After 30 years in the industry, living and breathing insurance, I feel time is ripe to change the status quo. The Insurance industry has seen lots of changes in the last fifteen years in India. Most of the changes are related to making companies more efficient and processes better. However, unlike other sectors we have not seen Insurance companies redefining the customer experience.
Globally the tide is beginning to turn. Over the last few years, huge investments are flowing in to foster insure-tech companies, who aim at changing this. The global insur-tech market is expected to grow steadily over the next four years with a CAGR of more than 10% by 2020.
In India too, we are witnessing a transition in customer aspirations across industries. 88% of insurance customers demand more personalization from providers. Around one fourth of the cases in consumer courts are relating to insurance companies, which clearly shows that customers are looking for something different. With such changing dynamics time is ripe for a new player.
When I got the opportunity to partner with Fairfax to start a new venture, I grabbed it with both hands (legs too!). Fairfax is amongst the largest general insurance companies in the world and a very big investor in India.
With exposure to markets across the world, I have witnessed firsthand the challenges and opportunities. Presently only 29% of insurance customers are satisfied with their current providers and we hope to change that statistic.
We plan to simplify insurance products so that even a 15 year old would be able to comprehend them. We want to design processes that work for honest customers and deliver a service we would be proud of. I am fortunate to be working with a brilliant team that shares the passion I do, to make the difference.
General Insurance as it grows, would be more than a $ 150 billion industry in twenty years, touching people lives in every nook and corner of the country. Instead of pushing products it would be offering solutions, whether it is to an individual customer or a large corporate. Surveys and data have revealed that 77% of customers are willing to exchange personal data for lower premiums, faster claims settlements or more tailored insurance coverage recommendations.
I foresee insurance becoming a part of people’s daily life aiding them to live without worrying about financial risks and or an uncertain future. Ranging from covering the gadgets we carry, to the places where we live or work, to how we commute and unexpected healthcare expenditures — General Insurance will make it ‘one worry less’!
Become a part of this journey……
Sources for Statistics:
· Research firm Technavio’s recent market research.
· Accenture Strategy Report — https://www.mendix.com/blog/20-stats-future-insurance-depends-customer-experience/