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How Demonetization Helped Life Insurance Industry

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How Demonetization Helped Life Insurance Industry
September 27, 2018
One of the biggest advantages of Demonetization happened to the insurance industry. In November 2016 the total first-year premium collected by insurers was Rs16,061 crore, a jump of 113% from a year ago and 45% from the preceding month, according to figures released by the Insurance Regulatory and Development Authority of India (Irdai). In the first half of 2017, the insurance industry grew at 18%, while there was a jump to 23% in the second half. This growth trend is continuing with the industry growing at 25% in H1 of FY18. Demonetisation, along with other steps taken to formalize the economy, will result in a structural shift towards financialization of savings.

Demonetisation also brought about a mindset shift among consumers, moving them to digital payments from cash.Life insurance premiums are sourced in three ways: cash, cheques and online payments. Of course, soon after demonetisation the industry witnessed a sharp spike in cash payment of premiums but over time,households from Tier-2 cities that preferred cash are  getting comfortable with NEFT (National Electronic Funds Transfer) and ECS (Electronic Clearance Service) mandate.This huge behaviour change has significantly improved contactibility and will reduce unclaimed funds.

Waning Effect - How Demonitisation Helped Life Insurance Industry

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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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