Price comparison, grievance redressal, auto claims payouts, and context-based, data-driven insurance products are few of the insurance innovations that every Indian should be aware of
Insurance itself is a simple concept in what it offers to do. However, complex jargon and multiple legal terms implore the common man to place their trust in agents. How can this trust be enforced? It is quite simple — Buy what you need not what you are sold. The era of "one cover fits all" approach that insurance companies have been using to draft the policies is being challenged gradually.
With a growing tendency among consumers to investigate and compare their investment channels and government regulations being put in place, the tide has changed in favour of the average Indian. Policies are now being carefully designed to fit the trends and needs of the masses while keeping into consideration the varying needs of different demographics. Insurance solutions like marathon insurance, fitness covers, women and student-focused covers are some of the examples in product innovation.
Insurance is a tricky financial product because the benefit is only received by a small fraction of consumers, and that too, in times of utmost distress. These benefits, or claims, are the most important part of providing a good customer experience in the insurance world.
Technology innovation impacting claims experience is most worthwhile and heartwarming. For example, claims payout for flight delay as part of travel insurance is seeing the most amount of action. Since flight delay information is freely available and the insurance company knows the customer's flight details from the ticketing website, insurance companies can provide benefit payouts with any claim. The retail customer should look for good claims experience, or as the future is coming to, automatic claims experience, while considering which insurer to buy from.
Insurers are also using the plethora of data in creating more context-based, relevant insurance products. Nothing in India is more relevant than farming. Crop insurance over the last couple of years has evolved from old school picture proof-based, yield-dependent insurance products to real-time, weather tower-based, detailed insurance product. With the aid of distribution channels such as banks, farmers, especially those taking a loan from banks, can get access to the weather-based crop insurance scheme (WBCIS) instantly.
To summarise, price comparison, grievance redressal, auto claims payouts, and context-based, data-driven insurance products are few of the insurance innovations that every Indian should be aware of. The day is not far away when most people in India will have at least one insurance product to cover one or more of their risks and insurance will become a part of the different digital journeys of the daily consumer life.
The writer is co-founder and CEO, Symbo Insurance
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