Hello Readers!
The insurance sector is one of the fastest-growing sectors in India, people throughout the country are showing their interest in insurance products, be it health insurance, life insurance, or products insurance such as property, travel, motor, and others.
In India, it was estimated that the Insurance sector was a USD 280 billion market as of 2020, growing continuously.
After the introduction of the internet and mobile technologies in this sector, individuals now purchase different insurance policies, with no need of visiting the branch. Initially, individuals found the facility as an easy process to insure themselves with different insurance products, however with the growing time the user community registered a number of difficulties that they face while using the digital platform.
After good research and conversation with a large number of users, we have observed that there are still certain areas that need more than just incremental improvements.
Let us have a look at these areas of insurance sectors that need to be addressed with a degree of urgency.
Jargon Must Be Clearly Understood!
Most of the literary sources (articles and blogs) related to the insurance sector found on the internet today are prepared in the way that it can bring more traffic on it, it hardly has to do with the matter that what the individual understand about insurance and how much clear he is about insurance products.
A survey conducted in 2017 showed that 57 percent of the individuals who bought insurance did not clearly understand all the terms, conditions, features, and benefits.
Lack of information, on insurance products, sometimes ends up users not finding what they want from the insurance, and what happens ultimately they drop the idea to purchase insurance products.
Comparison Facilities Not SO Much Helpful!
Individuals spend hours searching about the insurance products, sometimes days also. They search about different insurance companies and their products and then compare them with each other to pick out the one that they are looking for.
After spending hours most of the individuals give up the idea to purchase insurance products, while some of them hold their last hope on call center executives or local agents to understand the products better. And what happens with call executives, individuals get the information of the insurance product but the positive points they get is related to the specific product that they promote, the rest of the products are left unexplained or underrated. So basically, the mission of comparison is left unaccomplished.
Need Of Improvement In Online Purchase Process!
Nearly every insurance company after realizing the need of the hour has made their digital presence, but meanwhile, all this insurance is still left behind. The online presence of insurance is simply taken as a digital version of the physical model. The forms available online are just the replicas of the ones that we would find at the branches, and the documentation work is similar to that we would require at a branch office 20 years back.
So basically, the availability of insurance product purchases online has not brought any comfort of technology presence for the digital users.
Post-Payment Processes Become Too Hectic!
Well, in our conversation with a large number of insurance users, we came across the fact that in all the online scenarios of insurance products, the post-payment process is the arena that needs immediate attention and development.
The motive behind making the purchase of insurance products available online was to make it convenient to purchase with reduced paperwork with the help of proxy data, however, the ecosystem players are making it difficult by not making commitments to ensure the fulfillments from their end.
Secondly, the process of medical check-ups, uploading documents, and then getting a policy along with multiple phone calls from various stakeholders, become too tedious for an individual to handle.
After Insurance was privatized in India two decades before, it saw good progress in improving customer experience. But with the new change in this sector that is the introduction of a digital platform, what we need is to make the information present online, much accurate and understandable. What we might truly need is a rapid, revolutionary change.
Until and unless there will be lags in the information of the insurance sector, it will be much difficult for the sales executive to sell insurance products to any user.
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