‘We will add 15,000 insurance agents this year’ by Quickinsure

QuickInsure Brokers Private Limited, an insurance broking company, has tied up with 17 insurance companies to offer automobile, health, personal accident and travel insurance. It has launched quickinsurance.co.in, through which it offers paper-less service to insurance buyers through its agents. The company plans a three-fold rise in its agents this year from the present of about 6,000. QucikInsure Founder and Chief Executive Officer Anand Shrikhande speaks with B Krishna Mohan on their strategies and expansion plans. Edited excerpts:

Business model
We are insurance brokers. Earlier, only insurance companies were allowed to appoint agents. But that changed after regulator Irdai allowed brokers to appoint agents. Ours is an agent driven-business. We now have 6,000 of them including 500 in Hyderabad. We plan to increase the total number to 20,000 this year. We give instant commission (about 15 per cent) to the agents as against the 30 days’ time taken in the industry. We support them with an app that allows them to showcase products from various insurers. We integrated our systems with that of insurance companies to get realtime updates so that we can compare the policies on features prices. We are a completely paperless — the policies are delivered online. Payments are accepted only online and are made directly to the insurance companies We are settling about 50 claims every month.

Trends in the sector
More people are taking health insurance mainly due to the rising healthcare costs. The average sum insured is about Rs 5 lakh. The segment is growing around 35 per cent. Also, many are talking about a personal accident cover for financial security. Motor insurance is steady with about 15 per cent growth. However, the automobile industry is now seeing a slowdown mainly due to new emission norms and conversion to electric vehicles. About 50 per cent of the two-wheelers plying on the roads do not have any kind of insurance. Among those buying insurance, many are inclined at having third party insurance. Own damage cover is considered only if the vehicle age is below five years. Many are also considering zero-dip policies. Travel insurance is yet to take off in a big way. Now, the domestic travel insurance is mainly for flight and train journeys. Health, personal accident and a term policy are must haves for all.

Revenue target
Our revenues were about Rs 2 crore and the insurance premium collected was about Rs 20 crore. But this year, we expect the insurance collection to rise about five-fold and a corresponding rise in our revenues on the back of addition of new customers as well as renewal of policies. We are confident of achieving this the number of polices for us is rising by over three-fold month-on-month.

Funds and Plans
We have secured about $1 million in funding last year. We are getting enquiries for funding and will decide on that as we grow. The segment we operate in has limited competition now. However, this will be the future of the trade and use of technology will be key to cater to the customers.

https://quickinsure.co.in/ 

Carry Your Travel Insurance Before Going On A Vacation by Quickinsure

Going on a vacation without any pre-planning does seem adventurous, but one of the most ignored aspects of an international trip planning is travel insurance. The travellers don’t realise that the cost of treatment of a simple stomach infection abroad might just become more expensive than the cost of their trip. Normally a health insurance cover bought in India does not hold valid on foreign land for your healthcare needs unless specially provided for in your health insurance policy. Domestic health insurance and travel insurance are not the same.

Travel insurance does not just take care of your medical expenses but also other situations that could arise. These include flight cancellations, loss or delay of baggage, stolen passports, trip cancellations, terror attack and more. Who would not like to avoid additional expenses on account of these incidences?

Travel insurance is easy to buy and can be purchased online. One should always shop around before buying a policy. The reason is that travel insurance, while a standardised product still has many catches to look out for.

Pre-Existing Conditions

One aspect to look for is the cover for pre-existing conditions. Some insurance companies will cover a health emergency caused due to a pre-existing situation and others won’t.

Incidental Cover

An airline needs to get you to your destination as a part of your contract with them. But there are many clauses where the airline is not obliged to reimburse you in case there is a cancellation or delay beyond their control. The terror attack on twin towers left many passengers stranded across many airports of the world. In such a situation, one could end up spending a lot of money on hotels, meals and alternate travel arrangements. Here, the insurance company would have stepped in to reimburse the incidental costs.

Trip Interruption Benefit

Travel insurance policy would also compensate if there is some sort of an issue midway through trip that causes you to curtail your stay. Under the trip interruption benefit, the travel policy would cover you up to a prespecified limit for expenses. If you were in Sri Lanka when the bomb blast occurred on Easter Sunday and you had to head home with a first flight, you get trip interruption benefit.

Choose Your Plan Wisely

If you are a frequent international traveler, you might want to buy an annual plan that covers multiple trips or single trip insurance if you don’t travel as often. It would work out cheaper for business travellers to have an annual plan.

On-The-Spot Assistance

It’s important to check that you are buying a policy which provides you with on-the-spot assistance on the foreign land. Managing money when you are on a foreign land might be difficult if you opt for a policy which asks you to pay off front and get reimbursed later.

So, the next time you pack your bags, make sure you spend some time in buying a right travel insurance plan and avoid unforeseen expenses when you are on a foreign land. Hope you never have to use this policy.

https://quickinsure.co.in/  

How to make full use of section 80D to save tax on health insurance by Quickinsure

Health insurance is a necessity that can also help you save taxes. Generally, you can save tax on health insurance premium for a maximum of Rs 1 lakh in case you and your parents are above the age of 60 years. But did you know that you and your spouse can save more tax on health insurance premium beyond the Rs 1 lakh limit (assuming that you and your spouse earn independent taxable income)? 

Under section 80D of the Income tax act, a deduction of Rs 25,000 can be claimed for health insurance premiums including preventive healthcare check-up costs for yourself, spouse and your children. Further, if you buy health insurance for your parents, you can get an additional deduction up to Rs 50,000 from your income if your parents are senior citizens. This way you can get tax-saving deduction benefit up to Rs 75,000.

If your parents below 60 years of age, then you can get an additional deduction of Rs 25,000. Hence, the maximum tax-saving deduction that you can get on buying health insurance is up to Rs 50,000. 

On the other hand, if the policyholder and his/her parents' age is above 60 years, then he/she can get an additional deduction of Rs 50,000. Thus, in such a case, the policyholder can get a maximum deduction benefit for Rs 1 lakh. 

How can you maximise tax benefit on the entire family's income?
If your spouse is also an earning member, then he/she can also claim deduction from income of up to Rs 50,000 by buying health insurance for his/her parents. This way your spouse can help in reducing his/her taxable income and therefore, of the family as a whole. 

Rajat Mohan, Partner, AMRG & Associates said that, suppose the taxpayer is female and married, she can also buy health insurance policy covering family members and can claim deduction under section 80D for premiums paid for herself, her husband, her children, and her parents. "Hence, in a similar manner you and your spouse can buy separate health insurance policies for your family and respective parents and claim deductions under section 80D and save more tax on your overall family's income, ," said Mohan.

However, Archit Gupta, founder and CEO, Cleartax.in said, "You can only claim deduction under section 80D on health insurance bought for your parents and not for your parents-in-law. Also, the deduction is available irrespective of whether your parents are financially dependent or not," he added. 

This way, your spouse can buy health insurance for her parents and thereby help in maximising the overall tax-saving deduction benefit on the entire family's income. You can save taxes for up to Rs 1.5 lakh or more (in case you and your parents are above the age of 60). 

Here's how much a married couple can save on taxes under section 80D during a particular financial year.

Maximising overall tax-saving deduction benefit on the entire family's income under section 80D by purchasing health insurance 

Assuming that only one health insurance policy is bought for the family and also, each spouse buys insurance for their respective parents. 

Can you claim maximum deduction in case of having a single parent?
In case one of the insured parents passes away the other parent can continue with the same the policy. In such a scenario, the policyholder can claim the tax deduction benefit according to the actual premium paid for the policy. Anand Shrikhande, CEO and Founder, Quickinsure Insurance Brokers said, "You can continue to renew the policy with one member/parent and claim the premium as paid for one member/parent which will be the actual premium paid or Rs 50,000 (whichever is lower). The member/parent who dies is deleted from the policy and the other member/parent continues as insured." 

Alok Agrawal, Partner, Deloitte India said that whether an individual pays health insurance premium for his single parent or both parents, as per the provisions of Income-tax Act, he would be eligible to claim a deduction of the total amount of premium paid subject to a maximum of Rs 25,000. This limit increases to Rs 50,000 in case the parent of the individual is a senior citizen (i.e., age is 60 years or more at any time during the financial year). "However, you can avail the above deductions only if the payment is made by any mode other than cash," he said.

What policyholders should know
It is important to note that you should always take advice from a qualified/registered financial planner before buying health insurance. Amit Chhabra, Head- Health Insurance, Policybazaar.com said, "Health insurance shouldn't be bought mainly for tax-saving purpose, you should buy it to reduce your financial stress in case of medical exigencies."

He said that it is advisable to buy a policy with a large sum insured rather than buying two policies with smaller sum insured. The ideal way to buy health insurance is that the spouse should buy a policy with maximum cover for self and family including parents. "And, if you want to maximise your tax benefit and reduce family's tax liability, then one of the spouses can buy a health insurance policy only for his/her parents. You should know that spouses can claim deduction for health policy bought for respective parents but not for in-laws," he said. 

https://quickinsure.co.in/ 

How to make full use of section 80D to save tax on health insurance by Quickinsure

You can only claim deduction under section 80D on health insurance bought for your parents and not for your parents-in-law.

Health insurance is a necessity that can also help you save taxes. Generally, you can save tax on health insurance premium for a maximum of Rs 1 lakh in case you and your parents are above the age of 60 years. But did you know that you and your spouse can save more tax on health insurance premium beyond the Rs 1 lakh limit (assuming that you and your spouse earn independent taxable income)? 

Under section 80D of the Income tax act, a deduction of Rs 25,000 can be claimed for health insurance premiums including preventive healthcare check-up costs for yourself, spouse and your children. Further, if you buy health insurance for your parents, you can get an additional deduction up to Rs 50,000 from your income if your parents are senior citizens. This way you can get tax-saving deduction benefit up to Rs 75,000. 

If your parents below 60 years of age, then you can get an additional deduction of Rs 25,000. Hence, the maximum tax-saving deduction that you can get on buying health insurance is up to Rs 50,000. 

On the other hand, if the policyholder and his/her parents' age is above 60 years, then he/she can get an additional deduction of Rs 50,000. Thus, in such a case, the policyholder can get a maximum deduction benefit for Rs 1 lakh. 
How can you maximise tax benefit on the entire family's income?

If your spouse is also an earning member, then he/she can also claim deduction from income of up to Rs 50,000 by buying health insurance for his/her parents. This way your spouse can help in reducing his/her taxable income and therefore, of the family as a whole. 

Rajat Mohan, Partner, AMRG & Associates said that, suppose the taxpayer is female and married, she can also buy health insurance policy covering family members and can claim deduction under section 80D for premiums paid for herself, her husband, her children, and her parents. "Hence, in a similar manner you and your spouse can buy separate health insurance policies for your family and respective parents and claim deductions under section 80D and save more tax on your overall family's income,” said Mohan.

However, Archit Gupta, founder and CEO, Cleartax.in said, "You can only claim deduction under section 80D on health insurance bought for your parents and not for your parents-in-law. Also, the deduction is available irrespective of whether your parents are financially dependent or not," he added.

This way, your spouse can buy health insurance for her parents and thereby help in maximising the overall tax-saving deduction benefit on the entire family's income. You can save taxes for up to Rs 1.5 lakh or more (in case you and your parents are above the age of 60). 

Here's how much a married couple can save on taxes under section 80D during a particular financial year.

Maximising overall tax-saving deduction benefit on the entire family's income under section 80D by purchasing health insurance 
Assuming that only one health insurance policy is bought for the family and also, each spouse buys insurance for their respective parents.

Can you claim maximum deduction in case of having a single parent?
In case one of the insured parents passes away the other parent can continue with the same the policy. In such a scenario, the policyholder can claim the tax deduction benefit according to the actual premium paid for the policy. AnandShrikhande, CEO and Founder, Quickinsure Insurance Brokers said, "You can continue to renew the policy with one member/parent and claim the premium as paid for one member/parent which will be the actual premium paid or Rs 50,000 (whichever is lower). The member/parent who dies is deleted from the policy and the other member/parent continues as insured."

AlokAgrawal, Partner, Deloitte India said that whether an individual pays health insurance premium for his single parent or both parents, as per the provisions of Income-tax Act, he would be eligible to claim a deduction of the total amount of premium paid subject to a maximum of Rs 25,000. This limit increases to Rs 50,000 in case the parent of the individual is a senior citizen (i.e., age is 60 years or more at any time during the financial year). "However, you can avail the above deductions only if the payment is made by any mode other than cash," he said. 

What policyholders should know
It is important to note that you should always take advice from a qualified/registered financial planner before buying health insurance. AmitChhabra, Head- Health Insurance, Policybazaar.com said, "Health insurance shouldn't be bought mainly for tax-saving purpose, you should buy it to reduce your financial stress in case of medical exigencies." 

He said that it is advisable to buy a policy with a large sum insured rather than buying two policies with smaller sum insured. The ideal way to buy health insurance is that the spouse should buy a policy with maximum cover for self and family including parents. "And, if you want to maximise your tax benefit and reduce family's tax liability, then one of the spouses can buy a health insurance policy only for his/her parents. You should know that spouses can claim deduction for health policy bought for respective parents but not for in-laws," he said. 

https://quickinsure.co.in/ 

Can spouses split health insurance premium to claim tax benefit under section 80D?

Will the insurer issue two separate tax certificates to the spouses for paying the premium in parts for one health policy? Here's what tax and insurance experts have to say. 

If a couple buys a family floater health insurance plan covering themselves, children and parents, then the premium may be too large for one spouse to be able to claim. 

A family floater health insurance plan covers two or more members of the family for a fixed sum assured in exchange for a single annual premium. Here, what one should remember is that the premium amount of such a policy can lie somewhere in between Rs 25,000 and Rs 50,000. However, as per the number and age of family members you want to get insured, the type of policy you need, and the sum insured you have selected, the premium may differ and even go beyond the range mentioned above. 

Hence, at times, it may happen that the policyholder may either not be able to pay the premium amount in one go or the premium may be higher than the maximum on which he can get tax benefits under section 80D of the Income Tax Act. In such a case, a couple may want to split the premium between themselves and pay a portion individually. 

The question arises, can you split the premium in any ratio between yourself and your spouse to claim tax-saving deduction under section 80D? Also, will the insurer issue two separate tax certificates to the spouses for paying the premium in parts for one health policy? Here's what tax and insurance experts have to say. 

Splitting of insurance premium to avail tax benefit 
The deduction under section 80D of the Act is available in respect of self, family and your parents. According to tax experts, income tax laws do not disallow or bar splitting of premium payment between two individuals for a single policy in order to claim tax benefit under section 80D. However, insurance experts are divided over whether separate tax certificates can be issued to two individuals paying premium in parts for a single policy. 

Tax experts' view

HomiMistry, Partner, Deloitte India said that there is no specific mention in the Act regarding splitting of the insurance premium paid by spouses.An individual would be allowed to claim a deduction, based on the actual premium paid by him during a particular financial year, subject to the limits and conditions as prescribed by the Act, he said. "However, it would be preferable if you and your spouse pay the amount through separate bank accounts." He said, "You may also know that there is nothing in the Act which mandates that you or your spouse need to buy separate policies for claiming a deduction in your individual tax returns." 

Archit Gupta, Founder & CEO, Cleartax.com said that in income tax act there is nothing such thing mentioned that individuals cannot split premium while making payment against one policy. Hence, in case one wants to split insurance premium paid under a policy between husband and wife and claim separately under section 80D, they can do so. "But in such a case your insurer will have to split the premiums themselves when issuing the policy," he added. 

Will insurer issue two tax certificates for premium payments? 
Some insurers said that they could issue two tax certificates for premium paid in parts for a single policy subject to certain terms and conditions. However, other insurers disagreed, and some didn't respond to our emails regarding the issue. 

Insurers' who agreed 
AnujGulati, MD & CEO, Religare Health Insurance said that there are health insurance policies with a family floater option, where the insured can add up to 5 family members including parents, siblings, spouse and children. Hence, in such a way one can save tax on the premium of up to Rs 75,000 as defined under section 80D of the Act with a single policy. Gulati further said premium for a single policy can be paid by two individuals provided they are related.Both individuals will be issued tax certificates basis the respective premiums paid by them. "You can choose the amount you wish to pay as there are no rules on the minimum amount that each one needs to pay," he said. 

Bhabatosh Mishra, COO, Apollo Munich Health Insurance said that premium for one health insurance policy can be split and paid by the policyholder and his/her spouse given that both of them are covered in the same policy. "Tax certificate will be issued to you in accordance with the premium paid by you and your spouse," he said. 

Insurers' who disagreed 
Contrary to this, Anand Roy, Executive Director & CMO, Star Health and Allied Insurance said that separate tax certificates would not be given to spouses for paying premium for a single policy. The tax deduction benefit under section 80D can be availed by the proposer, which is limited to one person per policy only. "Also, you can avail the benefit only once per policy cycle," he added. 

Eswaranatrajan N, COO & Senior EVP, Kotak General Insurance said, "For one policy we can issue only one certificate. Since the premium amounts are approved by the regulator and only what has been approved can be quoted." 

Similarly, SasikumarAdidamu, CTO, Bajaj Allianz General Insurance said that under one health insurance policy there can be only one proposer. "You and your spouse cannot split the insurance premium amount and claim it separately for taking the deduction because only the person (who is the proposer) paying the premium can claim deduction under section 80D of the Act," he said. 

However, SubrataMondal, EVP (Underwriting), IFFCO Tokio General Insurance said that the health insurance premium can either be paid by a policyholder or a spouse. "But the person who pays the premium becomes the primary policyholder and the receipt is issued in his or her name. Therefore, considering that there can only be one proposer for a health insurance policy the tax benefit can only be claimed by one individual," he added. 

Can only proposer claim tax relief? 
According to tax experts, it is not mentioned anywhere in tax laws that one has to be a proposer of policy to pay the premium and claim tax benefit subject to the deduction limit. "There is nothing mentioned in the Act which prohibits claiming the deduction, for payment made (as prescribed), only because the taxpayer is not the proposer of the policy," said Mistry.

Shanmuga Prasad, Tax Director, People Advisory Services, EY India, said, "We understand that 'proposer' in terms of insurance would mean the policy owner. However, section 80D of the Act lays down that deduction for the medical insurance premium can be claimed by an individual who pays the premium for self/spouse/dependent children/parents. Also, it does not specifically mention that the taxpayer needs to be the policy owner". 

Is it possible to have two proposers in a single policy? 
A proposer is merely a policy owner who purchases the policy and pays the premium. Kapil Mehta, CEO, Securenow.in, a Delhi-based insurance broker, said, "You may note that there is no prohibition in law for having more than one proposer. However, still, you may not find the option of making multiple proposers in a health insurance policy as the standard practice followed by the insurer is to have just one proposer. Eveven the proposal forms also cater to just one proposer." 

Points to note 
According to tax practitioners, while theoretically you can split the premium and claim the tax benefit separately, practically you may face a problem if any scrutiny arises. In a situation like this, tax-experts say that the health insurer issuing separate tax certificates in the name of spouses is a must. This will help in claiming tax benefit and also, one can keep it as a record for proof. 

Rajat Mohan, Partner, AMRG & Associates said technically income tax law requires a payment to be made for permissible insurance policies and in case such payment is supplemented by a tax benefit certificate from the insurance company then taxpayers can claim the benefit on each individual payment against the policy. "Therefore, before you and your spouse make such payments, first you should ask your insurer whether it would issue separate tax certificates for premium payment for a single policy.”

Max Bupa Health Insurance, Aditya Birla Health Insurance, Aviva Health Insurance and Royal Sundaram Health Insurance did not respond to this correspondents' queries on the above subject. 

https://quickinsure.co.in/ 

Carry Your Travel Insurance Before Going On A Vacation by Quickinsure

Going on a vacation without any pre-planning does seem adventurous, but one of the most ignored aspects of an international trip planning is travel insurance. The travellers don’t realise that the cost of treatment of a simple stomach infection abroad might just become more expensive than the cost of their trip. Normally a health insurance cover bought in India does not hold valid on foreign land for your healthcare needs unless specially provided for in your health insurance policy. Domestic health insurance and travel insurance are not the same.

Travel insurance does not just take care of your medical expenses but also other situations that could arise. These include flight cancellations, loss or delay of baggage, stolen passports, trip cancellations, terror attack and more. Who would not like to avoid additional expenses on account of these incidences?

Travel insurance is easy to buy and can be purchased online. One should always shop around before buying a policy. The reason is that travel insurance, while a standardised product still has many catches to look out for.

Pre-Existing Conditions

One aspect to look for is the cover for pre-existing conditions. Some insurance companies will cover a health emergency caused due to a pre-existing situation and others won’t.

Incidental Cover

An airline needs to get you to your destination as a part of your contract with them. But there are many clauses where the airline is not obliged to reimburse you in case there is a cancellation or delay beyond their control. The terror attack on twin towers left many passengers stranded across many airports of the world. In such a situation, one could end up spending a lot of money on hotels, meals and alternate travel arrangements. Here, the insurance company would have stepped in to reimburse the incidental costs.

Trip Interruption Benefit

Travel insurance policy would also compensate if there is some sort of an issue midway through trip that causes you to curtail your stay. Under the trip interruption benefit, the travel policy would cover you up to a prespecified limit for expenses. If you were in Sri Lanka when the bomb blast occurred on Easter Sunday and you had to head home with a first flight, you get trip interruption benefit.

Choose Your Plan Wisely

If you are a frequent international traveler, you might want to buy an annual plan that covers multiple trips or single trip insurance if you don’t travel as often. It would work out cheaper for business travellers to have an annual plan.

On-The-Spot Assistance

It’s important to check that you are buying a policy which provides you with on-the-spot assistance on the foreign land. Managing money when you are on a foreign land might be difficult if you opt for a policy which asks you to pay off front and get reimbursed later.

So, the next time you pack your bags, make sure you spend some time in buying a right travel insurance plan and avoid unforeseen expenses when you are on a foreign land. Hope you never have to use this policy.

https://quickinsure.co.in/ 

India’s leading Insurance Broker web portal Quickinsure simplifies process of buying insurance for B2B and B2C

India's insurance sector is undergoing unprecedented modernization and it’s digitizing rapidly, adopting modern techniques. With an effort to simplify and connect to the customers in a hyper-personalized manner like never before, QuickInsure Brokers Private Limited has introduced India’s leading B2B and B2C online insurance web-portal www.quickinsure.co.in

The web portal provides insurance policies including car insurance, two wheeler insurance, health insurance, travel insurance and personal accident cover. It gives a real-time price and features comparison of insurance policies from all Indian insurers.

In B2C platform, customers buy retail insurance policies of multiple insurance companies offered on the website. On the other hand, B2B2C platform is used by agents to compare and buy multiple insurance companies policies for their customers. Quickinsure have secured foreign investments from M/S Sachka International (British investors).

As a web portal, Quickinsure consciously chooses to be in the life of millions of insurance agents by providing them technology on their fingertips. It offers excellent services and opportunities to employees, business partners, investors and ecosystem partners across the country to safeguard their insurable interest. The lean structure of Quickinsure has resulted in being the best business platform and helps people to make a decision and buy insurance online as well as offline with ease. The web portal does not accept cash and cheque for premium payments. All payments are online and directly to the insurance companies. No human interference is required. It ensures clean business practices, unlike traditional practices. The company follows an instant commission payments mechanism to its business partners. Quickinsure also created a mobile application to help insurance agents do their business more efficiently prevailing tedious market practices. The mobile platform offers seamless management of insurance business from one single platform nullifying the current need of an agent for working directly with insurance companies. Volumes coming out of business done by agents and their response to products and services helps Quickinsure to further strengthen and focus on building a better network.

The Opportunity That Lies in Non-life Insurance Space by Quickinsure

The insurance industry in India has existed for nearly a decade now but only recently it underwent the phase of liberalization and deregulation. Despite over 100s of insurance companies operating across health, life and general sectors, not many citizens realized the importance of non-life insurances until recently. Investing in safety packages for auto, health & travel was treated as expenditure rather than a way out to navigate through various risk scenarios.

Over time, the increased disposable income and improved general awareness have played a crucial role in amplified general & health insurance subscriptions. Having been nationalized in 1972, the industry has come a long way. Consumers have started to realize the value of non-life insurance products. With the upsurge of the start-up ecosystem in India, a significant boost of technology integration into insurance services has been noted, leading to increased adoption of such products.

Entrepreneur India talked to some leading names in the health & general insurance space to assess the market scenario.

Technology – The Game Changer

The penetration of the internet across the Indian borders has brought along endless opportunities for business aspirants. The insurance sector is reshaping with the entrance of new players in the market, by merging product thinking, data and technology with the existing bone structure of the industry. There are about 450 million digitally active consumers today, using more than 8 GB of data per month.

65 per cent of the Indian population is below the age of 35, representing the largest cohort in human history stated Rohan Kumar, the CEO and Co-founder of Toffee Insurance, adding, “With new technologies rapidly emerging, consumers now want insurers to deliver superior, personalized and seamless services across all channels.”

The new-age consumers are supremely active online and are looking to adopt a safer lifestyle. To fit within this scope, insurers need to be relevant to the end user and technology can help accelerate the process. However, for real-time results, conventional mediums need to be sidelined. Kumar suggested three areas to challenge traditional enterprise structures:

·         Blockchain technology can be used to drive smart insurance contracts in Policy Issuance & Claim Servicing. This will also allow for real-time claim processing.

·         AI & ML and advanced data mining techniques can help in assessing real-time risk scenarios to provide variable/dynamic pricing. This will help fuel the on-demand personalized insurance structure.

·         Insurers can integrate with various IOT devices to drive data loops and personalised insurance plans.

In the global insurance space, emerging technologies are changing the business landscape. While in India, technology adoptions for both company and individuals are still in the budding phase which will continue to affect insurance penetration, provided Atul Deshpande, the Head of Operations, Strategy & PMO at SBI General Insurance.

He further added, “The use of web-based technologies as an Insurance service delivery medium has added new elements to service dissemination. The escalation in self-service technologies has provided customers with multiple choice for using services offered by insurers. The online service attributes of ‘convenience’ and ‘ease of use’ are being given priority by customers for designing web-based solutions.”

A Hotbed for Startups

Private players have gained momentum in the insurance space with their flexible approach towards providing such services as they are more open to tailoring their products to the specific needs of the customer. Currently, there are around 30 Private General Insurers operating in India offering a variety of products. According to Neeraj Prakash, Managing Director, Shriram General Insurance, Insurance Awareness Program has played a crucial role in the growth of general Insurance market in the country.

More so, people have started understanding that paying premiums of general insurance is like depositing the amount in a savings account. Giving a context, Prakash said, “Valuable possessions in our life, such as home, business and vehicle are also very important as our life. Some of the recent disasters Like Mumbai Floods, J& K Floods, Uttrakhand tragedy and Chennai Floods also prompted this revolution. Most of the Property, which was damaged under these catastrophes, were uninsured.”

Buying insurance online has become a fad in recent years. While the share of premium received through online sales is still small in India but the medium holds great potential. The unconventional method provides convenience, quick execution of services and most of all, clarity about the product. A number of start-ups in the insurance space have jumped the field to address the pain points of customers through their unique identification.

One such organization is Digit Insurance. The startup has witnessed the insurance industry evolving over the years. “The industry is coming up with insurance solutions that cater to the changing lifestyles and life products of people,” Vijay Kumar, CEO & Principal Officer Go Digit General Insurance Ltd, adding, “Customized products are the way forward to increase penetration of insurance products.”

Further providing testimony to the increased consumption of online insurance services, Kumar claimed, “Digital claims give customers speed and ease, so it’s a win-win situation.” The insurance industry is undergoing a major shift. Major European insurers have set up innovation divisions or labs and have set up huge investment funds to invest in Insurtechs, verified Pallav Singh, Co-founder & CEO, Kruzr.

He further suggested that we see this trend even in some Indian insurers, which makes us quite bullish about the InsurTech domain in India. Recently, online startup Acko General Insurance Co. Ltd raised $65 million in a Series C round of funding led by Flipkart co-founder Binny Bansal, recommending an increased interest of investors in the insurance space. Taking a glance at other deals, we see a string of online insurance platforms raising funds.

In January, Turtlemint raised $25 million in a fresh funding round led by the Indian arm of global venture capital firm Sequoia Capital whereas the parent company of insurance startup Digit Insurance Go Digit Infoworks Services Pvt. Ltd raised $45 million from existing investor Fairfax Holdings in July last year.

Corporate-Government Connect

Post the economic liberalisation, tonnes of opportunities were available for private players to explore and the government was there to handhold. With reference to health insurance policies, the Insurance Regulatory and Development Authority (IRDA) of India has lineated certain regulations to further support the insurers. “Portability options opened by IRDA in health insurance category is now providing a valuable boost to this category,” provided Anand Shrikhande, the CEO of Quickinsure.

Insurance is a complex and high involvement product. People have started considering Health and Motor insurance policies as a compulsory part of their financial portfolio. According to Dhirendra Mahyavanshi, the Co-Founder of Turtlemint protecting vehicles against damages has become a priority for customers and the digital intervention has made the claims way easier to apply and track.

“For health insurance awareness of insurance has gone up way higher. Corporates, as well as the Government, have enrolled in health schemes, making the concept even more popular. With the ever-rising healthcare costs, insurance comes as salvage as paying the entire expenses out-of-pocket cost a lot,” he stated.

Shrikhande highlighted the role of government in pushing such schemes by stating, “New add-on attachment to existing products, a government mandate on crop insurance and increasing awareness of the need of health insurance are some more triggers for this revolution.” Talking about future trends, Mahyavanshi sees a good future when it comes to offering health wellness solutions like regular health check-ups, fitness bands etc.

Even motor insurance has become a compulsory deal for new vehicle buyers. IRDA has mandated multi-year policy to increase two-wheeler insurance penetration. However, only 80 per cent has been witnessed yet due to two-wheeler riders dodging the compulsion to save a few bucks, inviting high risk in case of mishaps. Nonetheless, India's auto sales are growing healthy at 10 per cent, which makes motor insurance a growing sector in India.

“With the Government aided and funded schemes for Crop, Health, and other insurance covers reaching out to the length and breadth of the country, there will be increased awareness over the next few years. It is critical that this awareness is leveraged to ensure that the uninsured, as well as the underinsured population of the country, is covered adequately for risks,” Deshpande said.

Move from Traditional to Innovative

The insurance industry has embarked on a radical transformation spurred by a series of digital innovations. We are experiencing spur in small ticket products in all segments of general insurance. Startups are coming up with innovative and affordable solutions to fit the bill for millennial by offering non-conventional services like insurance for fitness, daily commute etc.

Traditionally, these kinds of OTC products were treated as luxury and not many would invest in the services but with time and increased awareness, customers are more willing to spend on something of relevance. Explaining the inclusion of motor insurance cover as a necessary service, Shrikhande said, “Customers do their research online and also want to engage in communication before buying (these) products.”

Besides Health and Motor insurance, other services are still at a nascent stage of growth in India. “We observed customer’s preference on small ticket size policy purchase via an online media such as retail health and motor policies. In the case of large ticket size products, the customer does seek traditional purchasing channels where human interactions are present,” Deshpande expressed.

With the recent cases of data leak becoming the highlight, enterprises are getting concerned about their cybersecurity. This threat to online documentation has led to the increased demand for innovative insurance products like Cyber insurance to prevent the breach or loss of data and identity theft.

The increased usage of smartphones has raised the need to get mobile screens insured too. “With the explosion of smartphones and travelling Indians, both domestically and internationally, insurance products like mobile and travel have been both beneficial and attractive,” Kumar further provided.

https://www.entrepreneur.com/article/330689  

5 Benefits of Buying Insurance Online by Quickinsure

The advent of digitisation has changed our lives considerably in the recent past. Whether it is booking railways tickets to movie tickets or even buying insurance, we pretty often resort to the digital space. Needless to say it saves a lot of time and is often cost-effective.

Buying insurance online is no exception. These days’ many Indians choose to buy insurance online and it does have its benefits. The first thing is, it makes the process much easier. Today, buying an insurance policy is just a click away, which you can do from the comfort of your home. Some of the major benefits of buying insurance online include the following:

Buying benefits: The distribution efficiency also leads to cost efficiency. Since the customer buys directly from the insurer, the distributor's margin (or commissions) is saved. Also, the entire process is carried in the virtual world and is paperless, reducing the costs further. These savings are usually shared with the customer in the form of lower premiums.

Compare prices online: While buying insurance online, one can choose to compare the prices from insurers, thus making things much easier for them.

Getting quotes from different providers on one platform is possible with these online insurance portals. It helps in saving time from the gruelling task of researching providers individually.

Simple documentation: The advantage of online insurance comes with hassle free documentation and minimum paperwork. This means no more running around with the photocopy of ID or address proof or other documentation required for your insurance purchase. As it is managed electronically, the premium of policies is submitted immediately.

Convenience of purchase: You can buy insurance policies round the clock anywhere at any time comfortably.Insurers have an online chat system that helps you pick the most effective insurance plans personalized as per the customer’s need. Another benefit of purchasing online is that you have ample of time to scrutinize every detail and choose the right policy.

Moreover, since the personal details are filled by customers, there is less chance of misinterpretation of facts.

Online services: For the non-tech savvy people, making an online transaction is a huge task. The insurance websites have online chat facility for the customers to seek clarification regarding any doubt. Also, you can talk to their customer relationship executives telephonically regarding any query, which can be resolved over phone. The customer can also request for a face-to-face meeting, as people in India believe in the personal touch which they want it to be tried and tested before purchasing any product or services. 

https://www.outlookindia.com/outlookmoney/insurance/5-benefits-of-buying-insurance-online-2953