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Tag: insurance industry

  • HealthySure – Employee Welfare Insurtech PLatform

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by HealthySure.

    Awareness towards health has increased after the Covid-19 pandemic. People have seen a medical crisis during pandemics which has made them more concerned about health insurance. The increase in awareness and demand for health insurance has confirmed that consumers want better health insurance for themselves and their families. Even after opting for good coverage, when in need, claiming health insurance becomes a pain point for consumers.

    HealthySure has brought a solution through its affordable and accessible healthcare insurance system. It enables Indian citizenship to get a healthy society through insurance along with healthcare services. Read to know more about HealthySure, its founders, business model, its services, and the startup story.

    HealthySure – Company Highlights

    Startup Name HealthySure
    Headquarters Mumbai
    Industry InsurTech
    Founders Sanil Basutkar & Anuj Parekh
    Founded 2021
    Total Funding Raised INR 9 Crores
    Website healthySure.in

    HealthySure – About
    HealthySure – Industry
    HealthySure – Founders and Team
    HealthySure – The Idea and Startup Story
    HealthySure – Name, Tagline, and Logo
    HealthySure – Products and Services
    HealthySure – Business Model and Revenue Model
    HealthySure – Customer Acquisition
    HealthySure – Challenges Faced
    HealthySure – Growth
    HealthySure – Funding
    HealthySure – Competitors
    HealthySure – Tools Used in the Company
    HealthySure – Future Plans

    Anuj Parekh, co-founder of HealthySure sharing story of starting HealthySure

    HealthySure – About

    HealthySure is an employee welfare insurtech. They offer 360-degree insurance and healthcare for organizations and their workforce. Their ultimate vision is to enable affordable and accessible healthcare to the Indian population, and they see organization sponsored health programs going a long way to achieve that.

    Even if an organization is spending a small amount to get insurance cover for their workforce, they plan to leverage that spend and let employees take advantage bring down the cost of comprehensive voluntary health insurance.

    They genuinely believe that a lot can be done to improve healthcare in the country and they hope to play a big part in the coming years to help achieve that.

    HealthySure – Industry

    The Group Health Insurance Market is projected to grow to $11Bn (Rs 80,000 Crore) by 2025 and is almost 1.5x the size of the retail health market. (IRDA Industry Statistics and IBEF and Mordor Intelligence reports). These numbers were projected pre-pandemic. They have clearly seen that this number will be way higher due to the increasing awareness and necessity of health insurance post-covid.

    There are more than 100 million private organizations in India. As India’s penetration of insurance and health cover is very low, there is a huge scope for social security to be provided through organizations as is the case with some of the developed countries. HealthySure is focusing on SMEs and corporates in India with 1 Million such businesses, employing 36 million people.

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    HealthySure – Founders and Team

    HealthySure Founders – Sanil Basutkar & Anuj Parekh

    Anuj is the Co-founder and CEO. He is a chartered accountant and a national rank holder, and has graduated from IIM Bangalore. He has over 7+ years of experience in management consulting, investment banking and corporate finance. Anuj was the key project consultant at Virgin Hyperloop, driving commercialization of world’s first hyperloop corridor in India before taking the plunge into entrepreneurship.

    Sanil is the Co-founder and Product Head. He is a chartered accountant and has graduated from Indian School of Business. He has 7+ years of experience in product management, financial services and management consulting. He is also a founder of Saransh app, a news-in-short equivalent for the vernacular masses. Sanil was the lead product manager at Torre Capital, a fintech investments platform before co-founding HealthySure.

    They are very good friends from their undergrad days when they studied at N.M. College. They always wanted to solve problems, create an impact and had an entrepreneurial mindset. The problem that they are solving, they could personally relate to which just gave them the push to launch HealthySure.

    They bring in complimenting set of skills – while Anuj handles sales, business development and operations, Sanil is involved in product, technology and marketing. Rest of the functions are pretty much divided between the rest of us. Their experience working with startups has really helped us manage multiple things within the company.

    They are currently a team of 25+. They have set up a culture that promotes ownership and responsibility. They encourage team to be not afraid to make mistakes and solve problems on their own. They like to offer a helping hand to them wherever needed. While they promote their openings across, they generally speak to people who directly approach them and also heavily promote referrals within their team and network.

    HealthySure – The Idea and Startup Story

    It was during, the pandemic that they observed a big problem faced by people even with a health insurance cover. For some of their close friends, COVID hospitalization costs for family members were going through the roof. Despite having organization-sponsored health insurance, they were struggling to pay off bills as their cover was inadequate or had certain restrictions such as a room or disease capping leading to short claim settlements.

    As they dug deeper into this problem, this pattern of inadequate health cover was clearly visible across the board.

    Organizations, in most cases, are restricted by budget constraints and as a result opt for a cover that may not be comprehensive. For instance, a corporate health cover of 3 lacs may not be enough to cover healthcare needs of an employee’s family and this does not inspire confidence. This results in either the employee opting for a separate personal cover and in essence paying double the premium or as in most cases, the employee is unable to afford a comprehensive cover, thereby leaving him with the potential for crippling debt at the time of critical emergencies – as was the case observed during COVID. It’s not that people don’t want to have a comprehensive cover, health insurance is also becoming an expensive proposition for many.

    They have innovated a first-in-industry product that helps employees upgrade their corporate health cover for a nominal amount. In the process, the employees enjoy saving as high as 90% over an independent policy. The employees get an added advantage of continuing such covers in personal capacity post-employment with HealthySure. HealthySure is thus making it very affordable to have a comprehensive lifelong insurance cover for any employee.

    HealthySure Logo
    HealthySure Logo

    HealthySure is a unique combination of belief in enabling a healthy society and primarily enabling it through insurance along with healthcare services. So, it’s basically a blend of Health + Insure. Their close friends pitched in with the suggestion while they were brainstorming on what to call ourselves. They immediately identified with it. Their logo is just an extension of their name and identity.

    HealthySure – Products and Services

    HealthySure provides group health insurance to companies. They have innovated a first-in-industry product that helps employees upgrade their corporate health cover for a nominal amount. In the process, the employees enjoy saving as high as 90% over an independent policy. The employees get an added advantage of continuing such covers in personal capacity post-employment with HealthySure. They are thus making it very affordable to have a comprehensive lifelong insurance cover for any employee.

    HealthySure offers employees to take a cover of as high as Rs. 1 crore and all this, while saving significant costs since a sizable portion is subsidized by the organizations themselves. All this is managed through a seamless tech experience for the organization and as well as their workforce.

    The platform also offers a 360 degree healthcare services for their clients including doctor consultations, health checkups, mental wellness, fitness memberships, discounted pharmacy purchases and lab tests among a few.

    They operate in the B2B space and are also able to target employees and have a B2B2C segment. Insurance plans may cost as little as Rs 50 per employee per month for basic covers and can go as high as Rs 3,000 per employee per month for a comprehensive coverage. Compared to retail covers in the market, this still comes at a very low cost.

    HealthySure – Business Model and Revenue Model

    HealthySure monetizes through insurance commissions and selling healthcare services to organizations. Due to their unique offering of Unified Health Insurance, they also see good demand from employees subscribing to additional voluntary insurance coverage.

    HealthySure – Customer Acquisition

    Getting the first set of customers is always a challenge for any business, specially if you are a B2B business. What worked in their favor was their narrative of ensuring the best possible service and addressing the pain points of their customers.

    As the market grew, they started automating their processes and thus letting them gradually build scale. To give an example, they carefully studied the health insurance claims journey of an employee. In a few months, they automated the entire backend process for their customers. They were careful not to bring in the usual solutions of chatbots and telecallers as they understand that human element is always critical in a stressful time like hospitalization. Their clients therefore always have a person to talk to which gives them comfort.  As a result, they have settled more than 100+ claims and have received 5 star ratings from their customers on the service.

    HealthySure – Challenges Faced

    For any startup, building a team and fostering a great culture is the biggest challenge, even more than raising capital. They have been lucky to have had great people in the founding team, who have believed in their vision and continue to deliver exceptionally.

    Building their team required great efforts. While it is important to build a team as soon as possible, they would generally take time. They spoke to people who approached them directly or through their networks and build a connect with them. So even if their team building took time, they had the best of people join them who believed in them and their vision. They have managed to keep their attrition really low which has given them a good stability to build the company.

    Their culture of emphasizing learning, ownership, and responsibility ensures that they are building leaders within the company. This is something that will be their competitive advantage for years to come.

    HealthySure – Growth

    HealthySure started operations 9 months ago and currently doing an Annualized Gross premium of around 15 Crores. This is additionally supplemented by revenue from healthcare-related services. They expect this to grow significantly. They are scaling up their team, technology and operations. While they are yet to achieve profitability, they are confident it may come within the next 2-3 years. They have been very efficient in capital deployment and will focus on growth as well as profitability.

    HealthySure – Funding

    Date Stage Amount Investors
    Feb 2022 Pre-series A INR 9 Crores

    They have raised a pre-series A round funding of Rs. 9 crores in Feb-22 with a clutch of institutions participating. The funds are currently being deployed to scale up their tech, operations and to create an amazing brand HealthySure.

    HealthySure – Competitors

    Some top competitors of HealthySure are:

    • Pazcare
    • Nova Benefits
    • Plum

    HealthySure – Tools Used in the Company

    Some of the tools that HealthySure uses to run the startups are:

    HealthySure – Future Plans

    They hope to serve around 1,50,000 lives within the next 12 months and over a million over the next 2 to 3 years. They have aggressive plans to build a brand that the entire B2B ecosystem has trust and confidence with. Their target groups are SMEs in India, who are predominantly looking to buy employee benefits for the first time. They see a lot of growth in this sector as organizations realize the importance of health covers post the pandemic. There are also some indications of government mandating employee health covers as social security for organizations like certain developed countries. If this happens, it will give rise to exponential demand.

    FAQs

    When was HealthySure founded?

    HealthySure was founded in 2021.

    Who is the founder of HealthySure?

    Sanil Basutkar & Anuj Parekh are the founders of HealthySure.

    Is HealthySure funded?

    Yes, HealthySure received a funding of INR 9 Crores in Feb 2022.

  • LIC Case Study | Success Story of Life Insurance Corporation of India

    Sales of life insurance policies are a vital source of revenue for any life insurance company and their primary motivation for doing business. Because today’s business operations are so intertwined, claim settlement services significantly influence life insurance policy sales. People can use life insurance plans to cover a variety of hazards throughout life.

    The insurance industry grew rapidly in the first two decades of the twentieth century. In 1938, it increased from 44 firms with a total business-in-force of Rs.22 crore to 176 companies with a total business-in-force of Rs.298 crore.
    The call for the life insurance sector to be nationalised had been voiced before, but it gained traction in 1944 when a measure to modify the Life Insurance Act 1938 was filed in the Legislative Assembly. However, it was not until 1956 that life insurance was nationalised in India when the Life Insurance Corporation was passed by the Indian Parliament on June 19.

    Origin of LIC
    LIC’s Objectives
    Growth of LIC
    LIC’s at Present
    LIC’s Products and Services
    LIC Services for its Employees
    LIC’s Marketing Strategy
    Conclusion
    FAQs

    LIC Case Study | Success Story of LIC

    Origin of LIC

    LIC logo
    LIC logo

    The Life Insurance Corporation of India was established on September 1, 1956, by the Ministry of Finance of the Government of India, with the goal of making life insurance more widely available, particularly in rural areas, with the goal of reaching all insurable persons in the country and providing adequate financial cover at a reasonable cost.

    LIC’s Objectives

    The primary goal of LIC is to promote life insurance across the country, particularly in rural regions and among the socially and economically disadvantaged, to reach all insurable individuals and provide them with appropriate financial protection against death at a fair cost.

    Maximise people’s savings mobilisation by making insurance-linked savings sufficiently appealing. Another goal is to function as trustees for the insured public in their individual and collective capacities, meeting the community’s diverse life insurance demands as the social and economic environment changes.

    LIC intends to involve all employees to the best of their abilities to advance the insured public’s interests by delivering prompt and courteous service.

    Growth of LIC

    In 1956, LIC had 5 zone offices, 33 divisional offices, and 212 branch offices in addition to its corporate office. Because life insurance contracts are long-term contracts that require a range of services during the policy’s life, LIC felt the necessity to extend operations and open a branch office at each district headquarters in subsequent years.

    The LIC was reorganised, and it created a considerable number of new branch offices. It shifted servicing tasks to branches due to the reorganisation, and departments were declared accounting units. It had a significant impact on the company’s success. You can observe that from about INR 200 crores in new business in 1957, the company only exceeded INR 1000 crores in 1969-70, and it took another ten years for LIC to reach the INR 2000 crore barrier. However, after reorganisation in the early 1980s, LIC had already surpassed INR 7000 crores in Sum Assured on new policies by 1985-86.

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    LIC’s at Present

    LIC has practically monopolised the solicitation and sale of life insurance plans in India, having existed as a massive insurance business for almost 60 years. LIC has expanded its operations outside of India to 14 countries to meet the insurance needs of Non-Resident Indians.

    With an asset value of INR 2,529,390 crores, LIC is now India’s largest life insurance business, controlled by the government. LIC’s headquarters are in Mumbai.

    It currently operates eight zonal offices and 113 divisional offices around the nation. It has 2,048 branches across India in various towns and cities.

    In addition, LIC maintains a network of over 15 million agents that sell life insurance to the general population. The LIC had a total life fund of $28.3 trillion as of 2019. In the 2018–19 fiscal year, the total value of sold insurance was $21.4 million. In 2018–19, LIC resolved 26 million claims. With 290 million policyholders, it is the largest insurance company in the world.

    The Life Insurance Corporation of India (LIC of India) is one of India’s largest financial organisations, providing comprehensive financial solutions for all aspects of life. It has a customer base of around 23 crores, making it the largest insurance company globally. After Indian Railways, it is the second-largest real estate owner in the country. The LIC advertises through newspapers, radio, television, billboards, and other media.

    LIC’s Products and Services

    The Life Insurance Corporation of India (LIC) offers a variety of life insurance plans. As a government-owned Life Insurance Firm, LIC’s policies are in high demand and appeal to a broad spectrum of consumers.

    LIC For endowment, LIC offers the Jeevan Pragati, LIC Jeevan Labh, LIC Single Premium Endowment Plan, LIC’s New Endowment Plan, New Jeevan Anand, LIC’s Jeevan Rakshak, LIC’s Limited Premium Endowment Plan, LIC’s Jeevan Lakshya, LIC’s Aadhaar Shila, and LIC’s Aadhar Stambh.

    LIC Jeevan Umang specialises in life insurance.

    LIC’s Bima Shree, LIC’s Jeevan Shiromani, LIC’s New Money Back Plan- 20 years, LIC’s New Money Back Plan-25 years, LIC New Bima Bachat, LIC’s Jeevan Tarun are some of the money-back plans available. Money-back plans include LIC’s Anmol Jeevan II and LIC’s e-term Plan.

    Their pension schemes include the Pradhan Mantri Vaya Vandana Yojana, LIC New Jeevan Nidhi, and LIC’s Jeevan Akshay.

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    LIC Services for its Employees

    Agents are being offered home loans.

    The LIC of India’s Agents Housing Scheme provides house loans to the company’s agents. It has a separate subsidiary, LIC-HFL, from which many housing plans are moved for fairer distribution.

    Employees are given meal coupons.

    In September 2010, the Life Insurance Corporation of India (LIC of India) introduced a one-of-a-kind benefit for all workers. The number of meal vouchers is determined by each team member’s position in the hierarchy.

    Team member participation in sports is encouraged.

    Employees of the LIC of India are encouraged to participate in various sporting activities to improve their physical fitness and overall personality. Employees have also spoken on behalf of the company at different national and international levels. It has recruited numerous workers from its Sports Recruitment Quota to maintain competitive excellence in sports and to compete on an equal footing with other businesses.

    Training its employees

    LIC has begun to provide training to its staff at all levels of the organisation. It has established a distinct Human Resources Development / Organizational Development (HRD/OD) Department to develop and enhance capabilities, commitment and foster a learning and performance-focused culture.

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    LIC’s Marketing Strategy

    LIC Life Insurance’s marketing approach is pretty basic. Its primary goal is to educate consumers about the company’s different policies and brands. Personal selling, exhibits, demonstrations at events, advertising, and innovative schemes have all been used by LIC to achieve this goal.

    As presents and incentives, policyholders are given bags, diaries, and calendars. As promotional activities, advertisements are displayed on TVs, newspapers, and billboards.

    A mobile advertising van circulates across rural regions, raising awareness of the firm. LIC-Life Insurance has a website and a webpage where it provides thorough information on each potential inquiry to satisfy customers.

    LIC is continually working to strengthen “Brand LIC” and strengthen the brand’s link with growing market segments. It has done so by maintaining a regular media presence in national and regional outlets.

    It has also sponsored several national and international programmes and a variety of activities such as newspaper campaigns and continuous coverage of goods in several publications.

    FAQs

    Who is the founder of LIC?

    LIC has been founded by Government of India in 1956.

    What are the Subsidiary companies of LIC?

    LIC subsidiary companies are:

    • LIC Pension Fund Limited
    • LIC Cards Service Limited
    • IDBI Bank Limited

    What is the number of employees in LIC?

    There are 1,14,000 employees (2020) working for LIC, and over 10 Lakh LIC agents.

  • How SaaS is transforming the Insurance Industry? | SaaS for Insurance Companies

    It is no surprise that Saas has become an essential tool in shaping and transforming industries. Nowadays, Insurance industry are being transformed into virtual businesses only because of what virtualization has made the service efficient, accurate, and easier to use.

    Software as a service has become the trend these days. Are these tools helping people with their complicated problems? How is it contributing to the insurance industry being a software licensing and delivery model? The functions that Saas has provided to the insurance industry have proved to be remarkable because Saas helps developing solutions and also ensures a more connected environment with customers.

    SaaS is the abbreviated form of Software as a Service, and is also known as ‘on-demand software’. It is a part of cloud-computing along with a few more of them such as IaaS, PaaS, DaaS, MaaS, MBaaS, DCaaS, iPaaS, and ITMaaS.

    It was during the late 1950s when leading companies like IBM and other computer providers referred to SaaS as ‘time-sharing’ or ‘utility computing’. The services were required by the banks at that point in time so that banks could use computing power and database storing services.

    SaaS’ Contribution To The Changing Insurance Industry
    Why Insurance Companies Should Adopt SaaS?
    Conclusion
    FAQs

    Technology trends transforming the Insurance Industry

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    SaaS’ Contribution To The Changing Insurance Industry

    It is not only the insurance industry but every other industry in the world that will benefit from emerging technologies like AI, machine learning, and other software tools so that there is an improvement in customer experience and business operations.

    Industries like the Insurtech industry use tools like SaaS. The Insurtech industry is large especially in the Asian countries it has got a huge market. India stands as the second-largest Insurtech market in the Asia-Pacific region.

    However, the numbers are expected to keep growing from 1.7% to 2.3% by the year 2030. SaaS help insurance companies focus on their business by providing an effective solution. As a result, this becomes a strategy to focus on growth rather than focusing on maintenance of the IT department.

    The insurance market has always been competitive and will continue to be. This means companies that can come up with standout offers and features will dominate the market. The gap between insurers and the policyholders needs to be filled so that excellent services prevail in the market.

    SaaS’ entry into the insurance industry helped companies reduce their cost and employees were able to check the status of insurance. Companies were able to decrease the use of internal resources without making any kind of compromise on security.

    In a country like India where there are more than 800 million internet users, people are adapting the digital benefits of insurance companies. The pandemic situation was another major reason for emerge of SaaS services in the insurance industry.

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    Why Insurance Companies Should Adopt SaaS?

    On one side there are the benefits of using SaaS services and on the other, there has to be proper implementation of SaaS insurance solutions. To go both hands in the hand proper planning is required.

    There has to be some effort put in from the employees’ side so that there is an improvement both in customer experience and being cost-effective at the same time. Reasons, why companies should adapt to SaaS, are because of the following:

    · Enhancing Customer Service

    People say it is the customers that run the business and it is true because customers generate money for a business. Customer satisfaction is important not only in the insurance industry but in every other type of industry.

    SaaS helps improving customer service by providing easy solutions. SaaS help saves the time for the policyholders by providing information regarding bill payment. This way they do not have to raise queries which will only waste time and the solution might be ineffective.

    Once in a while updates are made from the insurance companies so that additional features can be benefitted by the customers. Additional features also help to enhance the customer experience.

    · Information Is Secure

    A policyholder will always look for a safe and secure methods for their insurance. Well, SaaS is an effective solution for that because of the security that it provides. Updates help the security of the information regarding the policyholder and payment details more advanced.

    Insurance companies would be relieved if they did not have to carry the burden of security. SaaS is the perfect model to use especially when a company has a large number of clients.

    Conclusion

    The current scenario of the world has pushed people to turn towards the services of insurance companies. Insurance companies are providing enough support to their clients so that whenever there is an emergency the insurance would be of great help.

    Thanks to technologies like SaaS that monetary transaction has become more secure. Both customers and insurance companies can save time only because SaaS provides a bridge between the gap between customers and insurance companies.

    Without having to move an inch from their houses customers can get help support from chatbots. A chatbot can answer the answers that you can question. SaaS services are yet an effective solution for not only the insurance industry but every other type of industry that can benefit from SaaS.

    FAQs

    Why SaaS is important for an insurance company?

    SaaS helps insurance companies secure the data of the policyholders by identifying fraud and assessing risks.

    Will the growth of using SaaS for insurance companies increase in the future?

    Insurance industry is rapidly increasing and as well as the SaaS industry. Both businesses and customers can benefit from using Artificial intelligence and SaaS. A huge growth of SaaS for insurance companies is expected in future.

    How technology is changing the insurance industry?

    Technology has made the claims experience more efficient, accurate, and easier to use than ever before.

  • The 3 Subsidiaries Of Life Insurance Corporations Of India (LIC)

    The Government of India owns the Life Insurance Corporations of India (LIC), which is an insurance and investment business. The Life Insurance Corporation of India (LIC) was established on September 1, 1956, when the Parliament passed the Life Insurance of India Act, which nationalised the Indian insurance business. The state-owned LIC was formed by the merger of over 245 insurance companies and provident organisations. It both encourages and results in the institutionalisation or mobilisation of savings.

    Since then in the field of life insurance, the LIC has near-monopoly, as the amount of life insurance business through postal insurance and state insurance is relatively much smaller. Life insurance is a very important form of long term contractual savings. The total volume of the insurance business has been growing in the country with the spread of knowledge and consciousness about insurance in the country.

    However LIC can grow at a faster rate if the organizational and operational efficiency of LIC can be improved, new kinds of insurance covers are introduced, its services are extended to smaller lesser-known places and the general price level is kept stable. As of 2019, the Life Insurance Corporation of India had a total life fund of ₹28.3 trillion. The total value of sold policies in the year 2018-19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policyholders.

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    A brief about LIC Subsidiaries

    LIC invests in various sectors such as cement, banks, chemicals and fertilizers, transmission and electricity, engineering, construction and infrastructure, electrical and electronics, healthcare, hotels, finance and investments, information technology, metals and mining, motor vehicles, oil and natural resources, retail, textiles, transportation and logistics.

    Among those companies, LIC’s holding I term of value in 2012 was established to be the highest in ITC (₹27,326 crores), followed by RIL (₹21,659 crores), ONGC (₹17,764 crores), SBI (₹17,058 crores), L&T (₹16,800 crores), and ICICI Bank (₹10,006 crores). The share price drop in ITC on 18 July 2017 had caused LIC a major loss of around 7000 crores during the financial year.

    The subsidiaries of LIC are:

    LIC Pension Fund Limited

    LIC Cards Service Limited

    IDBI Bank Limited

    IDBI Bank Limited Step Down Subsidiaries:

    1. IDBI Capital Markets and Securities Limited (ICMS)

    2. IDBI Intech Limited (IIL)

    3. IDBI Asset Management Limited (IAML)

    4. IDBI Trusteeship Services Ltd (ITSL)

    5. IDBI Federal Life Insurance Company Limited (IDBI Federal)

    Where LIC also holds a 51% stake in IDBI Bank, making it the only insurer in India to own a bank, since regulations prohibit insurers from holding more than 15% stake in any company.

    LIC subsidiaries
    LIC subsidiaries

    LIC Pension Fund Limited

    LIC Pension Fund Limited is India’s first pension fund. It was set up by Life Insurance Corporation (LIC) in November 2007. LIC is one of India three public sector pension fund managers and has a one-third share in all investments made through Central and State Government NPS. It is also open to the private sector as a fund manager. LIC Pension Fund is the first Pension Fund Company in India to be incorporated and to receive commencement of business certificate.

    The government of India introduced the New Pension System (NPS), with effect from 2004. Pension Fund Regulatory And Development Authority (PFRDA) through a process of competitive bidding, has appointed Life Insurance Corporation (LIC), State bank of India (SBI), UTI Asset management company (UTI –AMC) and as The Pension Fund under the NPS. “NPS-Lite Model” is designed to ensure ultra-low administrative and transactional costs, so as to make such small investments viable.

    National Pension System NPS Lite makes pensions possible for small investors. It is an initiative of the Pension Fund Regulatory and Development Authority (PFRDA), the apex body established by the Government of India to regulate and develop the pension sector in India. NPS extends help to the weaker and economically disadvantaged sections of the society with their limited investment potential. This is why PFRDA has launched NPS Lite to specifically target the marginal investors and promote small savings during their productive life. It also aims at building up a corpus sufficient enough to buy an annuity for their old age.

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    LIC Cards Service Limited

    LIC Cards services limited came into existence in 2008 as a 100% subsidiary of LIC to bring out its own credit cards in the market. LIC offers four types of credit cards and each of these cards come with some common features and some distinct features that make them unique. LIC credit cards are best suited for you if you regularly pay a large LIC premium. LIC cards are uncapped, while other cards have a cap cashback and reward points that can be earned on premium payments.

    The types of LIC Cards
    The types of LIC Cards

    The types of LIC cards are:

    • LIC Gold Credit Cards (for regular users)
    • LIC Platinum Credit Cards (for shopping and rewards)
    • LIC Titanium Credit Cards ( for travel and hotel booking)
    • LIC Signature Credit Card (for premium services)
    Fee/Charge Amount/rate
    Finance Charges on Revolving Credit and Cash Advance 3.25% p.m. (46.78% annual)
    Free Credit Period Free Credit Period Up to 50 days
    Cash Withdrawal Fee 2.5% of the amount withdrawn (min. Rs. 500)
    Cash Payment Fee Rs. 100
    Over Limit Fee 3% of the amount (min. Rs. 500)
    Foreign Currency Mark-up Fee 3.5% of the transaction amount

    There are certain criteria that the financial institution looks into before accepting your credit card application. Your credit score, age, monthly income, location etc. are some of the parameters that you should keep in mind before you apply for a credit card. To apply for a LIC credit card, you should be above 18 years and should either be a LIC agent or a LIC policyholder. The document required to apply for a LIC credit card are:

    • Proof of Identity – PAN Card, Aadhaar card, Driver’s License, Passport, Voter’s ID, Overseas Citizen of India Card, Person of Indian Origin Card, Job card issued by NREGA, Letters issued by the UIDAI.
    • Proof of Address – Aadhaar card, Driver’s License, Passport, Utility Bill not more than 3 month’s old, Ration Card, Property Registration Document, Person of Indian Origin Card, Bank Account Statement.
    • Proof of Income – Latest one or 2 salary slips (not more than 3 months old), Latest Form 16, Last 3 months’ bank statement.

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    IDBI Bank Limited

    IDBI Bank Ltd., as a full-service universal bank provides a wide gamut of financial products and services encompassing deposits, loans payment services and investment solutions. Understanding today’s fast-paced and digital world they offer an innovative range of digital services that complement the pan India network of branches and ATMs. The bank also has 24×7 customer care facilities to help its customers reach out. IDBI Bank Ltd is operating as a full-service universal bank that serves customers from all segments.

    As a universal bank, IDBI Bank Ltd. touches the lives of millions of Indians through a wide variety of banking products and services. The Bank also has an established presence in associated financial sector businesses including capital market, investment banking and mutual fund business. IDBI’s very business philosophy is to provide relevant financial solutions, ensure maximum customer convenience through easy access to branches and ATMs as well as digital offerings and excellence in customer service.

    IDBI Subsidiaries
    IDBI Subsidiaries

    The vision is to be the most preferred and trusted bank enhancing value for all stakeholders defining and shaping our day-to-day business, helping us to build long-lasting relationships. IDBI Bank Limited has been categorized as a ‘Private Sector Bank’ for regulatory purposes by the Reserve Bank Of India with effect from January 21, 2019, consequent upon Life Insurance Corporation Of India acquiring 51% of the total paid-up equity share capital of the bank. To cater to its ever-expanding needs, IDBI Bank has formed subsidiaries and joint ventures across diverse areas of the Banking and Financial System.

    Some of its subsidiaries are:

    IDBI Capital Markets and Securities Limited (ICMS)

    Its businesses include Merchant Banking, Stock Broking, Distribution of Financial Products, Corporate Advisory Services, Debt Arranging and undertaking, Portfolio management of pension and Research Services.

    IDBI Intech Limited (IIL)

    The major business activities of the company are Information technology services, information security practices, national contact centre and outbound sales team.

    IDBI Asset Management Limited (IAML)

    IAML is the investment manager of schemes launched by IDBI Mutual Fund. The Fund offers a bouquet of products inequity and risk profiles of investors.

    IDBI Trusteeship Services Ltd (ITSL)

    The company operations are acting as trustees to securitization transactions, acting as Bond/Debenture trustee, Security trusteeship assignments, Share pledge Trustee, Venture Capital Fund, Safe Keeping and other trusteeship services.

    IDBI Federal Life Insurance Company Limited (IDBI Federal)

    The Company’s life insurance business comprises individual life and pension and group life, including non-participating, health and linked segments.

    FAQ

    In which sectors LIC invest?

    LIC invests in various different sectors such as cement, banks, chemicals and fertilizers, transmission and electricity, engineering, construction and infrastructure, electrical and electronics, healthcare, hotels, finance and investments, information technology, metals and mining, motor vehicles, oil and natural resources, retail, textiles, transportation and logistics.

    What is LIC Pension fund limited?

    LIC Pension Fund Limited is India’s first pension fund. It was set up by Life Insurance Corporation (LIC) in November 2007. LIC is one of India three public sector pension fund managers and has a one-third share in all investments made through Central and State Government NPS. It is also open to the private sector as a fund manager. LIC Pension Fund is the first Pension Fund Company in India to be incorporated and to receive commencement of business certificate.

    How many types of Cards does LIC provide?

    LIC Gold Credit Cards (for regular users)
    LIC Platinum Credit Cards (for shopping and rewards)
    LIC Titanium Credit Cards ( for travel and hotel booking)
    LIC Signature Credit Card (for premium services)

  • Wedding Insurance: An Emerging Business Model

    Having insurance for anything that goes wrong ensures that you are shielded. The insurance will pay you back the money. Looking in the times we are, having industry in place is a must. Insurance is available for everything. Ranging from insurance for your car to one for your home or even your wedding.

    A humongous task
    But what if your dream day turns into a complete nightmare?
    Why get a Wedding Insurance?
    Types of Wedding Insurance
    How Wedding Insurance is Emerging as a new Business Model?
    FAQ

    Planning a Wedding is a Humongous Task

    Planning a wedding is no joke, and people involved in the wedding business will tell you about it. Behind the scenes of a single wedding day requires months or even a year of planning in advance. Besides, you want everything to be perfect and dreamy as per your wishes.

    For so long, the industry that has been dealing with weddings has been a completely different sphere. It includes:

    • Dressing
    • Cakes
    • Decorators
    • Food
    • Booking
    • Music
    • Venue

    And you know, the list does not end here. You need to constantly be on the look-out for everything.

    But what if your dream day turns into a complete nightmare?

    You can plan everything, but at times some things are beyond our control. But still, at times, not everything works out according to what you plan, and there goes the months of planning and taking every minute detail of planning right in the bin.

    Weather

    The last thing you want is a snowstorm to hit and not being able to do anything about it. Now, the climate is something that is natural, and you can’t help it.

    Fireworks gone wrong

    All the while, you are walking and your guests are holding sparklers to make your entrance memorable. Your dress accidentally catches your wedding dress on fire.

    Health issues

    What if your other half faces an emergency health problem right on your wedding day. Or someone from your immediate family.

    Why get a Wedding Insurance?

    Insurances act as a shield when something goes wrong. Planning every tad tidbit. Covering all the minor and major factors that go into the planning and arranging of your wedding day. Walking down the aisle when everything is just perfect. Because you do not want a scandal while having the day that you dream of coming to life.

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    Types of Wedding Insurance

    Event cancelation coverage

    Now, this policy will pay you back if your wedding is canceled over some of the reasons like the following:

    • The bride or the groom needs to be immediately deployed to the military.
    • If any extreme weather does not allow you or most of your guests to attend the event.
    • If either person from the couple could be facing any serious emergency health issues or someone from their immediate family.

    Just in case if you need to reschedule, the policy may also help you reimburse your money if you already have paid for the venue and the caterers under unforeseen circumstances.

    Which also includes:

    • Wedding gifts, photographs, videos that are lost or damaged.
    • If your photographer does not show a refund.
    • Repair or replacement costs for your wedding attire and rings.

    Event liability insurance

    Majorly limited to a 24-28 hours period. It helps if you are planning on a rehearsal. It protects:

    • The rehearsal dinner
    • Wedding ceremony and reception
    • The set-up and removal within 24 hours of the event.

    It also covers the cost if you are legally accused of injuring someone at your wedding or causing damage to the venue.

    How Wedding Insurance is Emerging as a new Business Model?

    Need of the hour

    The pandemic caused much chaos in our lives. Delayed the reopening of our schools, colleges, restaurants, parks, and some of the most important days planned by many. It prolonged many people’s weddings.

    Establishing trust with the customers

    Providing people with that peace of mind. The segment of the market that is booking halls for their weddings are also trusting. These wedding insurance companies, that they will protect their investments if anything goes wrong during these uncertain times.

    Specifically tailored policies

    The couples have the policy to choose from which suits them according to their wants. With the flexibility to also add some packages along with either event cancelation coverage policy and the freedom to add some specific package to the policy if needed.

    Search Engine Marketing

    The wedding insurance industry is leveraging platforms like Google Ads to increase their organic search results (SERPs). So, for example, if someone is looking for a company, it will use the keywords like “wedding insurance” and organize your websites by topic. So that it increases the probability of coming up in the search results.

    Using pay-per-click (PPC) allows you to pay a fee to have your website on the search engine result page when people are looking for specific keywords or phrases in the search engine.

    Social media marketing

    Reaching out to young couples looking to plan a wedding on social media. Especially the brides who look for the options directly on social media when researching for what they are looking for.

    These companies use Pinterest as it is the go-to place to plan anything and everything.

    Ranging from ideas for DIYS; indoor decor to planning your weddings. They expand their boards using seasonal photos, and optimize the boards in a way so they gain visibility on Pinterest.

    Referrals and Digital marketing

    There is no one better advocate for your business than a satisfied customer. Wedding insurance companies now have their own websites. To make their presence visible online in the digital world.

    Sharply pairing up the space with a section of reviews from satisfied customers with the service, that in turn act as referrals.

    They also use E-mail marketing appropriately for their wedding business and getting into the right directories for digital marketing.

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    FAQ

    What is covered by wedding insurance?

    Wedding insurances usually covers the cost of the wedding ceremony and reception if something goes wrong.

    How much does wedding insurance typically cost?

    Wedding insurance policies ranges roughly around $215 to $1300.

    What are the types of wedding insurance?

    There are two types of wedding insurance, Event cancelation coverage and Event liability insurance.

  • History, Present and Future of Insurance Industry in India

    Insurance industry in India is not a recent development. It has its route extended even in the writings of Kautilya, Manu, Yagnavalkya etc. Insurance is in fact a very reasonable move to diminish the risk of loss by transferring it from one unit to another in exchange for payment.

    Various insurance companies guarantee to provide a person with compensation for listed losses and damages in return for the payment of a predetermined premium.

    As is explicitly understood, insurance is a method of risk management to protect people and assets from uncertain losses. It pools funds from various insured entities to pay for the losses incurred. However not all kinds of risks are protected through insurance. For a risk to be ensured it should meet certain characteristics.

    Types of Insurance
    Insurance Industry Before Independence
    Growth of Insurance Industry – Post Independence
    Insurance Industry post 2000
    Future of Insurance Industry in India
    FAQ

    Types of Insurance

    The insurance sector has divided insurances into two parts, namely life insurance and General insurance. Life insurances engage with human lives while General Insurance or Non Life Insurance deals with things other than human life. The duration for the insurance can be short-term or long-term.

    Life Insurance

    Life insurance is in fact an agreement between an insurance policy holder and an insurer where the latter guarantees to pay a sum of money to the designated beneficiary in exchange for a premium after the death of the insured person. These policies are lawful agreements and they also list the restrictions that are in place for the insured Events.

    General Insurance

    General Insurance policies on the other hand guarantees payments which are dependent on the laws that a particular financial event incurs. Any insurances that are not determined as Life Insurances are called General or Non Life Insurance. Automobile policies, home owners policies etc. are a few examples. They are also known as property and casualty insurance.

    Insurance Industry Before Independence

    Insurance is considered to be having deep-rooted history. As mentioned earlier there are mentions of insurance in ancient scriptures, especially the ones written by Kautilya and Manu. However, reliable and concrete evidence of the beginning of the insurance industry in India can be traced back to 1818.

    In that year Oriental Life Insurance, a British company was set up in Kolkata to become the first insurance firm in India. They were started to cater to the needs of the European Community in India during that time. These insurance companies however treated Indians and foreigners differently.

    Indians were always charged with higher premiums to distance them from taking up insurances. Followed by that in 1823 a company named Bombay Mutual Life Assurance Society and in 1829 Madras Equitable Life Insurance Society was formed.

    It was in 1914 that the Government of India started issuing returns of insurance companies. It was preceded by the Indian Life Insurance Companies act, 1912. It was known as the first ever initiative to control life insurance dealings.

    Life Insurance Companies Act made it mandatory for the insurance companies to issue the tables of premiums and their periodical valuations to be counter checked by an actuary.

    In 1928 the Indian Insurance Companies act was enacted. It gave power to the government to keep an account of the statistical information regarding Life and Non Life Insurance that are being transacted in India by both Indians and foreigners.

    The insurance act of 1938 had comprehensive provisions that ensured efficient controlling of the activities of insurers to protect the interest of the people.

    Number of Registered Private Insurance companies across India
    Number of Registered Private Insurance companies across India

    Growth of Insurance Industry – Post Independence

    The provisions of insurance were extremely advantageous for the economic activity of the nation. It also created a sense of social security amidst the people. Needless to say the insurance industry in India thrived post independence.

    When the insurance industry was taking its form in India, there were absolutely no regulations. This was in the 19th century. In 1956 the Government of India took over the Life Insurance Company. Followed by that in 1972 the government took over the General Insurance Business of the country.

    Life insurance Corporation or the LIC had a monopoly over the insurance industry. It consolidated 154 Indian, 16 non-Indian insurers and also 75 provident societies—245 Indian and foreign insurers in total.

    In the late 1990s LIC was privatised and the insurance industry was open to the private sector. Foreign Investment Promotion Board or FIPB was formed to assess the promotion of Foreign Direct Investment in India and also to be the sole agent to handle matters related to FDI.

    The board is chaired by the Secretary of the Department of Industrial Policy and Promotion known as DIPP that is within the office of the Prime Minister. It aims to promote FDI in India where they promote investments both domestically and internationally by providing investment in the nation through international companies, foreign investors or NRIs.

    Insurance Industry post 2000

    The insurance industry in India has grown phenomenally from 2000 as the government allowed private sector investment in the industry up to 26%. Until then all private life insurance companies were taken over by LIC. Followed by privatisation, private players in the industry are increasing and the role of LIC in the market is seeing a steady decline.

    One of the main reasons for the continued growth of the insurance industry is because the insurance industry in India is not a high capital cost industry unlike telecommunications or oil.

    Being a developing country most of the employment in India is in the informal sector. Because of this government’s continue to make insurance compulsory in the formal sector which will limit the opportunities to cross subsidise the informal sector.

    Similarly the state has also taken initiatives to offer insurance on a voluntary basis to the informal sector workers since most of the poor in India work here. The government has constantly been looking for reducing large-scale out-of-pocket expenditure, to provide universal healthcare coverage, improve the standards of living and better utilisation of health services.

    All these things being absolutely necessary can be solved to a great extent by providing insurance to all. The IRDAI or the Insurance Regulatory and Development Authority of India regulates and promotes the industry in India. It is formed to protect the interest of the policy holders and to ensure that their rights are protected.

    Future of Insurance Industry in India

    Considering the current market scenario there is an increase in the General or Non Life Insurance Sector compared to the Life Insurance sector. It is predicted that the former will soon start to compete with Life insurance companies in the future.

    However there is absolutely no doubt that the new insurance companies that are going to be set up in the near future will surely experience a positive growth and expansion in the Life and General Insurance sectors.

    The fact that incomes are rising, lifestyles are changing constantly, newer trends are emerging in the industry are excellent signs for the sector to strive for better product innovation, efficient claims management, multi distribution and many other regulatory trends.

    The growth of the insurance sector has also assured in the light of various insurances with which the Indian government had come up. Some of them are

    • Pradhan Mantri Suraksha Bima Yojana (PMSBY)
    • Rashtriya Swasthya Bima Yojana (RSBY)
    • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

    Both the government and companies are committed to protect their employees, especially the ones in the lower and lower middle income divisions. In the future we can expect the growth of more insurance policies with lower premiums. This will augment the economic stature of the nation significantly.

    FAQ

    What is the market size of the insurance industry in India?

    The overall market size of the insurance industry in India is expected to grow over US$ 280 billion in 2020.

    Which is the biggest insurance company in India?

    Life Insurance Corporation of India (LIC) is the biggest and oldest insurance company in India.

    How many insurance companies are there in India in 2020?

    There are 68 insurance companies operating in India as of 2020.

  • Best Insurance Franchises Business In India

    Financial services franchises including insurance businesses are ideal for people interested in the franchise industry. There has been a constant rise in insurance companies and their services. Insurance franchises offer opportunities for small business owners with previous sales or finance experience. With the variety of financial franchising opportunities available, you can be sure to find one that fits your lifestyle and not the other way around. There are many insurance franchise business which is profitable and It also allows you, as the franchise owner to be your boss which can mean working from home if you choose and setting your hours.

    Benefits of buying life insurance:

    • Financial security
    • Child’s future planning
    • Disciplined investments
    • Corpus creation over the long term
    • Retirement planning
    • Tax savings

    Car insurance is a primary focus of all the companies on this list, and as a segment within the insurance industry, collected $287 billion in premiums in 2018 (up from $267 billion in 2017).You will get a lot of advantageous opportunities from the top insurance franchises of 2020, which provide support in franchisee training, help from experts, field assistance, marketing & advertising, proven business model.

    Insurance Industry in India
    Insurance Industry in India

    Max Life Insurance

    Max Life Insurance ranked 24th as India’s Best Companies To Work For 2020. Max Life Insurance, constantly try to create solutions to make life insurance plans easy, affordable, and suitable for every stage of your life. Max Life envisions to be the most admired life insurance company in India by securing the financial future of our customers. They serve customers through Long-Term Savings, Protection and Retirement Solutions, delivered by high-quality Agency and Multi-Channel Distribution Partners. They provide strong social relevance and contribute to society by supporting causes in health and well-being.
    Founded in 2001
    Franchising since 2001
    Franchise units 100-200
    Initial Investment From Rs 2 Lakhs
    Royalty Fees 20%

    Aviva India

    Aviva India is an Indian life assurance company, and a joint venture between Aviva plc, a British assurance company, and Dabur Group, an Indian conglomerate. Aviva India is one of India’s leading life insurance companies, offering a range of individual and group insurance solutions that meet various life stage needs of customers.

    Benefits of Aviva India:

    • Strong salesforce
    • Wide distribution network
    • Among the first companies
    • Competitive in protection and child space
    • Leading banks
    Founded in 1950
    Franchising since 1950
    Franchise units 500-1000
    Initial Investment From Rs 0.5 Lakhs
    Royalty Fees None

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    Trust India General Insurance Services

    Trust India General Insurance Services is a professional insurance adviser dedicated to giving you secure peace of mind.  People at Trust India recognize the importance of finding a means to secure the quality of life. They do their job with all the care, warmth, and clarity you seek in a consultant who is responsible for providing the best insurance for you, your family, or your business.

    They are a general insurer for the following risks: Auto Insurance, Accident Insurance, Health Insurance. Liability risks are covered by our various forms of liability insurance.
    Founded in 2007
    Franchising since 2007
    Franchise units Less than 10
    Initial Investment From Rs 0.1 Lakhs

    Surakshi Financial Services Private Limited

    Surakshit Financial Services Private Limited is a Non-govt company, incorporated on 31 Mar 1995. It’s a private unlisted company and is classified as ‘company limited by shares’. Surakshit Financial Services Private Limited is majorly in the Business Services business for the last 25 years and currently, company operations are active. They are the corporate agent of SBI Life and dealing with General Insurance, Mutual Fund, Fixed Deposit, and online share terminals. To expand the business, they are offering branches/franchises all over India.
    Founded in 2009
    Franchising since 2010
    Franchise units Less than 10
    Initial Investment From Rs 0.1 Lakhs
    Royalty Fees 5%

    Zaidi Corporation

    Zaidi Corporation was founded by Mr. Kazim Raza, a visionary & pioneer in the insurance training industry with a mission to impart Insurance Knowledge to maximum people in the Insurance Marketing Field force, helping them to grow in their own business & to scale greater heights. They offer a wide range of courses for all levels of insurance advisors starting from beginners to intermediate and advanced level advisors. Zaidi Corporation brings an opportunity to start your own insurance training company.
    Founded in 2013
    Franchising since 2013
    Franchise units 10-20
    Initial Investment From Rs 0.1 Lakhs
    Royalty Fees 35%-40%

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    Akcm Group

    Akcm Group is the premier company engaged in its chosen area of operation i.e. Valuations, Inspections, and all allied services to Entrepreneurs, Corporate, Insurers, Banks, Financial Institutions, Government Entities, Small & Midsize Companies. The Company’s vision is to provide quality, professional, and trustworthy services to all its clients. With a core competence in providing technical services, we specialize in the pre-inspection of vehicles during break-in-insurance.
    Founded in 2007
    Franchising since 2007
    Franchise units 10-20
    Initial Investment From Rs 0.1 Lakhs
    Royalty Fees 20%

    Proline Management Services Private Limited

    Proline Management Services Private Limited is a Private incorporated on 18 November 2009. It is classified as a non-govt company and is registered at Registrar of Companies, Coimbatore. It is involved in Legal, accounting, book-keeping and auditing activities; tax consultancy; market research and public opinion polling; business and management consultancy.
    Founded in 2009
    Franchising since 2015
    Franchise units 10-20
    Initial Investment From Rs 10 Lakhs
    Royalty Fees 12%

    Insurance Life 360 Limited

    International Life 360 is an online portal for consumers to purchase term life insurance in US$, from almost every country in the world. The product is underwritten and issued by an insurance company with headquarters in the USA. International Life 360 Limited enables access to insurance for international clients. International Life 360 Limited has been appointed to distribute GBG products online and is pleased to help you access life cover with no medicals or blood tests (for life insurance up to $US 500,000).
    Founded in 2013
    Franchising since 2014
    Franchise units Less than 10
    Initial Investment From Rs 2 Lakhs

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    Insurance

    Insurance is the trading style name of First Insurance World Broking Services P. Ltd, an independent insurance broking firm authorized and regulated by IRDA since 2004, well-positioned to respond to changes in an increasingly demanding market.
    Founded in 2003
    Franchising since 2010
    Initial Investment From Rs 0.1 Lakhs
    Royalty Fees None

    Cost Advantage Wealth Management

    Cost Advantage Wealth Management is to optimize the long-term performance of sa client’s financial assets through proper Financial Planning. They adopt a structured and disciplined advisory approach and provide clients portfolio solutions to meet their desired financial goals and milestones.
    Founded in 2012
    Franchising since 2013
    Franchise units 5
    Initial Investment From Rs 0.5 Lakhs
    Royalty Fees 7.5 Lakhs

    DHFL General Insurance Company Ltd

    COCO by DHFL General Insurance is changing the way customers look at insurance. COCO is combination of “Connected” and “Cover”, signifying an always open and insurance protection swathe. COCO is a Digital platform that is changing general insurance by making process easy, relevant, 24/7 accessible and fun for consumers. They have integrated evolved algorithm, AI and experience.

    Frequently Asked Questions

    How much does an insurance Industry Franchise?

    You can get Insurance franchise with an investment from 0.5 Lakh to 20 Lakh. Max Life Insurance franchise needs investment above ₹2 Lakhs with royalty fees and initial investment. International Life 360 Limited and Proline Management Services Private Limited and  requires investment less than ₹10 Lakhs.

    Does life/health insurance companies make more money than home/auto insurance companies?

    Both Life/health and home/auto insurance make good profit. Comparing them is like comparing apple to an orange. Life/ health insurance company makes it money is when an insured person decides to no longer pay his premiums for any number of reasons. All the premium he has paid over the years is then forfeited. If he dies the next year, his estate gets nothing. Property and causality involves home and car insurance. P and C takes a lot of efforts to keep market share and keep your customers. It is labor intensive. There is a lot of paperwork and convincing is involved. P and C is very profitable but not loyal, in a sense that people shop new rates and you lose your customers.  

  • An Overview of the Insurance Industry In India

    The insurance industry in India is a pool of insurance companies hedging insurance seekers against risk through the means of insurance contracts. The contract is an agreement between the insurer and the insured in which the payment of the former guarantee for an uncertain event against a premium paid by the insured regularly. The premium is mentioned in the contract.

    Insurance is a method of risk management to protect people and assets from uncertain losses. Life Insurance is precisely planned to protect your legatee financially in case something unfortunate happens to you. For investors, insurance is seen as the slow-growing, safe sector when compared to other financial sectors.

    The Insurance Industry in India
    The Insurance Industry Market Size in India
    The Insurance Industry Challenges
    Government Initiatives
    The Future of Insurance Industry in India

    All About Life Insurance | How to Buy and Choose

    The Insurance Industry in India

    The insurance industry in India has two major players:

    However, there are 58 insurance companies in total among which 24 are life insurance companies. Most of them have international ties.

    Under the life insurer segment, LIC is the sole public sector company while there are six public sector companies in the no-life insurer vertical. GIC is the sole national re-insurer in the industry. The chain has many players such as brokers, surveyors and third party administrators serving health insurance claims.

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    The Insurance Industry Market Size in India

    Market Share of Top Companies in terms of Gross Direct Premium
    Market Share of Top Companies in terms of Gross Direct Premium

    The government has always pushed for insurance penetration in the economy. As per the data from sectoral regulator IRDAI, gross direct premiums of non-life insurers in India grew nearly 7% to Rs 14,809.27 crore in June this year while the 34 non-life insurance companies in the country had reported gross direct premium of Rs 13,842.27 crore in June 2020.

    Of these, the 25 general insurance companies registered a 4.9% rise in gross direct premium during the month at Rs 13,041.51 crore as against Rs 12,435.71 crore in the year-ago period.

    The five standalone private-sector health insurers witnessed a 46.6%  jump in gross direct premium at Rs 1,556.89 crore from Rs 1,061.94 crore in June 2020.

    Two specialised PSU insurers– Agricultural Insurance Company of India and ECGC Ltd — reported a decline of 38.8% in combined gross direct premium during the month at Rs 210.87 crore from Rs 344.62 crore a year ago.

    Cumulatively, the premium written by all the players during April-June 2021-22 was up 13.8% to Rs 44,434.96 crore as against Rs 39,054.82 crore in the same period of 2020-21.

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    The Insurance Industry Challenges

    1.  Using data to improve experiences

    Using data to improve offerings and customer experience is not new for the insurance industry. But doing this well and consistently is a challenge. To use data for better customer experience companies need to leverage digital insurance solutions. The use of an agile cloud system and data analytics can help companies meet customer demands. Chatbots, mobile applications, and AI-generated quotes could be the best solution possible now.

    2.  Commoditization

    Insurers are consistently trying to get new customers while retaining their present ones. Providing lower rates than their competitor is the best way to do that. But along with this modern consumer decides to purchase insurance based on how they are treated by the insurance company working with them.

    Commoditization is the process of treating someone as if they are a mere commodity. The “commoditization” of insurance that has received so much press is a misnomer. Insurance is not a commodity but a complex good.

    This challenge can be overcome with the help of Artificial Intelligence and automated process which can provide a personalized yet fast customer experience. Digital insurance technologies also help to create unique products quickly.

    3. Digitizing small businesses

    Small businesses are the most profitable market in the insurance industry. Even though big insurance companies are aggressively trying to move into this market. But this can cause loss to companies who are already serving small commercials.

    To maintain their customer base and expand the insurance companies serving small commercials should provide digital interactions and digitize underwriting and claims. Investing in employees and new talent can help them expand their existing business and acquire new customers.

    The Impact of Coronavirus On The Insurance Industry
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    Government Initiatives

    The Government of India has taken several initiatives to boost the insurance industry. Some of them are as follows:

    • The government has announced an increase in the Foreign Direct Investment (FDI) limit in insurance from 49% to 74% in the union budget of 2021-22.
    • The government has also taken an initiative to provide for 100 million poor and vulnerable families under the National Health Protection Scheme that was launched in September 2018.
    • To boost the safety of farmers’ crops and ensure the maximum benefit of crop insurance reaches farmers, the government of India has allocated Rs 16000 crores for Pradhan Mantri Fasal Bima Yojana (PMFBY) for the fiscal year 2021-22.
    • The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue re-designed initial public offering (IPO) guidelines for insurance companies in India that are looking to divest equity through the IPO route. IRDAI has allowed insurers to invest up to 10% in additional tier 1 (AT1) bonds that are issued by banks to augment their tier 1 capital; this will help expand the pool of eligible investors for the banks.

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    The Future of Insurance Industry in India

    The future looks promising for the life insurance industry in India. Several changes in the regulatory framework have been proposed which may transform the way the industry conducts its business and engages with customers.

    As per the data from sectoral regulator IRDAI, the gross direct premiums of non-life insurers in India grew nearly 7% to Rs 14,809.27 crore in June this year. The general insurance industry is expected to increase by 7-9% in terms of gross direct premium income in FY22, backed by healthy growth from the health and motor segments.

    Demographic factors such as the growing middle class, young insurable population and retirement planning will support the growth of the Indian life insurance segment.

    FAQs

    What does the insurance industry do?

    The insurance industry sells the financial product as a method of risk management to protect people and assets from uncertain losses. It pools funds from various insured entities to pay for the losses incurred. However, not all kinds of risks are protected through insurance. For a risk to be ensured it should meet certain characteristics.

    What type of industry is insurance?

    Insurance is a financial service industry.

    What are the 4 types of insurance?

    The 4 types of insurance include:

    • Motor insurance
    • Health insurance
    • Travel insurance
    • Home insurance

    How large is the insurance industry?

    As per the data from sectoral regulator IRDAI, the gross direct premiums of non-life insurers in India grew nearly 7% to Rs 14,809.27 crore in June this year. The general insurance industry is expected to increase by 7-9% in terms of gross direct premium income in FY22, backed by healthy growth from the health and motor segments.

    Which is the biggest insurance company in India?

    Life Insurance Corporation of India (LIC) is the biggest and oldest insurance company in India.

    How many insurance companies are there in India?

    There are 58 insurance companies in total among which 24 are life insurance companies and the other 34 are non-life insurance companies.

  • How Policybazaar Witnessed Huge Growth with these Marketing Strategies

    We all definitely plan to buy insurance at some point in life. Be it life insurance, health insurance, or car insurance, in today’s world, it is very important to have insurance. Insurance acts as a safety net for us who financially protects us and our families. In India, people are very cautious when it comes to life and don’t take a risk when their families are involved. Hence the policy market of India is huge and people are very perceptive towards it.

    There is one such company in India named PolicyBazaar that gives a lot of information about different insurances. Since its inception, PolicyBazaar has served millions of customers and it was all possible because of the marketing that the company focused on. Know more about the marketing strategies of PolicyBazaar in this article.

    About Policybazaar
    Marketing Strategies used by Policybazaar
    FAQ

    About Policybazaar

    The giant insurance aggregator PolicyBazaar is a platform where people can get tools to see which insurance policies and products seem the best fit for them. Found in 2008, the company has marked a staggering growth when it comes to the traffic generated and the number of people using the platform to buy insurance tools and products.

    It has become a one-stop destination website for all the insurance-related queries and problems for Indian Consumers. PolicyBazaar also claims to be 100% reliable and secure when it comes to its business and the services that they provide.

    Marketing Strategies used by Policybazaar

    Huge Level of Television Advertisements:

    The company strongly believes in spending on TV advertisements as they see huge potential in the growth of insurance in India. PolicyBazaar has a mission to educate the masses in our country with the knowledge of insurance; the need for it and its benefits and that is where they believe that televisions can do justice. Mostly the targeted channel genre for advertisements is new channels and film channels as the target audience spends most of their time watching these channels.

    Partnering at IPL:

    In India, cricket and IPL sensation are beyond par. Advertising and partnering with something this huge is itself a great marketing strategy. PolicyBazaar always had confidence in IPL and felt that it could help them in increasing their reach and it actually did.

    In 2020 the online insurance aggregator partnered with IPL and featured Akshay Kumar as their brand ambassador. The company believes that IPL and television have helped build the credibility around the brand which has, in turn, helped them to convert leads into actual buyers.

    Ipl Ad Campaign of Policybazaar
    IPL Ad Campaign of Policybazaar

    Post Covid-19 Pandemic:

    PolicyBazaar was a little fortunate when it came to the Covid-19 pandemic since their business got expanded. After the health crisis have aroused to the peak, people become very cautious about their lives. Hence PolicyBazaar was able to get huge business as many people realized the importance of life insurance and health insurance.

    With just a few days of the lockdowns imposed by the government, people started buying plans from PolicyBazaar and that is when they saw a surge in their business. Looking at these situations, PolicyBazaar started to advertise and market their brand in a way where they talked about the importance of getting yourself insured in such challenging times.

    Innovation:

    Policybazaar has been growing exponentially. They handle millions of customer queries every month over phone calls. To reduce this workload they adopted Amazon Polly which is an efficient text-to-speech solution that helps in voice broadcasting, critical voice alerts, and inbound calls.

    With the help of Amazon Polly, the company was able to shift the lengthy phone calls to pre-defined responses to customer queries. It enabled PolicyBazaar to send focused answers to the customers and enhanced their experience.

    Also, the company developed a chatbot – PBee, with the help of Artificial Intelligence, which helped and supported the customers with their general queries. This helped the company to give instant responses to their customers and increased their operational efficiency. This resulted in greater satisfaction and the ratings increased from 60% to 85% with better output.

    Consumer Engagement:

    When PolicyBazaar was started, it was a lead generation company. Earlier whenever they get people who were interested in the insurance products they used to pass the information to partners. As time passed they realized that they should move towards aggregation and that is where they started picking up business. Their operations solely revolve around how they engage with their customers as the consumers have different needs and choices when it comes to insurance products.

    PolicyBazaar is a marketplace where the customers can compare the different insurance products and evaluate and analyze the worth of each product. And that is how PolicyBazaar markets its business by assisting the consumers in getting information about various insurance products and along with that gives them the freedom to choose wisely.

    FAQ

    Who is the CEO of Policybazaar?

    Yashish Dahiya is the CEO and founder of Policybazaar.

    Is PolicyBazaar and PaisaBazaar same?

    Paisabazaar is a platform  that is focused on loans and non-insurance products.

    What is the Valuation of Policybazaar?

    As of 2020 the valuation of Policybazaar is $1.5bn.

    Conclusion

    In the industry, if at some point you get stuck with something related to insurance policies or have any queries, then PolicyBazaar is the place where you can get all the solutions. The trustworthy company has helped many people to get the best plans and policies that suit them and would benefit them in the future.