a ‘Backpack Insurance’ covering your trekking bags against theft.
Cycles, Backpacks, Spectacles, International Travel… You name it, we got it.
Making insurance easy is a tough job indeed. People don’t really like the sound of an agent talking us into buying insurances. So we took it out of the syllabus.
Instead, now you buy insurance like you order food online, except it’s only faster.
2 minutes to buy the policy without questions reminding you of the ills of the world. We only accept claim requests online which we then process online too. There is no need to call anyone to explain anything at all.
Just click pics, submit bills and get refund, all online!
