Technology

Life Insurance awareness and adoption surges amongst Urban Indians; Protection Quotient now at 45: Max Life IPQ 6.0 Survey*

Published

2 years ago

February 22, 2024

Key Findings of the IPQ 6.0 Survey

India’s Protection Quotient (IPQ) reveals that 3 in 4 urban Indians now own life insuranceUrban India’s heightened awareness about life insurance products drives the overall Knowledge Index to 61; higher importance being ascribed to Cover and Riders while buying Term Life InsuranceThe South Zone most financially prepared; West India has the highest increase in IPQ over the last year Increase seen in the Protection Quotient of working women; now at par with working men Digitally-savvy urban Indians have a significantly higher Protection Quotient of 54 vs non-digital at 45

NEW DELHI, Feb. 22, 2024 /PRNewswire/ — Max Life Insurance Company Ltd. (“Max Life“/ “Company”) today unveiled the findings of the sixth edition of its flagship survey, the India Protection Quotient survey (IPQ)* conducted in partnership with KANTAR, the world’s leading marketing data and analytics company. Tapping 4,700 respondents across 25 Indian cities, this widely inclusive survey uncovers urban India’s pulse on financial protection. Marking its 6th edition, the IPQ stands as one of the most comprehensive and long-running financial studies, covering varied cohorts, including Generation-Z, Women and Millennials, carrying forward the theme of ‘Protection for All’.

As per IPQ 6.0, urban India demonstrates remarkable progress in financial readiness, with 3 out of 4 urban Indians now owning life insurance products. The Protection Index is at an all-time high of 45 in IPQ 6.0, up from 43 in IPQ 5.0, reflecting a positive trajectory in the nation’s evolving protection awareness and adoption. This is reflected in the Knowledge Index increasing from 57 (IPQ 5.0) to 61 (IPQ 6.0) and life insurance ownership levels moving from 73 (IPQ 5.0) to 75 (IPQ 6.0). Over a five-year period, the India Protection Quotient has witnessed an impressive 10-point increase, from 35 in IPQ 1.0 to 45 in IPQ 6.0, that reiterates Urban India’s constant journey towards building financial resilience.

The latest insights unveil a shift in the nation’s financial well-being as well. Despite a modest increase from 63% in IPQ 5.0 to 65% in IPQ 6.0, urban Indians’ financial security levels have yet to fully recover to pre-pandemic levels. Corresponding with last year’s observations, metro cities are approaching the 50-point milestone this year, boasting a Protection Quotient of 49 points. In contrast, life insurance ownership and adoption in Tier II cities remain stagnant, with IPQ lagging at 36 points. In line with previous findings, South India retained its position as the most financially protected zone with a Protection Quotient of 49 points. This was followed by West India, which showcased a marked improvement in financial preparedness from 42 points in IPQ 5.0 to 46 points in IPQ 6.0. North and East zones lagged in financial protection at 41 and 40 points in this edition, respectively.

Unveiling key demographic insights, IPQ 6.0 sheds light on an interesting trend as millennials closely trail older age groups in financial preparedness, scoring at 45 and 46 for millennials and non-millennials, respectively. On the flip side, Gen Z emerges as the least financially shielded age group, holding a Protection Quotient of 42 points, largely due to lower insurance ownership. In a significant achievement, working women have successfully narrowed the financial protection gender gap. The Protection Quotient for working women has surged to 47 points, aligning with their male counterparts. Notably, 8 out of 10 working women are now investing in life insurance, marking a positive shift.

Prashant Tripathy, CEO and Managing Director, Max Life Insurance said, “Over the past five editions, the India Protection Quotient has become a true barometer for measuring urban India’s financial protection levels. By including incremental cohorts’ year-on-year, IPQ has become stronger, bigger, and more inclusive. Today, we are witnessing a remarkable shift in the financial consciousness of this diverse group, with 3 out of 4 urban Indians now owning life insurance. This opens opportunity areas for us in the space of digital transformation, creating tailored products, and building greater awareness initiatives that will help ensure an even larger insurance penetration in the country and support the vision of ‘Insurance for All by 2047′”.

Soumya Mohanty, MD & Chief Client Officer, South Asia, Insights Division, Kantar commented, “We are happy to collaborate with Max Life Insurance in advancing awareness about life insurance and addressing the pressing need for financial security across the nation. As one of the longest-running studies in India, the India Protection Quotient Survey serves as a valued tool in providing critical statistical insights for the life insurance sector. Over the course of six years, the IPQ findings have revealed substantial data relating to financial behavior, savings patterns, and insurance uptake amongst urban Indians, making it an indispensable marker of the country’s financial preparedness.”

About India Protection Quotient

Instituted in 2019, India Protection Quotient is an annual property by Max Life Insurance in association with Kantar aimed at understanding the pulse of Indian consumers in the financial protection space. Launched with the underlying objective of increasing penetration of term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of urban Indians with regards to current financial security levels, changing savings and investment patterns, key anxieties, and triggers of financial protection in a contemporary world. The India Protection Quotient is a proprietary tool developed by Max Life in partnership with Kantar to gauge the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (term, endowment, and ULIP).

The following findings reveal insights that highlight urban India’s shift in attitude and approach towards financial preparedness studied by India Protection Quotient 6.0:

FINANCIAL PREPAREDNESS OF URBAN INDIANS

Highest progress seen in awareness of life insurance products, with more than 50% rise in the Knowledge Index since IPQ 1.0; Life insurance ownership soars to 75%
In a positive move, urban India has made huge strides in awareness about life insurance over the past six years, with the Knowledge Index increasing from 39 in IPQ 1.0 to 61 as per the IPQ 6.0 study. Life insurance ownership too witnessed a steady improvement from 65% in IPQ 1.0 to 75% in the IPQ 6.0 survey indicating urban India’s steady path towards financial protection from unforeseen challenges.Metro and Tier II findings reveal a large gap in the Protection Quotient
IPQ 6.0 revealed a large gap in the IPQ scores of Metro and Tier II cities, with Metro cities inching towards the halfway mark at 49, followed by Tier I cities securing 45 points but Tier II trailing at 36 points. This disparity underscores the ongoing challenge of promoting life insurance awareness and accessibility in smaller urban centers, highlighting the need for targeted interventions to address barriers to financial pliability.Interesting trends in urban India’s financial behavior and savings patterns
The burden of rising medical expenses has emerged as the top concern among urban Indians, with nearly two-thirds of the population expressing significant apprehensions. Despite growing focus on attaining a financially stable retired life, saving for retirement takes a back seat as urban Indians prioritize other savings goals like children’s education and marriage.

OUTLOOK TOWARDS TERM INSURANCE

Gap between Awareness and Uptake of Term Insurance widens as per IPQ 6.0
Despite heightened awareness about term plans, from 64% in IPQ 5.0 to 70% in IPQ 6.0, term insurance ownership has seen negligible improvement since the previous edition, standing at 31% in IPQ 6.0, up from 30% in IPQ 5.0. The widened gap between ownership and awareness of term insurance products reflects shifting savings priorities, as IPQ 6.0 reveals how safeguarding against the untimely death of the breadwinner holds lower importance amongst respondents. In terms of other life insurance products, IPQ 6.0 highlights that 4 out of 10 urban Indians now own one or more savings products, whereas preference for ULIPs remains low at 14% ownership levels. It has also been seen that urban Indians assign higher importance to Cover and Riders while buying Term Insurance, while the priority assigned to premiums has diminished. Not thinking about life insurance, and other investments are the major barriers witnessed in this edition. An interesting point to note is that today 1 out of 4 Indians prefer Health Insurance over Life Insurance, underscoring the value ascribed to health by Indians.

MILLENIALS & NON MILLENIALS

Financial preparedness across generations reveals disparities
The latest data from IPQ 6.0 reveals an intriguing shift in financial preparedness across different generations. While millennials are nearing parity with non-millennials in terms of financial readiness with a Protection Quotient of 45 and 46, respectively, Generation Z trails slightly behind with a Protection Quotient of 42 points. IPQ 6.0 highlights a notable gap in life insurance ownership levels, with Generation Z at 69 compared to non-millennials at 79. Interestingly, Generation Z demonstrates higher scores in Security levels, indicating a strong sense of financial security at 66, surpassing non-millennials at 63. While Generation Z shows promise in financial planning, there is room for improvement, particularly in term insurance uptake.

SALARIED VS SELF-EMPLOYED

Self-employed urban Indians exhibit a 9-point improvement in Knowledge Index in just one year
As per IPQ 6.0, while salaried individuals have maintained relatively stable IPQ scores, self-employed urban Indians are making strides in financially preparing for an uncertain tomorrow. Reflecting a significant enhancement in financial literacy and awareness, the Knowledge Index of self-employed segment stands at 64 – 3 points above the nationwide Knowledge Index scores. This surge in knowledge is paralleled by a tangible increase in ownership levels, with a rise from 73% to 77%, indicating how the cohort is actively addressing gaps in financial protection.

DIGITALLY SAVVY URBAN INDIANS

With an IPQ of 54, Urban India’s digitally savvy consumers are more financially protected than any other cohort
IPQ 6.0 reveals that the Protection Quotient of digitally-savvy urban Indians is 9 points higher than their non-digital counterparts, with the score of the cohort at 54, whereas the non-digital cohort stands at 45 points. The Knowledge Index remains highest in the digitally savvy urban Indian cohort at 73, with 80% of respondents owning life insurance. While traditional channels like agents remain prevalent, there’s a shift towards online channels, reflecting digitally-savvy consumers’ preference for convenience and accessibility. The substantial jump from 11% to 24% in fitness app subscribers within a year underscores the evolving lifestyle choices and preferences of urban Indians.

Read more about the India Protection Quotient at – https://www.maxlifeinsurance.com/maxlife-ipq

Disclaimer:

The study is conducted in the top 25 Urban metros, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities in Urban India only.

Metro – Delhi, Kolkata, Chennai, Bangalore, Hyderabad, MumbaiTier 1 – Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Vizag, Ahmedabad, Bhopal, PuneTier 2 – Dehradun, Moradabad, Guwahati, Bokaro, Kolhapur, Jamnagar, Raipur, Ujjain, Hubli-Dharwad, TiruchirappalliIPQ 6.0 vs IPQ 5.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier 2]The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964%

* Findings represented here are as per the IPQ 6.0 survey and Max Life doesn’t assume responsibility or liability for any contradictions.

About Max Life Insurance

Max Life is a Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital. As per the annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.

For more information, please visit the Company’s website at www.maxlifeinsurance.com

About Kantar

Kantar is the world’s leading marketing data and analytics business and an indispensable brand partner to the world’s top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.

For more information, visit www.kantar.com

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Technology

Walmart Has 23.6% of U.S. Grocery Sales – But Costco Owns the AI Answer – 5W Grocery Retail AI Visibility Index 2026

Published

1 hour ago

May 7, 2026

Walmart Owns 21% of U.S. Grocery — But Costco Owns the AI Answer

NEW YORK, May 7, 2026 /PRNewswire/ — 5WPR, the premier AI communications firm in the United States, today released the U.S. Grocery Retail AI Visibility Index 2026 — the 11th installment in 5W’s AI Visibility Index research series, and the first to rank American grocery retailers by how frequently they are cited inside AI-generated answers.

The headline finding rewrites the category league table.

Walmart, with approximately 21 percent of U.S. grocery market share — the largest in the country — ranks fourth in AI citation share. The retailer cited most often when American shoppers ask ChatGPT, Claude, Perplexity, or Google AI Overviews where to buy their groceries is Costco. Trader Joe’s ranks second. Whole Foods ranks third. Aldi, H-E-B, and Wegmans are all punching far above what their physical footprint would predict.

“Market share is a lagging indicator. AI citation share is a leading indicator,” said Ronn Torossian, Founder and Chairman of 5W. “The grocers who close that gap in 2026 will define the category in 2030. Most grocery CMOs we talk to are running 2019 playbooks against 2026 consumer behavior.”

5W researchers ran more than 80 consumer-intent queries across 12 sub-categories — best overall grocery store, cheapest, highest-quality produce, best private label, best organic, best meal planning, best bulk, best delivery, best customer service, best regional, and others — across the four leading consumer AI platforms. Each retailer was scored on citation frequency, position within the answer, sentiment, and sub-category dominance.

The top 10: Costco, Trader Joe’s, Whole Foods, Walmart, Kroger, Aldi, H-E-B, Publix, Wegmans, and Target.

Key structural findings:

Market share no longer predicts AI citation share. Walmart’s roughly 21 percent share translates to an estimated 8 to 10 percent AI citation share across premium query categories. The decoupling is the single largest such gap in American retail.Private label is the highest-leverage citation asset a grocer owns. Kirkland, Trader Joe’s, 365, Good & Gather, and Great Value are cited directly by name in AI answers at rates that exceed most national CPG brands.Regional loyalty translates directly into regional AI dominance. Regional chains outperform national chains in their home markets by 3x or more.Reddit and TikTok are under-priced citation surfaces. Perplexity pulls a majority of its answers from community sources. ChatGPT and Claude weight Reddit heavily.

The report also identifies six 2026 dynamics reshaping the category, including the new GLP-1 grocery basket, Aldi’s expansion as a citation-compounding program, and Walmart’s CEO transition from Doug McMillon to John Furner — effective February 1, 2026 — as a brand-narrative inflection point.

The full Index, including ranks 11 through 25 and sub-category breakdowns, is available as a free download at 5wpr.com/research.

About 5W

5W is the AI Communications Firm, building brand authority across the platforms where decisions now happen — ChatGPT, Claude, Perplexity, Gemini, and Google AI Overviews — alongside earned media, digital, and influencer channels. 5W combines public relations, digital marketing, Generative Engine Optimization (GEO), and proprietary AI visibility research, helping clients measure and grow their presence in AI-driven buyer research.

Founded more than 20 years ago, 5W has been recognized as a top U.S. PR agency by O’Dwyer’s, named Agency of the Year in the American Business Awards®, and honored as a Top Place to Work in Communications in 2026 by Ragan. 5W serves clients across B2C sectors including Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, and Nonprofit; B2B specialties including Corporate Communications and Reputation Management; as well as Public Affairs, Crisis Communications, and Digital Marketing, including Social Media, Influencer, Paid Media, GEO, and SEO. 5W was also named to the Digiday WorkLife Employer of the Year list.

For more information, visit www.5wpr.com.

Media Contact
Chris Bergin
cbergin@5wpr.com

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Technology

ICAT Logistics Appoints Youssef Annali as Chief Financial Officer

Published

1 hour ago

May 7, 2026

Transportation and logistics finance leader joins as ICAT accelerates its next phase of growth

DALLAS, May 7, 2026 /PRNewswire/ — ICAT Logistics announces the appointment of Youssef Annali as Chief Financial Officer. Annali brings more than two decades of senior finance leadership across global logistics and supply chain businesses, and joins as the company scales its platform, team, and operational capabilities globally.

Annali joins ICAT from OIA Global, a $1.4 billion revenue supply chain management leader, where he served as CFO for four years overseeing Finance, Corporate Development, Strategy, Legal, Compliance, and Real Estate. Prior to OIA, he spent eleven years at CEVA Logistics—one of the world’s largest freight and logistics providers—rising to CFO & EVP Finance for North America, where he held financial accountability for a business generating over $4.5 billion in annual revenue and more than 14,000 employees. Earlier in his career, he served in senior finance roles at Abbott, KPMG, and PricewaterhouseCoopers.

Annali has a consistent track record of building finance functions that support strategic growth and has deep experience across financial planning, M&A, treasury, and corporate restructuring. He holds a Post-Master’s in Finance and Control from the University of Amsterdam and a Master’s in Business Administration from the University of Groningen.

“Youssef has led high-performing finance teams at the highest levels of global logistics. He brings the operational depth and strategic mindset our platform demands as we enter the next phase of growth,” said Brad Stogner, CEO of ICAT Logistics.

“ICAT has built something genuinely differentiated—a specialized platform operating in verticals where precision and domain expertise are non-negotiable. The foundation is strong, and the opportunity ahead is significant. I look forward to working with the team to accelerate that momentum,” said Youssef Annali, Chief Financial Officer of ICAT Logistics.

About ICAT

ICAT is the world’s leading specialized logistics company, delivering customized solutions and deep vertical expertise to industries where failure is not an option. With 65 offices and operating capabilities in 190 countries, ICAT serves customers across Live Events, Luxury, Technology, Defense & Aerospace, Life Sciences, and Financial Institutions—sectors defined by uncompromising performance standards. ICAT’s proprietary, AI-powered technology platform provides end-to-end visibility and predictive intelligence, enabling precise execution for the most demanding operations.

ICAT is backed by New Atlas Capital following its acquisition of the Company in 2024.

Contact Information

ICAT Logistics, Inc.
8840 Cypress Waters Blvd, Ste 325,
Coppell, TX, 75019
marketing@icatlogistics.com

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SOURCE ICAT Logistics, Inc.

Technology

HelloNation Article Highlights Poughkeepsie’s Focus on Youth Investment, Neighborhood Parks and Sustainable Reuse

Published

1 hour ago

May 7, 2026

The article examines how redevelopment projects and youth programs are reshaping community life across Poughkeepsie.

POUGHKEEPSIE, N.Y., May 7, 2026 /PRNewswire/ — What does long term community growth look like when a city invests in both people and public spaces? HelloNation has published a HelloNation article that provides the answer through a detailed look at how Poughkeepsie is combining youth investment, neighborhood improvements and adaptive reuse projects to support residents and strengthen the city’s future.

The article explains that Poughkeepsie is undergoing a period of reinvention centered on infrastructure upgrades, youth programming and redevelopment along the city’s Northside. According to the article, local and county leaders are working to create spaces where residents can learn, gather and build stronger community connections. The article notes that these efforts are intended to improve quality of life while helping the city grow in a more sustainable and inclusive way.

A major focus of the article is the planned Youth Opportunity Union, also known as the YOU, a large multipurpose youth facility backed by Dutchess County. The HelloNation article describes the project as a 19,000 square foot center that will include childcare services, wellness support, tutoring areas, teaching kitchens and both indoor and outdoor recreation spaces. The article explains that the project reflects a larger regional effort to increase opportunities for children and teenagers in underserved communities.

The article also highlights additional youth centered investments connected to sports, education and recreation. According to the article, Dutchess County has awarded grants to local organizations serving young people between the ages of 6 and 17. The article further explains that Poughkeepsie’s City Parks program has introduced mini grants designed to support renovations and activities in neighborhood parks, including Pershing Avenue and Malcolm X parks.

Beyond youth programs, the article details how the city is working to improve transportation and neighborhood infrastructure. The HelloNation article explains that Poughkeepsie launched its first five year paving plan in 2025, beginning with major roadway improvements on Main Street and other corridors. The article states that these upgrades are intended to improve safety, durability and daily conditions for residents while supporting broader redevelopment goals throughout the city.

Another important part of the article focuses on adaptive reuse and environmental redevelopment on the Northside. The article describes how Scenic Hudson plans to transform the former Standard Gage Factory into the Northside Hub, a redevelopment project designed to serve as both a nonprofit headquarters and a community gathering space. According to the article, the project will feature solar powered operations, office space, public parkland and community facilities near the Walkway Over the Hudson and Dutchess Rail Trail.

The article also explains that Poughkeepsie’s selection as the Mid Hudson winner in New York’s Downtown Revitalization Initiative adds additional momentum to current redevelopment efforts. The HelloNation article notes that the funding will support new downtown projects that build on existing investments in youth programs, infrastructure and adaptive reuse. Together, these efforts are presented as part of a broader strategy to create long term stability and opportunity for local residents.

The article concludes that Poughkeepsie’s emerging identity is closely tied to projects that strengthen neighborhoods while supporting future generations. Poughkeepsie Puts Youth, Neighborhood Parks and Sustainable Reuse at the Center of Renewal features insights from HelloNation Staff Writer, community development coverage of Poughkeepsie, New York, in HelloNation.

About HelloNation

HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused digital publications and innovative “edvertising” approach, HelloNation delivers expert-driven, good-news content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities. HelloNation maintains partnerships with the U.S. Conference of Mayors, and the United States First Responders Association.

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