Understanding How General Insurance Has Evolved Over The Years: The Policybazaar Show

Policybazaar plays the role of a mediator between the insurance company and the customer. It offers the best proposition to its customers and makes sure that the combined operating ratios of the insurance companies are also in control. The organization provides the best plans to the customers after knowing their needs. 

The insurance industry and customer preferences have changed over the years. Earlier, relatives or friends used to visit our house and sell insurance policies. However, now, customers have evolved and want more information. One has to be transparent when selling insurance products. Policybazaar assesses customers’ data to learn their necessity. The organization is working with insurance companies to simplify insurance products for customers. 

Policybazaar’s exclusivity for varied segments
Health insurance is segmented as per age, family, pre-existing diseases. Senior citizen insurance is one of the biggest segments at Policybazaar. It's difficult for a senior citizen to get an insurance policy as they need to get their medicals done and understand insurance jargon etc. Individual teams address their respective segments at Policybazaar. They have a role to evolve their own segments.

The relevance of digital analytics in insurance 
Customers can research, compare, choose, and fill proposal forms on Policybazaar online. There is no physical process involved. All of the insurance-related processes are conducted online. Policybazaar uses voice analytics to find out customer’s needs.

Increase in demand for health insurance during Covid-19
According to data from the General Insurance Council, in the first two months of FY 21, health insurance has contributed 36% of non-life insurance premiums against 26% of the motor insurance segment. Earlier, the consumer sentiment was, they used to buy car insurance more and not health insurance because it is mandatory. However, now consumers have realized that health insurance is a priority, especially during the pandemic.

((calculator))

Travel insurance to see a boost post lockdown
Travel didn’t have any bookings for the first three months of lockdown. However, as people are deciding to travel, they are thinking to buy travel insurance. It is surprising that only 7-10% of people traveling abroad buy travel insurance and only 34 countries have mandatory travel insurance. After the pandemic, customers understand that if they travel abroad and fall sick, health-care is expensive outside and can exhaust all their savings. So, travel insurance will see a boost post lockdown, and sales should rise to 70-80%

The relevance of investing in Home insurance
One must have home insurance. It's not just the house, the contents in your house are also valuable like television, refrigerators, furniture, etc. There are three types of covers in home insurance- structure only, content only, and structure+content. A structure only home insurance covers the house in case of fire, natural calamity, etc. A content-only covers furniture, air-conditioner, TV, refrigerator, etc. and helps against burglary and theft. 

The road ahead for Insurance in India
The pandemic has been awakening for India to buy insurance. People are realizing not just the importance of insuring their health but also their businesses. Investing in insurance covering life, health, assets is a must.
((newsletter))