Page 16 - The Insurance Times July 2025
P. 16
Insurance Awareness Day: Experts say its time to
Attention Subscribers
simplify and educate to improve health insurance Please renew your Subscription of The
penetration Insurance Times Journal to receive
On the occasion of Insurance Awareness Day, several insurance providers copy of the journal uninterruptedly.
and experts in an exclusive conversation with ANI shared their insights on You can now pay by GPAY, Phonepe,
the challenges facing the insurance sector in India, especially in critical seg- Paytm, Amazon, ICICI Pay, BHIM UPI
ments like health and life insurance.
The experts also offered suggestions to bridge the awareness and adoption
gap. One of the key challenges highlighted by industry leaders is the low
insurance penetration in health and life segments, despite the growing need.
Health insurance, in particular, continues to be seen as optional by many,
unlike motor insurance which is mandatory. The lack of awareness, limited
financial literacy, and cultural mindset that "I won't fall sick" contribute to
low adoption.
Additionally, complex terms like "waiting period" or "co-pay" confuse first-
time buyers, further discouraging them from purchasing policies.
Saurabh Vijayvergia, Founder & CEO of CoverSure, pointed out that insur-
ance often fails to feel practical or personal to the customer.
digital ecosystems, integration with new offering emphasizes
pharmacy and diagnostic networks, personalisation, allowing policyholders
and better consumer education to to tailor their plans with flexible sum
drive adoption. insured options, coverage features,
As more consumers seek holistic health and add-ons.
solutions, OPD coverage presents a sig- Key highlights of Galaxy Marvel include
nificant growth opportunitybut only cashless hospitalisation, wellness ben-
if insurers innovate on product design, efits, teleconsultations, and coverage
tech integration, and customer en- for pre-existing diseases after a short
gagement. waiting period. Customers can also
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The insights reflect a pressing industry Modes :-
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tal cash benefits to suit their life stage
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tive and primary care. iii) PAYTM: 9830171022@paytm
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14 July 2025 The Insurance Times
