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In recent years shifts have been witnessed in people ranging from technological to behavioural in terms of indispensable mobiles to shared economy because of social media connectivity and all this should be advantageous to online insurance but still no hike in numbers of insured products is there.
The reason this online insurance is failure in India is because of three fold reasons.
First , the insured product is more as a blanket product ,means same sort of policies from year ranging 10 to 16 yr . There is lack of personalised on demand insurance products and there exists more of comprehensive and heavy looking product
Second, product is designed as an offline agent in mind . Large number of questions make it tedious to go with it
Thirdly, less appealing products for under 30 age group
Now this lefts us with question how to create relevance ? How to increase flexibilty ? How to create on demand model? And how digitizing is a solution?
Which leads to the emergence of Toffee insurance
For this we first need to map the lifestyle of this under 30 age group and analyse where they need to evade the risk
For ex - if you are seeking your way to google map , right there you got the notification to insure trip with a minimal charge of say rs 15 . Another example,, u r going through a busy road and your smart phone/watch analyse the bad quality of air , then and there you got the notification of insurance for respiratory issues ,for say additional 10rs
All this will not only solve the affordability issue but will also change the perspective and mindset of people towards insurance .
All this need a smart connection between policy holder and insurance company so as to organise all the requirements of individuals which is done by block chain methodology .
Now, Ease should be emphasized not only in terms of availability of these products but also in terms of settling of claims by the use of technology
Example - with help of UPI link easily cash transfer is possible then and there without any need of account number , forms and ofcourse unavoidable delay .
Moreover ,merely a click of your (say) medical bill from your phone categorizes the type of claim and is accepted in micro seconds .
Thus the digitalised approach can change the outlook of insurance sector, altogether , and this create a lot of oppurtunities and scope in this sector .
Therefore digital insurance is not an option but a default solution
Reference : https://youtu.be/UTq89quM3no
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