Page 17 - Life Insurance Today FEBRUARY 2016
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volved in the micro-health insurance because they feel that 5. Stoic belief in fate coupled with apathetic attitude and
poor would not be able to afford. Many possible solutions language barriers.
had been given to the government and IRDA to make these
companies involved in the micro-health insurance. One of Strategies in Marketing of Micro Health
the suggestions may be imposing tax on these companies Insurance Products:
if they don't cater to this overall Micro-insurance section
of the society. Selection of Products:
But there are many companies who have taken this obli- For promotion of micro-insurance cover involving health
gation by IRDA in a positive spirit and have made genuine cover & care:
attempt to cater to this segment of the society. There had Obviously for promotion of health insurance in rural sec-
been many companies who have not stuck to the idea that tors product selection/choice needs different criteria and
there are very few margins in the rural section of the soci- for that purpose product selection involves the following
ety and they have actually brought out ways to cater to considerations:
these people and have also been able to make huge mar- G Promote health and personal accident policies, low
gins.
awareness but high concerns.
Before extending micro-health insurance to the poor two G Existing other types of policy owners and lapsers would
most important points that need to be kept in mind by the
companies which are: be an easier target.
i) The flexibility in premium payments by the insured, and
Considerations in Pricing:
ii) The second one being there is the difference between G Policy with relatively lower premiums.
the micro-health insurance provided by the micro-fi- G Allowing flexibility in the payment of premium.
nance institutions and that of non-micro-finance insti- G Considering payment cycles coinciding with the harvest
tutions.
seasons.
The problem is lies in the fact that there is enough poten- Marketing channels:
tial in this segment but still there is no push on the part of
the insurance companies to provide health insurance to this G Preferred channels are Panchayet Samitis, Rural Banks,
segment of the people. Let us look at the drawbacks in mar- Co-operatives, Non governmental organisations.
keting and how we can market products to poorer segment
well. Promotional Avenues:
Main challenges in Marketing of Micro-health In- G For promotion - it definitely needs participative infor-
surance in the present scenario may be perceived mation dissemination - through small cohesive groups
as: at farmer meets, village melas, co-operative society
meets, Local gathering at the presence of village
1. Poor comprehension of micro-health insurance in terms surpanch.
of the key benefit and the process.
G Innovative Promotion techniques- movies, plays, etc.,
2. Lack of promotion, education, and information in our for increasing mass awareness.
rural sector for the need of health insurance.
G Tie ups with Banks & co-operative societies to sell gen-
3. Weak distribution channels, inaccessibility of the agent, eral insurance policies.
cost of reaching individual client may be relatively high
compared to the existing commission structure. Many insurance schemes for the poor are being experi-
mented across the country covering health hazards for the
4. Cumbersome Processes. under privileged population, and the time has come to scale
up the pilot schemes to much larger populations with the
"I'm selfish, impatient and a little insecure. I make mistakes, I am out of control and at times hard to handle. But if you can't handle
me at my worst, then you sure as hell don't deserve me at my best."
Life Insurance Today February 2016 17
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