Page 35 - Insurance Times September 2020

COMPARATIVE

METHOD AND THE

NON LIFE INSURANCE

SECTOR A FEW

RANDOM THOUGHTS

Abstract

Insurance, particularly non-life insurance, is an economic activity, which because of its complexity, is difficult to properly
comprehend. Rather, is easily susceptible to misunderstanding. It has endowed itself with some kind of mystery, very
often evoking a negative attitude to-wards the sector. Therefore, the sector has comparatively limited acceptance in
the society. Viewed in the light of its potential the sector seems comparitively less developed amongst the financial
services. Therefore increased awareness by demystification and highest level of transparency are need of the hour to
set it on an equal footing with other economic activities. Mass insurance awareness / education will not only go a long
way in demystifying the sector but also portraying properly, its true value as an essential service. Simplification and
transparency of the highest standard are the sin-qua-non for a decent beginning in mass insurance education.
Simplification is required not only in products, processes, policy wordings and information availability, but also in the
manner and format of the information presentation to the target audience. A gordian knot to unravel. The article
attempts to present some views on the comparative method as a tool for proper understanding of this economic activity.
It emphasises the importance of the manner and format of information presentation to make it intelligible. The views
can be a basis for fruitful deliberations and further initiatives by all stakeholders. It is hoped that, it will act as trigger
for fresh ideas.

About the author Societies keep on changing. The nature and the pace of
changes may vary from time to time and from society to
S H Gejji society. Twenty first century changes are dominated by huge
Retired official of The New India developments in the areas of financial inclusion and
Assurance Co Ltd., Faculty and PGDM information & communication technology. This has led to
Coordinator at National Insurance wider participation of members of society in the corporate
Academy, Pune life. Such participation has heightened the need for

The Insurance Times, September 2020 31