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The Changing Face of Life Insurance in India

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October 01, 2018
Three key developments are redefining how insurance business will be done. The influx of tablets, the explosion of smart phones and the reduction in the cost of computing are three big changes in the Insurance Industry in India. The combination of these three developments enables the delivery of a world class experience to customers across various digital channels. The business of insurance is being completely redefined. It's moving from protection to prevention. Hence, the insurance providers are changing themselves from mere product providers to service providers as well.

Customer experience will be more enhanced now. Insurers will proactively reach out to you through technology and will have all your details. More often than not, the underlying trigger for life insurance purchase is a change in life stage e.g. new job, change in job, promotion, marriage, child birth, etc. Suppose there's an existing customer is in the hospital and his wife has just delivered a baby. While his joy knows no bounds, he also feels an additional sense of responsibility towards his new born and his family.

At this point of time, he will get a message from his life insurance company congratulating him on this event. The message will also explain how buying a child education plan that matures 20 years hence would help them cover their child's college education and that a friend of his recently bought a similar plan. And this could be availed of at the click of a button, with no additional documentation.

Every time the parent gets a promotion or a pay hike, the life insurer will make a targeted reach out with a customized message for cover enhancement or top-ups. The possibilities are limitless with the right data capture and use of analytics and technology. You will see insurers adopting a lot of scenario- or situation-based sales and these engagement options will be inserted into your regular journeys.

According to World Bank data and projections, it is estimated that India will have over 350 million people over the age of 50 years by 2030. Couple this with the increasing life expectancy for urban Indians, which has grown substantially over the past few decades and is already more than 70 years for men and over 73 for women. And that will be even higher for the more aware segment within urban India. You are likely to experience a comprehensive ecosystem of services for the elderly serving a range of needs including experts catering to their travel requirements, mental health counselors, health care providers, will services, estate planning agents etc. And all of these offered on a single holistic platform where financial contributions, vested benefits, periodic payouts are readily accessible.

It is clear that the face of Life Insurance in India is changing and evolving to stay relevant with the times.

HDFC Life offers a wide range of insurance policies to help you plan your financial future. Choose the best for yourself policy as per the above points and secure your Family's financial future.

https://www.hdfclife.com/life-insurance-plans.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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