• In some countries like the US, medical expenses can be very high, so not buying an adequate cover or travel insurance can be risky.
• It is important to understand all the exclusions under the policy to understand clearly what is covered and what is not.
• When buying travel insurance, find out how to contact the insurer in case of an emergency.

When booking a trip, we plan for destinations to visit, where to stay, what to do, what to eat, what to shop for and so on, but travel insurance, one of the most important parts of planning a trip, often comes as an afterthought. Now, with Indians travelling more than ever before, we look at five common mistakes to avoid when buying travel insurance.

The last minute purchase

Buying travel insurance is crucial, so leaving it for the last moment is a mistake that should be avoided. Doing so means one has no time to compare different policies, and choose the one that best suits their needs.

“People also often overlook the importance of comparing different insurance plans, and choosing the one that best suits their needs. Failing to consider factors like coverage limits, deductibles, and emergency medical expenses could leave them underinsured or paying more than necessary,” says Pankaj Vashistha, Founder & CEO, Policy Ensure, an insurance aggregator.

Understanding exclusions

Travel insurance policies will not cover everything, and even if they do, they would be covered subject to certain limits. “One mistake is not carefully reading and understanding the policy terms and conditions. This can result in surprises later when a claim is denied due to specific exclusions or limitations,” says Vashistha.

For example, your insurance policy is unlikely to cover you in case you are planning to go bungee jumping or indulge in other adventure activities. Also, your travel insurance may cover your gadgets up to a certain limit, and your expensive laptop may not be covered fully. So it is important to read all the exclusions and understand what all is covered.

Having enough sum assured

Medical expenses vary from country to country and can be very high for some countries. So, it is important to always buy adequate travel insurance as required and not always go for the basic plan.

“A common mistake is not purchasing enough coverage for example, individual travelling to US, and Canada should buy higher sum insured of $5 lakh as in case of medical emergency or evacuation the expenses will be extremely high,” says Nikhil Apte, Chief Product Officer, Product Factory (Health), Royal Sundaram General Insurance.

Margin for the return date

Sometimes a trip may get extended for several reasons, and if travel insurance is bought for the exact number of days of the trip, one will not be covered.“ It is always advised to keep a margin of return date, as in case of trip extension by a few days your policy will be still valid on your return journey,” says Apte.

Understanding how to contact the insurer

Encountering a tragedy in a foreign country where there is a language barrier can be incredibly stressful, and it’s easy to forget to inform your insurance provider promptly. However, failing to do so can compound your problems.

Travel insurance policies typically stipulate that if the insurer is not informed within 24 hours (or 48 hours in certain cases), no coverage will be provided. It is advisable to choose an insurance provider with a 24×7 helpline, or who responds promptly via email. Before embarking on your trip, review your travel policy documents and make note of essential contact numbers and email addresses. This preparation will help ensure that you can promptly inform your insurance provider in case of an emergency or unfortunate event during your travels.

With increasingly uncertain times and a changing economy, choosing an insurance policy for yourself and your family has become imperative. Insurance policies are crucial financial tools that offer protection and peace of mind against unanticipated circumstances. However, selecting the right insurance policy can be a daunting task, considering the vast array of options available in the market. From General Insurance to Home Insurance, this blog aims to provide a comprehensive guide to help you make an informed decision when choosing an insurance policy. By following these steps and considering the relevant factors, you can ensure that you select the policy that best fits your needs and offers maximum coverage. 

Assess Your Needs: Before diving into the world of insurance, take some time to evaluate your needs. Start by identifying the risks and potential losses you may encounter in your personal or professional life. Consider factors such as your age, health condition, financial obligations, and dependents. This assessment will help you determine the type and amount of coverage required.

Understand Different Types of Insurance: Familiarize yourself with the various types of insurance available, including life insurance, health insurance, auto insurance, home insurance, and others. 

Life insurance offers financial protection to your beneficiaries in the event of your death. It can be term insurance, providing coverage for a specific period, or permanent insurance, offering lifelong protection.

Health insurance covers medical expenses, including doctor visits, hospitalization, medications, and preventive care. Consider the different types of health insurance plans, such as HMOs, PPOs, and high-deductible plans, to find the one that suits your needs.

Motor vehicle insurance, or car insurance online provides coverage for damages or theft of your vehicle as well as liability protection in case of accidents. It typically includes comprehensive coverage, collision coverage, and liability coverage.

Home insurance protects your property and belongings from damages caused by fire, theft, natural disasters, or accidents. It may also cover liability for accidents that occur on your property.

Each type of insurance serves different purposes and covers specific risks. Research and gain a basic understanding of the key features and benefits of each type to determine which ones align with your needs.

Research Insurance Providers: Once you have identified the types of insurance policies you require, research different insurance providers. Look for reputable companies with strong financial standing, good customer service, and a track record of settling claims efficiently. Read reviews, compare customer feedback, and consult independent rating agencies to gather insights into the reliability and reputation of the insurance companies under consideration. Policy Ensure, for instance, is known for its extensive network of insurance partners, ensuring you have access to a variety of options. They have built a solid reputation in the industry, offering personalized service and comprehensive coverage options.

Compare Policy Features: When comparing insurance policies, pay close attention to the coverage limits, deductibles, exclusions, and terms and conditions. Evaluate the scope of coverage provided by each policy and assess whether it adequately meets your needs. Look for additional features, such as riders or add-ons that can enhance the coverage. It is essential to strike a balance between the extent of coverage and the affordability of premiums. Policy Ensure can help you navigate these considerations and find a policy that aligns with your financial situation.

Consider Affordability: Insurance premiums should fit comfortably within your budget. Compare the costs associated with different policies, including the premium amounts and any deductibles or copays you may have to pay. While it’s important to consider affordability, be cautious of policies with extremely low premiums, as they may offer insufficient coverage or have hidden costs.

Seek Professional Advice: If you find the insurance selection process overwhelming or if you have specific concerns, consider consulting an insurance broker. These professionals can provide personalized guidance based on your unique circumstances and help you navigate the complexities of insurance policies. They can also clarify any doubts you may have regarding policy terms and conditions.

Conclusion

Choosing the right insurance policy requires careful consideration of your needs, diligent research, and a thorough understanding of the policy’s features and costs. By assessing your requirements, researching reputable insurance providers, comparing policy features, considering affordability, and seeking professional advice when needed, you can make an informed decision. Remember that insurance is a long-term commitment, so it’s crucial to select a policy that provides comprehensive coverage and aligns with your financial goals and risk tolerance. Insurance brokers like Policy Ensure have access to multiple insurance companies, making them valuable partners in your insurance decision-making process. With their assistance, you can secure the coverage you need and protect yourself against unforeseen circumstances. 

When considering the factors that can affect your health Insurance premiums, aspects such as age, gender, and driving record often come to mind. However, there are other lesser-known factors that can impact the cost of your insurance, including your health.

Here are five surprising factors, including health-related considerations, that can influence your insurance premiums:

your occupation

While it may seem unrelated to health, your occupation can have an impact on your insurance premiums. Jobs involving high-risk activities or hazardous work environments, such as mining or aviation, may result in higher insurance premiums. Insurers perceive these professions as more dangerous, increasing the likelihood of injury or death.

Your hobbies

Engaging in high-risk hobbies like skydiving, rock climbing, or motor racing can also affect your life insurance premiums. Insurance companies view these activities as potentially dangerous, leading to a higher premium to cover the associated increased risk. Such hobbies may raise concerns about potential injuries or accidents.

Your medical history

Your medical history, including pre-existing conditions and family health background, plays a significant role in determining your insurance premium. Insurers consider individuals with pre-existing medical conditions or a family history of illnesses as higher risks. For example, a family history of heart disease or cancer may lead to higher premiums due to the perceived likelihood of developing these conditions.

Your lifestyle habits

Certain lifestyle habits can impact your insurance premium, primarily due to their effect on health. Smoking, excessive drinking, and leading a sedentary lifestyle can increase the risk of developing health problems. Smokers, for example, are known to have a higher risk of lung cancer and respiratory diseases, resulting in higher premiums. Similarly, individuals leading sedentary lifestyles may be more prone to obesity, diabetes, and other health issues, which can also lead to increased insurance premiums.

Considering these factors, including the impact of your health on insurance premiums, is crucial. It’s important to be aware of how your occupation, hobbies, medical history, credit score, and lifestyle choices can influence the cost of your insurance coverage.

By understanding these lesser-known factors, you can make informed decisions and potentially reduce your risk, leading to lower insurance premiums. Prioritizing a healthy lifestyle and addressing any pre-existing medical conditions can contribute to both your well-being and potential cost savings on insurance.

We all know that as a business owner, navigating the complex world of insurance can sometimes feel like a never-ending maze. But fear not, because there’s a ray of hope in this intense sea of uncertainty: insurance brokers! Let’s embark on a journey together and explore how insurance brokers, like Policy Ensure, protect and safeguard businesses from the lurking risks that threaten our very existence. 

Understanding the Role of an Insurance Broker:

Picture this: You’re the captain of your business ship, and brokers are your trusty navigators. Insurance brokers act as intermediaries between businesses and insurance companies, working exclusively in your best interest. Their primary objective is to assess the unique needs and risks of your business and find the best insurance coverage options, like general insurance, available in the market. 

Comprehensive Risk Assessment:

Risk assessment examines every nook and corner to identify potential dangers. Trusted brokers, just like Policy Ensure, delve into the intricacies of your operations, analyzing potential risks and vulnerabilities. Whether it is property damage, liability claims, or business interruption, they identify the areas that require protection and tailor insurance solutions accordingly. 

Access to Diverse Insurance Markets:

Insurance brokers have access to a vast array of insurance products from numerous insurance companies. This extensive network presents you with a range of options to choose from. Every business is as unique as a fingerprint, so it is important to match you with policies that offer optimal coverage. From the sturdy shields of general liability and property insurance to specialized coverages like professional indemnity or cyber liability, insurance brokers ensure that your business is armed against a wide range of risks.

Unbiased Advice and Objective Guidance:

Brokers have an edge over agents as they work independently and are free to roam the insurance realm without any strings attached. This provides you with unbiased advice and recommendations based solely on your business needs. One should hire a broker who can find the most suitable coverage that aligns perfectly with their requirements and budget. Whether it’s general insurance, motor insurance, or even specialized coverages, Policy Ensure, with its strong and balanced foundation, will be your guiding light in the stormy seas of decision-making.

Expert Knowledge and Industry Insights:

Insurance brokers possess in-depth knowledge of the insurance market and industry trends. They stay updated on the latest developments, policy features, and emerging risks that may affect businesses. This allows them to guide you through the complexities of insurance, ensuring that you make informed decisions. They offer insights into policy terms, conditions, and exclusions, empowering you to choose the coverage that best safeguards your business.

Customized Insurance Solutions:

Every business has unique insurance needs, and it is important to understand that a ‘one-size-fits-all’ approach does not work. Insurance brokers prioritize building strong relationships with their clients, taking the time to understand your specific circumstances, assess your evolving needs, and provide ongoing support throughout your insurance journey. They craft customized insurance solutions that address the specific risks your business faces, ensuring comprehensive protection.

Claims Assistance and Advocacy:

In times of unexpected events or crises, such as property damage, accidents, or liability claims, we are your trusted partners. Insurance brokers are not only involved during the initial insurance placement but also offer support throughout the claims process. We act as your advocates, assisting you in filing claims accurately and efficiently, ensuring a fair settlement that helps you recover and get your business back on track. 

Long-Term Partnership:

In times of unexpected events or crises, such as property damage, accidents, or liability claims, brokers are your trusted partners. Insurance brokers are not only involved during the initial insurance placement but also offer support throughout the claims process. They act as your advocates, assisting you in filing claims accurately and efficiently and ensuring a fair settlement that helps you recover and get your business back on track. Building client relationships and catering to ever-changing insurance needs are thoroughly looked upon by brokers.

As businesses expand, brokers adapt their clients’ insurance coverage to reflect evolving risks and ensure insurance ongoing protection. They review policies regularly, making adjustments as needed and exploring new insurance solutions.

Conclusion

In a world full of uncertainties, insurance brokers stand as the guardians of businesses. They are dedicated to safeguarding enterprises from the unpredictable and mitigating risks that could potentially disrupt operations. With comprehensive risk assessments, access to diverse insurance markets, unbiased advice, and personalized service, brokers offer businesses the protection and peace of mind they deserve. Partnering with an insurance broker ensures that businesses are prepared to face the challenges of tomorrow with confidence. When businesses choose brokers as their trusted advisors, brokers guide them through the intricate world of insurance and secure a resilient future for their businesses.

Car insurance endorsements refer to modifications or changes made to a car insurance policy’s standard terms and conditions. It is essentially a document that alters the coverage provided by the motor insurance policy to meet the specific needs of the policyholder. It allows policyholders to add or remove certain coverage areas, change policy details, or update the location. This article will explore the various aspects of car insurance endorsements in India.

Purpose: The main purpose of an endorsement is to customize the policy based on the policyholder’s requirements or circumstances. It allows for flexibility in coverage and helps policyholders tailor their insurance to better suit their needs.

Types of Endorsements

• Additional Named Insured: This endorsement adds another individual as a named insured on the policy by Policy Ensure, allowing them to receive coverage benefits.

• Exclusion: An exclusion endorsement excludes coverage for a specific driver, vehicle, or situation that is otherwise covered by the standard policy.

• Additional Coverage: This type of endorsement adds extra coverage options to the policy, such as roadside assistance, rental car reimbursement, or coverage for custom equipment.

• Change of Address: If you move to a new location, this endorsement updates your policy with the new address information.

• Lienholder: When you have a car loan, the lender may require an endorsement to list them as a lienholder on the policy.

• Bi-Fuel Kit: If a car has a bi-fuel kit installed (e.g., CNG/LPG), this endorsement adds coverage for the kit.

• NCB Protection: No Claim Bonus (NCB) is a discount offered for claim-free years. This endorsement protects the NCB even if a claim is made during the policy period.

Process of Endorsements: To obtain an endorsement in car insurance, the policyholder must contact their PoSP or agent to communicate the desired changes. The PoSP will provide the necessary forms and documentation to complete the endorsement request. Supporting documents like registration papers or proof of address may also be required, depending on the endorsement type.

Premium Impact: Depending on the nature of the endorsement, there may be a premium adjustment. Some endorsements may increase your premium, especially if they add additional coverage or increase the risk for the insurer. On the other hand, exclusions or removal of coverage may lead to a premium reduction.

Policy Documentation: Once an endorsement is approved, you will receive an updated policy document that reflects the changes made. It is important to review this document carefully to ensure the endorsement accurately reflects your requested modifications.

Timelines and Restrictions: The Insurance Regulatory and Development Authority of India (IRDAI) has set guidelines for the processing timelines of endorsements. Insurance companies are required to process endorsements within specified timeframes to ensure timely updates to the policy. However, these timelines and restrictions may vary among insurers.

Remember that the specific rules and procedures for endorsements may vary between insurance companies and jurisdictions. It’s important to consult with your insurance provider or agent to understand the available motor vehicle insurance endorsement options and their implications before making any changes to your car insurance policy.

How many times can one opt for endorsement in car insurance?

The number of times an endorsement can be changed in car insurance policies can vary depending on the insurance company and the specific policy terms. Generally, there is no strict limit on the number of times an endorsement can be modified. However, frequent changes or modifications to an insurance policy through endorsements may be subject to certain restrictions or additional scrutiny, potentially affecting the premium. Factors such as the nature of changes, the impact on policy coverage, and the administrative resources required to process multiple endorsements often come into play in such cases.

It’s essential to keep in mind that each endorsement may come with its own administrative fees or premium adjustments. While there may not be a set limit on the number of times an endorsement can be changed, it is generally advisable to review and modify your car insurance policy when necessary, rather than making frequent or unnecessary changes that could increase costs.

Car insurance endorsements in India allow policyholders to modify their coverage according to their specific requirements. This includes adding or removing insured parties, changing vehicles, protecting NCB, or adding coverage for bi-fuel kits. By understanding the types of endorsements, the process involved, the premium impact, and the guidelines for endorsements in India, policyholders can make informed decisions about their car insurance coverage. 

Policy Ensure, one of India’s leading insurance brokers, offers convenient and seamless access to car insurance policy endorsements. Please contact the company or a Policy Ensure PoSP available locally for hassle-free policy insurance and endorsements.

Brands featured are ShareChat, Motilal Oswal Financial Services, AllThingsBaby, Edelweiss Mutual Fund, Policy Ensure and Redcliffe Labs. As Father’s Day approaches, brands have rolled out inspiring campaigns that go beyond mere gifting. These initiatives aim to redefine fatherhood, encourage bonding, and raise awareness about men’s health, reminding us to appreciate the superheroes in our lives.

ShareChat

ShareChat has launched a film titled “Kiski Hogi Jeet, AI ya Father?” that highlights the incomparable significance of fathers in our lives. While AI is popular for advice, the film urges everyone to remember that fathers surpass AI in every way as they offer practical guidance, emotional support, and attentive listening that no algorithm can replicate. The film also showcases the extraordinary value of fathers, their ability to find perfect solutions to any problem, and their lifetime of experience and wisdom.

Motilal Oswal Financial Services

Motilal Oswal Financial Services has launched  #PapaDilSe campaign for Father’s Day, aiming to revolutionize how we celebrate the bond between fathers and children. It encourages an audio-first experience, taking participants on an immersive emotional journey. Motilal Oswal Financial Services seeks to make a lasting impact worldwide by delving into heartfelt stories and the love fathers bring to their children’s lives.

AllThingsBaby

AllThingsBaby has launched the #InItTWOgether digital campaign for Father’s Day. This campaign celebrates equal parenting and encourages new fathers to actively share the responsibilities of raising a baby. Through videos and static posts on Instagram, LinkedIn, and YouTube, AllThingsBaby showcases doting dads like Arjun Vaiyda and Varun Duggirala, emphasising the importance of equal parenting in fostering a healthy family dynamic and promoting gender equality.

Edelweiss Mutual Fund

Edelweiss Mutual Fund has released a digital film titled ‘Chhoti chhoti kishton ne, Seench liya aaj rishton ko’ to celebrate the Father’s Day . This digital film captures the essence of the special bond between a grandfather and his grandson and aims to convey a clear message about empowering fathers’ to lead a financially independent and purposeful retired life.

Policy Ensure

Policy Ensure, an insurance aggregator in India, has launched the #MyFatherFigure campaign, which goes beyond traditional celebrations and recognizes any individual who has played the role of a father figure. 

Running from June 9-18, the campaign aims to honor the significant role of father figures and encourages people to share their special moments through pictures and videos. Policy Ensure sees a parallel between the love and protection provided by father figures and the concept of insurance. 

The company has invited participants to share their stories using the hashtag ‘#MyFatherFigure’ and tag #PolicyEnsure, expressing gratitude and inspiring others to appreciate their own father figures.

Redcliffe Labs

Redcliffe Labs has introduced a thoughtful campaign called ‘My Daddy Is Strongest, But Daddy Needs Care Too’. This campaign aims to promote preventive healthcare for all men or fathers who are often too busy catering to their family needs but neglect their own health and well-being.

Redcliffe Labs stated that the primary goal of this initiative is to emphasize to youngsters that it is time for them to take on the responsibility of prioritizing their parents’ health above everything else.

Policy Ensure, a leading insurance aggregator in the general insurance space with an aim of making India independent through their Phygital model, today announced the launch of the #MyFatherFigure campaign to celebrate Father’s Day. While Father’s Day traditionally celebrates only fathers, this campaign celebrates recognizing any individual who has played the role of a father figure in someone’s life. The campaign will run from June 9-18, the campaign aims to honor the significant role of father figures in our lives and encourage individuals to share their special moments through pictures and videos.

With Father’s Day just around the corner, this heart-warming initiative aims to honor the unconditional love, support and protection provided by a father figure; which is very similar to insurance, a step taken towards for the safety and security of loved ones, resonating what a father figure ideally stands for. A father figure can be anyone who plays a pivotal role in our lives, be it a biological father, a mother, an elder sibling, or a mentor. Policy Ensure recognizes the importance of safeguarding the futures of our loved ones, aligning perfectly with the values embodied by a father figure.

The ‘#MyFatherFigure’ campaign encourages participants to share their cherished moments with their father figures by posting a photo or video on their social media stories. Participants are invited to use the hashtag ‘#MyFatherFigure’ and tag #PolicyEnsure to join the celebration. By sharing their stories, participants can not only express their gratitude but also inspire others to appreciate the father figures in their own lives.

Mr. Rahul M Mishra, Co-Founder & Director, Policy Ensure, expressed his enthusiasm about the campaign, saying, “Father’s Day is not just about biological fathers, but also about recognizing the individuals who selflessly fulfill the role of a father figure. Our ‘#MyFatherFigure’ campaign aims to acknowledge and celebrate the unwavering love and care provided by these exceptional individuals very similar to insurance aggregators who provide protection and support to families and friend through insurances. We want to emphasize the importance of ensuring the safety and security of our loved ones, just as father figures do.”

Mr. Pankaj Vashistha, Founder & CEO, Policy Ensure said, “We believe that Father’s Day is a wonderful occasion to express gratitude not only to our biological fathers but also to those who have been father figures in our lives. The #MyFatherFigure campaign aims to celebrate and honor these exceptional individuals who have provided love, support, and guidance. Just as Policy Ensure strives to safeguard the futures of our loved ones through insurance, we encourage everyone to cherish and protect the relationships with their father figures.”

Participants are encouraged to get creative with their posts, showcasing memorable moments, heartfelt stories, or simply expressing gratitude to their father figures. By participating in the campaign, individuals will have the opportunity to win exciting prizes and engage in a broader conversation about the vital role father figures play in society.

To join the ‘#MyFatherFigure’ campaign, participants can visit Policy Ensure’s Instagram handle for more details on how to participate and win. Additionally, the campaign also offers an opportunity to participants to explore Policy Ensure’s range of insurance solutions, designed to protect loved ones and provide peace of mind.

Over the next decade, the total Insurance Business premiums are expected to grow on average by 14 per cent annually in nominal local currency terms (9 per cent per annum in real terms)

The Indian insurance industry, since its inception, has been providing security and resilience to businesses and individuals alike. As a result, India has not only emerged as the fastest-growing insurance market in the world but is also poised to become the sixth-largest by 2032, as per a study by Swiss Re. Over the next decade, the total insurance premiums are expected to grow on average by 14 per cent annually in nominal local currency terms (9 per cent per annum in real terms). And, the fact that the Insurance Regulatory and Development Authority of India (IRDAI) has committed to enabling ‘Insurance for All’ by 2047 further hints at the potential and new opportunities for the ever-evolving sector. In recent years, we have been experiencing a myriad of disruptions, innovations, and technological advancements that have given rise to several new insurance businesses.

Owing to the increased demand for insurance, several brokers look forward to scaling their businesses. But, scalability in dynamic times is a challenge like no other. No matter how much the fundamentals of its operation remain intact, new challenges are likely to emerge owing to the ever-changing market landscape. Therefore, insurance brokers looking to scale up need the right steps for growth, which include careful planning and strategic execution.

Expanding distribution channels

While scaling an insurance business, there are several areas that a broker needs to consider. One of the key areas is reaching a broader customer base. In a bid to provide a wider range of products to clients, the need of the hour is to build a strong distribution network. In India, Tier-2 and Tier-3 cities are becoming the next hotbeds of growth. Therefore, to tap this market, increase their reach, and scale efficiently, insurance businesses need to expand their distribution network in these areas. In this regard, the presence of physical distributors on the ground is critical, as face-to-face interactions ensure trust and credibility among customers.

Focusing on a client-centric approach

The ever-changing customer preferences pose a potential challenge for businesses that want to scale. Therefore, insurance businesses need to prioritise customer-centricity. According to a collective report by Deloitte and Touche, organisations that follow a customer-centric approach are 60  per cent more profitable. Therefore, the need of the hour is to comprehend the preferences of the customer and then offer them personalised advice, customised insurance solutions, and exceptional customer service. Also, to ensure efficient scalability with an expanding client base, it is vital to sustain a robust relationship with other stakeholders in the insurance ecosystem, such as insurers, technology providers, reinsurers, and more.

Embracing technological disruptions

In the digital era, it is evident that those businesses that fail to adapt technology for their operational purposes will fall behind. Therefore, a broker’s growth can be fueled by adapting the right technology, such as data analytics, which could provide market insights to spot new trends, consumer preferences, and business prospects. Also, a broker focusing on scaling their business can, in addition to traditional marketing tactics, invest in lead generation and digital marketing strategies that may help it extend its clientele and reach a wider audience. Moreover, scalability also depends on building a solid technological foundation that facilitates frictionless policy management, claims processing, and CRM (customer relationship management). Therefore, it is crucial for brokers to embrace technological disruptions in order to grow. 

Leveraging ‘Phygital’ model

While technology has enabled people to buy insurance online, customers still prefer to talk to an expert before purchasing a policy. According to a Health and Term Technology survey, 66  per cent of individuals are not comfortable purchasing insurance digitally. This proves that, indeed, consumers enjoy the convenience of self-service, but human interaction still holds an important place in the insurance industry. Therefore, staying on par with modern-day technologies can provide a competitive edge to organisations, but integrating them with human touch will ensure efficient scalability. Several people in Tier-2 and Tier-3 cities may not have access to digital platforms, and PoSPs (point of salespersons) in this regard can aid insurance businesses in bridging the insurance gap in these areas. Owing to their better understanding of local culture and language, they can educate customers and provide personalised support. This, in turn, makes insurance more accessible to people and helps insurance businesses expand their customer base.

Scaling an insurance business necessitates a strategic approach that integrates technology with human engagement, broadens distribution channels, emphasises customer centricity, and follows a ‘phygital’ model. Insurance brokers, in order to successfully grow and tap new markets, can follow these steps, which will not only help them scale efficiently and negate challenges but also generate employment and bridge the insurance gap.

The writer is the CEO and co-founder of Policy Ensure.

Life is an uncertain phenomenon, and predicting the next moment is something that is impossible for us. Sometimes, individuals do experience unpleasant circumstances, such as accidents, which could not only cause physical injury but also impact their hard-earned finances. As per recent government data, road accidents are responsible for the deaths of 1.5 million people along with several hospitalizations and disabilities in the nation. Therefore, the mishap can be a very traumatic experience for the victim and also for their near and dear ones. In a bid to negate the worst consequences, it is advised to have an accidental insurance policy that will take care of your financial burden.

Accident insurance is an agreement between the policy buyer and the insurance company that is bound to compensate the holder if they meet with an accident that results in physical disability (partial or permanent) or death. While we cannot control the physical and emotional strain, one can surely prepare to overcome financial instability on the back of an effective accidental insurance policy. However, finding the right insurance plan can prove to be an uphill battle. This is where insurance advisors can offer their expertise and guidance to help people find a policy that is best suited to their needs, saving both their time and effort.

Benefits of Accidental Insurance

Accidents can occur randomly, regardless of the place and time. However, if you are someone who commutes daily or travels frequently, having accidental insurance can come in handy. Now, we have a lot of brokers in the market who are making righteous efforts to bridge the insurance gap in the nation. Policy Ensure, with its vast PHYGITAL distribution network, has ensured that accidental insurance reaches every corner of the nation. Therefore, an individual can now be stress-free with their insurance without compromising quality or credibility.

Now, let us look at how an adequate accidental insurance policy can help a person in a dire situation.

Financial Security for the family in case of an accidental death

If a person owns an accident policy and meets with an accident that results in his or her death, the nominee who has been selected by them gets the full compensation, which is 100% of the chosen insured amount. Having accidental insurance in such cases can help the family of the policyholder to negate the financial challenges. Furthermore, if the deceased person is the sole breadwinner, then the family benefits from the insurance.

Financial Security in case of permanent disability

In some cases, the accidents can be so dreadful that, despite getting all the medical aid, the person ends up having a permanent total disability. There may be loss of both feet, hands, eyes, and more. Furthermore, there may be cases where the individual loses their hearing ability or suffers vision loss. Therefore, an accidental insurance policy compensates the holder with an amount that depends on the nature of the disability. This ensures the victim is secured in the event of a permanent disability. 

Financial Assistance in case of partial disability

If a person gets into an accident and loses one limb, an eye, a finger, or an ear, then in such a case, the accidental policyholder can claim compensation. This is a benefit, as you never know if that disability turns into a permanent one. Therefore, in order to remain secure and have financial aid at your disposal, it is evident that you choose the best accidental policy.

Covers transportation cost for hospitalisation

There can be certain situations when an individual meets with an accident at a certain place; however, he or she has been admitted to a hospital that is far away from the location of the accident. In such cases, the family of the victim may have to bear the transportation expenses of the ambulance. However, if you purchase an accidental insurance policy, it can cover this expense, and the family does not have to pay from their pockets.

Provides additional benefits

Apart from the benefits stated above, there can be other added benefits to having an accidental insurance policy. Other benefits include some of the hospital and ambulance charges that are being taken care of. The allowance received during hospital treatment and the post-hospitalization charges that are covered can act as much-needed relief for the holder. Furthermore, the individual can also get coverage in terms of education, employment benefits, and funeral expenses. Overall, the policyholder gets holistic coverage in which their expenses are covered so that they recover in a stress-free manner.

Conclusion

One thing is certain: nothing is more precious than your life for your near and dear ones. And if you are the sole bread-earner, you need to shield yourself and your family with security that will ensure you take care of your financial burden. With the best accidental insurance, the policyholder and the family reap the benefits in cases of partial disability, permanent disability, and death.

Insurance brokers such as Policy Ensure, with their unique Phygital business model, enable insurance access to reach the grassroots levels of the nation. People can now have access to insurance policies based on their requirements, in a hassle-free manner. While you may not be able to negate unforeseen events, you can be better prepared by leveraging the expertise and network of experienced brokers to find the right accidental insurance policy.

General insurance refers to a category of insurance policies that provide coverage for various non-life risks faced by individuals and businesses. Unlike life insurance, which focuses on providing financial protection in the event of death, general insurance offers protection against unforeseen events such as accidents, property damage, liability claims, theft, natural disasters, and more. It encompasses a wide range of policies, including motor insurance, health insurance, home insurance, travel insurance, fire insurance, and marine insurance. General insurance policies are designed to mitigate financial losses and provide a sense of security in times of uncertainty. They are regulated by the Insurance Regulatory and Development Authority of India (IRDAI) to ensure fair practices and consumer protection.

Here are a few common types of general insurance products available in India:

1.    Motor Insurance: Provides coverage for damages or losses to vehicles, including cars, motorcycles, and commercial vehicles.

2.    Health Insurance: Offers financial coverage for medical expenses, hospitalization, and treatments for illnesses or injuries.

3.    Home Insurance: Protects against damages to the physical structure of a house and its contents caused by perils like fire, theft, or natural disasters.

4.    Travel Insurance: Covers unexpected expenses related to trip cancellations, medical emergencies, lost baggage, or flight delays while traveling domestically or internationally.

5.    Fire Insurance: Provides coverage for damages caused by fire to properties, including residential or commercial buildings.

6.    Liability Insurance: Protects individuals or businesses from legal liabilities arising from third-party claims for bodily injury or property damage.

7.    Marine Insurance: Covers goods and cargo during transit by sea, air, or land, protecting against losses or damages.

8.    Personal Accident Insurance: Offers financial support in the event of accidental death or disabilities resulting from accidents.

9.    Business Insurance: Provides coverage for businesses against various risks, including property damage, business interruption, liability claims, and more.

10.    Crop Insurance: Protects farmers against crop losses caused by natural disasters, pests, diseases, or other specified perils.

2.     What is the role of the Phygital model in Tier 2 & Tier 3 penetration in India?
The Phygital model plays a crucial role in increasing insurance penetration in Tier 2 and Tier 3 cities in India. These cities often have limited access to digital infrastructure and lower digital literacy rates compared to urban areas. The Phygital model combines physical and digital channels to bridge this gap and effectively reach the underserved population.

In Tier 2 and Tier 3 cities, physical touch points such as branch offices and agent networks hold significant importance. They provide a sense of trust, credibility, and personalized assistance to potential customers who may be unfamiliar with digital platforms. Insurance companies leveraging the Phygital model can establish a wide network of branch offices staffed with well-trained agents. These agents can engage with customers face-to-face, understand their specific needs, and provide customized insurance solutions.

Simultaneously, the Phygital model integrates digital platforms to enhance customer interactions and convenience. Mobile apps, websites, and chatbots enable customers to access information, compare policies, and calculate premiums. These digital tools empower individuals to initiate and manage insurance processes at their convenience, ensuring consistent engagement across channels.

By adopting the Phygital model, insurance companies can leverage the trust of physical touchpoints while harnessing the convenience and accessibility of digital platforms. This holistic approach helps in building awareness, altering perceptions, and increasing insurance penetration in Tier 2 and Tier 3 cities of India.

3.    What types of risks are covered by general insurance?

General insurance in India covers a wide range of risks across various sectors. It provides protection against uncertainties and financial losses arising from unforeseen events. Here are some types of risks commonly covered by general insurance:

1.    Motor Insurance: This includes coverage for private and commercial vehicles against accidental damages, theft, third-party liabilities, and personal accident cover for the driver.

2.    Health Insurance: Health insurance policies provide coverage for medical expenses incurred due to illness, accidents, hospitalization, surgeries, and critical illnesses. It can be for individuals, families, or group policies offered by employers.

3.    Home Insurance: Home insurance policies protect against damages or losses to residential properties caused by fire, theft, natural disasters, and other perils. It covers the building structure, contents, and provides liability coverage.

4.    Travel Insurance: Travel insurance offers coverage for trip cancellations, medical emergencies, baggage loss, flight delays, and personal accidents while traveling domestically or internationally.

5.    Fire Insurance: Fire insurance policies cover damages caused by fire and allied perils like lightning, explosion, riots, etc., to buildings, contents, stock, and other assets.

6.    Marine Insurance: Marine insurance provides coverage for goods in transit by sea, air, or land. It protects against losses or damages to cargo, vessels, and any liabilities arising during transportation.

7.    Liability Insurance: Liability insurance covers legal liabilities arising from third-party claims for bodily injury, property damage, or personal injury. It includes products liability, professional liability, and public liability insurance.

8.    Industrial Insurance: This category includes insurance coverage for industries and businesses against risks such as machinery breakdown, equipment failures, business interruption, and loss of profit.

9.    Miscellaneous Insurance: It covers a range of risks like personal accident insurance, burglary insurance, livestock insurance, crop insurance, and other specialized coverage.
These are some of the common types of risks covered by general insurance in India. However, it is important to note that the coverage and terms may vary among insurance providers and specific policies. It is advisable to carefully read the policy documents and consult with an insurance expert to understand the coverage details and exclusions before purchasing a general insurance policy.

4.    How does general insurance differ from life insurance?
General insurance and life insurance are two distinct types of insurance products in India, each serving different purposes and covering different risks.
General Insurance: General insurance provides coverage for a range of non-life risks. It is designed to protect individuals, businesses, and assets from financial losses arising due to unforeseen events such as accidents, natural disasters, theft, or liability claims. General insurance policies have a defined tenure, typically one year, and the premium is based on the assessed risk factors. Examples of general insurance include motor insurance, health insurance, home insurance, travel insurance, and liability insurance. The coverage provided by general insurance is generally limited to a specific period and does not offer any maturity or survival benefits.

Life Insurance: Life insurance, on the other hand, is a long-term insurance product that provides financial protection to individuals and their families in the event of death or disability. It offers a death benefit or a sum assured to the beneficiaries or the policyholder’s dependents. Life insurance policies can also provide maturity benefits if the insured survives the policy term. It serves as a financial tool for income replacement, wealth creation, and estate planning. Life insurance policies can be further categorized into term insurance, whole life insurance, endowment plans, unit-linked insurance plans (ULIPs), and pension plans.

In summary, general insurance covers non-life risks for a specific period and focuses on providing financial protection against unforeseen events, while life insurance provides long-term protection, financial security, and savings benefits for individuals and their families, including death benefits and maturity benefits. It is important for individuals to assess their needs and choose the appropriate insurance product or a combination of both to ensure comprehensive coverage.

5.    What are the common types of general insurance policies?
In India, there are several common types of general insurance policies that cater to different risks and needs of individuals and businesses. Here are some of the key types of general insurance policies:

1.    Motor Insurance: This includes policies for cars, motorcycles, and commercial vehicles. It provides coverage against damages or losses caused by accidents, theft, fire, or third-party liability.

2.    Health Insurance: Health insurance policies cover medical expenses incurred due to illness, accidents, hospitalization, and surgical procedures. They can include individual health insurance, family floater plans, senior citizen plans, and critical illness coverage.

3.    Home Insurance: Home insurance policies protect homeowners against losses or damages to their property and belongings due to events like fire, theft, natural disasters, or other perils. It can cover both the structure and contents of the home.

4.    Travel Insurance: Travel insurance provides coverage for individuals traveling within India or abroad. It includes protection against trip cancellation or interruption, medical emergencies, loss of baggage, or personal accidents.

5.    Fire Insurance: Fire insurance policies cover damages or losses caused by fire to properties, including residential and commercial buildings, factories, or warehouses.

6.    Liability Insurance: Liability insurance provides protection against legal liabilities arising from third-party claims. It includes policies like public liability insurance, professional indemnity insurance, and product liability insurance.

These are just a few examples of the common types of general insurance policies in India. It’s important to carefully assess your needs, understand the coverage, terms, and conditions of the policies, and choose the ones that best suit your requirements.

6.    How do I choose the right general insurance policy for my needs?
Choosing the right general insurance policy in India requires careful consideration of your needs and an understanding of the available options. Here are some key factors to consider when selecting a policy:

1.    Assess your requirements: Start by evaluating your specific insurance needs. Determine the risks you want to cover and the level of coverage required. For example, if you own a car, motor insurance is essential, while if you have a family, health insurance becomes crucial.

2.    Research and compare: Conduct thorough research on different insurance companies and their policies. Compare the coverage, features, exclusions, claim settlement process, and premium rates. Look for insurers with a good track record, strong financial stability, and a high claim settlement ratio.

3.    Read policy documents: Carefully read the policy documents, terms, and conditions to understand what is covered and excluded. Pay attention to limits, deductibles, waiting periods, and claim procedures. Ensure that the policy aligns with your specific requirements and provides adequate coverage.

4.    Seek expert advice: If you find it challenging to navigate through various policies, consider seeking advice from an insurance expert or a trusted insurance advisor. They can provide personalized recommendations based on your needs and help you make an informed decision.

5.    Customer reviews and feedback: Look for customer reviews and feedback about the insurer’s claim settlement process, customer service, and overall experience. This can provide insights into the insurer’s reputation and reliability.

6.    Consider the premium: Compare the premium rates of different policies, but remember that the lowest premium doesn’t always indicate the best policy. Evaluate the coverage offered and the insurer’s reputation before finalizing your decision.

By considering these factors and conducting thorough research, you can make an informed decision and choose the right general insurance policy that meets your specific needs in India.

7.    How are general insurance premiums calculated?

Premiums for general insurance policies are determined based on several factors that assess the risk associated with the insured item or individual. Here are the key factors considered:

1.    Risk exposure: Insurers evaluate the risk exposure of the insured item, such as a vehicle, property, or health. This includes factors like the location, age, condition, and vulnerability to risks like accidents, damage, or theft.

2.    Coverage and limits: The extent of coverage and policy limits chosen by the insured also affect the premium. Higher coverage or lower deductibles often result in higher premiums.

3.    Claim history: Insurers review the insured’s past claims history. If the insured has made previous claims, it may indicate a higher risk profile and result in increased premiums.

4.    Underwriting factors: Underwriting factors like age, occupation, lifestyle habits, health conditions, and creditworthiness are considered for individual policies. These factors help assess the probability of claims and determine the premium.

5.    Statistical data: Insurers rely on historical data and actuarial analysis to estimate the likelihood of claims. Statistical models and industry-wide data on risks, losses, and trends are used to calculate premiums.

6.    Expenses and profit margin: Insurers consider their operating expenses, including administration costs, commissions, and profit margins. These are factored into the premium calculation.

7.    Government regulations: Insurance premiums in India are also influenced by regulatory guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). These regulations ensure fair pricing and protect policyholders’ interests.

Insurers use complex mathematical models, statistical techniques, and actuarial expertise to determine premiums that adequately cover the risk while ensuring the insurer’s financial stability. It’s important to note that each insurer may have their specific methods and considerations, so premiums can vary between companies. Consulting with an insurance professional or actuary can provide further insights into the specific premium calculation methods used by different insurers.

8.    What factors can affect the cost of general insurance premiums?

Factors that can affect the cost of general insurance premiums in India. Insurance premiums are determined by assessing the risk associated with the insured item or individual. Here are some key factors that influence the cost of general insurance premiums:

1.    Type of Coverage: The specific type of coverage chosen plays a significant role in determining the premium. Different policies have varying levels of coverage and features, and premiums are adjusted accordingly. For example, comprehensive coverage for a vehicle will have a higher premium compared to third-party liability coverage.

2.    Sum Insured or Policy Limits: The sum insured or policy limits define the maximum amount an insurer will pay in the event of a claim. Higher limits or a larger sum insured will result in higher premiums as it increases the insurer’s potential liability.

3.    Risk Factors: Various risk factors associated with the insured item or individual can affect the premium. For example, in motor insurance, factors like the make and model of the vehicle, age of the vehicle, and the insured’s driving history and age can influence the premium. Similarly, for health insurance, factors such as age, pre-existing medical conditions, and lifestyle habits can impact the premium.

4.    Deductibles or Excess: The deductible is the amount the insured needs to pay out of pocket before the insurance coverage kicks in. Choosing a higher deductible can lower the premium as the insured is assuming a greater portion of the risk.

5.    Claim History: The insured’s previous claim history can affect the premium. If the insured has a history of frequent claims, it may indicate a higher risk profile and result in increased premiums.

6.    Location: The geographical location of the insured can impact the premium. Areas prone to natural disasters, high crime rates, or accidents may have higher premiums to account for the increased risk.

7.    Insured’s Profile: Factors such as age, occupation, lifestyle habits, and health conditions can influence the premium. Insurers assess the individual’s risk profile to determine the likelihood of claims and adjust the premium accordingly.

8.    No-claim Bonus: Insurers often offer a no-claim bonus as a reward for not making any claims during the policy period. This can result in a discount on the premium for the following year.

9.    Market Conditions: Overall market conditions and competition within the insurance industry can impact premiums. Changes in economic factors, inflation rates, and industry trends can influence premium pricing.

It’s important to note that each insurer may have their specific underwriting criteria and premium calculation methods. Consulting with insurance professionals or comparing quotes from different insurers can help individuals understand the factors affecting premiums and choose the most suitable policy at a competitive price.

9.    How can I make a claim on my general insurance policy?

Here are the general steps to follow when making a claim:

1.    Contact your Insurance Company: Notify your insurance company as soon as possible after the incident occurs or when you become aware of the claimable event. Provide them with all the necessary details, such as your policy number, contact information, and a brief description of the incident.

2.    Fill the Claim Form: The insurance company will provide you with a claim form. Fill it accurately and provide all the required information. Include supporting documents like photographs, police reports (if applicable), medical reports (if applicable), and any other relevant documents related to the claim.

3.    Submit Documents: Compile all the necessary documents requested by the insurance company, such as proof of loss, invoices, bills, or any other supporting evidence. Ensure that you submit all the documents within the specified time frame mentioned in your policy.

4.    Follow-up with the Insurance Company: Stay in touch with your insurance company and provide any additional information or documents they may require during the claim assessment process. Maintain a record of all communication, including the names of the representatives you speak with and the dates of the conversations.

5.    Claim Assessment: The insurance company will evaluate your claim based on the provided information and supporting documents. They may conduct investigations or request further documentation if needed.

6.    Settlement: If your claim is approved, the insurance company will offer you a settlement amount based on the terms and conditions of your policy. They will communicate the settlement details to you. In some cases, the insurer may directly settle the claim with the service provider, such as a hospital or garage, based on the cashless facility.

7.    Claim Payment: Once you agree to the settlement offer, the insurance company will initiate the claim payment. The payment will be made as per the agreed terms, which could be a direct transfer to your bank account or through a cheque.
It’s important to thoroughly read and understand the claim process mentioned in your insurance policy. Each insurance company may have specific requirements and procedures. Promptly reporting the claim, providing accurate information, and cooperating with the insurer can help expedite the claim settlement process.

10.     What is the process for renewing a general insurance policy?

Follow these steps:

1.    Review Policy Details: Assess your existing policy coverage, terms, and conditions.

2.    Contact Insurance Provider: Get in touch with your insurance company or agent.

3.    Provide Required Information: Submit the necessary details for renewal, such as policy number, personal information, and any changes in requirements.

4.    Premium Payment: Pay the renewal premium within the specified time frame.

5.    Policy Renewal Confirmation: Once the payment is processed, you will receive a renewed policy document and confirmation of the renewal.
Remember to renew your policy before the expiration date to avoid any coverage gaps. It is advisable to review your insurance needs and compare policies to ensure you have appropriate coverage at the time of renewal.

11.     What is the role of an insurance agent or broker in the general insurance sector?

In the general insurance sector in India, an insurance broker plays a crucial role as an intermediary between the insurance buyer and the insurance company. As an expert in insurance, the broker acts in the best interest of the client and offers professional advice on insurance products and coverage options. They assess the insurance needs of individuals or businesses, analyze various insurance policies available in the market, and provide recommendations tailored to the client’s requirements. Insurance brokers also assist in negotiating terms, arranging policy issuance, and managing claims. Their expertise, knowledge of the insurance market, and access to multiple insurance providers make them valuable in helping clients make informed decisions and obtain the most suitable and cost-effective insurance coverage.