Page 33 - Insurance Times November 2019

This is the change of thinking, while designing the product,
we need to make, to increase the penetration of such new- From a business point of view,
age products which are especially not mandated by law or
don't have a huge blow to one's savings. in first full year we did $173

million and this year will cross
After the thrust on digitization what has been the
impact on people buying products from online $300 million.
channels.
People, especially millennials, are getting more comfortable
with the channel because of a macro environment of trust
that is getting formed around online transactions and How do you foresee the market of small ticket
companies. Also, for them, online is becoming the preferred products like cover for app cabs etc?
channel of pre-buying research.
Mostly these products are not opted-in by customers nor
But majorly, we have seen that a trustworthy advisor like are they opted-out due to their low premiums. These
an agent, especially for non-motor policy buying decisions, products make sense in partnership with the core service
is still one of the channels where people go to make their provider, cabs providers in this case as they cover the
insurance purchases. person for a short period of time.
Therefore, while we are seeing the online sales increasing,
we are focusing on assisting our partners to imbibe How has been the performance of your company
digitalization by providing them tools and portals with in the current financial year and your future
which they can make all the processes, buying to claiming, projections?
digital for their customers. From a business point of view, in first full year we did $173
million and this year will cross $300 million.
Apart from your direct sales, what is the
contribution of other distribution channels in your Any future development that you would like to
total business? share?
Our model is a partner centric one and majority of our We will soon launch health product on our direct channel
business comes through them. as well.

Insurance Quiz

1. Which insurance company has recently withdrawn its proposed IPO plan?

2. Name the newly appointed CEO of Edelweiss General Insurance

3. Which company has been charged Rs 15 lakh by IRDAI?
4. With which insurer, Paytm has partnered to sell health insurance products?

5. Which insurer has recently launched new video calling service?

6. Which two insurers have recently tied knot for product offering?
7. Which US-based insurance company cyber risk suite for international policyholders?

The answers of the quiz are from this issue itself. Just go through our journal and you will find the answers. Send your
answers by Email to insurance.kolkata@gmail.com and you can get a chance to win an attractive gift. The gift will be
offered to the person giving all the correct answers. If we receive more than one entry with all correct answers the
name of winner will be drawn from lottery. The last date of receipt of entry is 25th November, 2019.

So Hurry and Submit your entry at the earliest !!!!

The Insurance Times, November 2019 33