Page 30 - The Insurance Times October 2021

interactions with millennials across the country. While we insurers are setting up 24 hour helpline to assist customers
have a habit to say that the youths of the country are inclined in case they need immediate assistance. They can arrange
to buy term policies more and other traditional policies for some value added services to the customers suffering
much less, this research report says that 57% of the owners from Covid-19 and senior citizens (being the customers of
of such policies do not have any idea on how much they can pension products) in distressed condition. Insurers can tie
get under term products and under what circumstances. up with NGOs and voluntary organisations to help people
The research finds much to its dismay that India's Protection survive in the days of crises.
Quotient (IPQ) on the whole is only 35%. The factors which
have been taken into account in arriving at this figure are Tata AIA is doing things that make the industry proud. They
the awareness and ownership of life insurance, level of are paying additional Rs. 5 lakhs (or the sum assured
preparedness for future uncertainties and the degree of whichever is less) to the claimants of those dying in Covid-
preference for protection plans. 19. They are also bearing all expenses of treatments of their
agents or their family members (with an upper limit of Rs.
So, from various seminal research papers, it is clear that the 25,000), in case they are afflicted by the disease. The insurer
country needs innovative savings, protection and pension is going beyond the worries of profitability at this hour and
products for various segments of the market. Even ULIPs can doing something very precious for the families of deceased
be marketed but not ignoring the needs of savings and customers.
protection needs. The insurance intermediaries have to be
discerning enough to let the people have a mix of useful Insurers can take this as an opportunity to come closer to
insurance products which can help meet financial goals. people. This will automatically evoke interest in life insurance
products and also life insurance companies. Customers will
One insurer uses the catch line, "SarUthakeJio" to improve understand that insurers do not just hard sell life insurance.
their brand image. Now, the insurers should not just impress They actually are in business to serve the society.
the customers with catch-lines but also do more useful work
to spread insurance awareness further and help people live References:
their life with head kept high throughout their lives. 1. IRDAI Annual Report 2018-19 retrieved from
www.irdai.org.in
The insurance major asks the youths of the country to leave 2. Excerpt of the Report of Bain & Co.: https://
nine to five jobs and take up insurance agency as a "career www.consultancy.asia/news/2144/economic-boom-will-
insurance" in which they can "Be their own Bosses" and earn see-500-million-indians-enter-middle-class-within-a-
pretty well. If that really happens in the country, the industry decade
will be the preferred employer for youths. For that, the 3. Handbook on Indian Insurance Statistics, 2017-18
insurers need to consider agents as business associates and retrieved from www.irdai.gov.in
not as people who join the profession only after doing badly
4. Figures of Ministry of Statistics and Programme
elsewhere. The agency can really be an honoured profession
Implementation: http://statisticstimes.com/economy/
like doctors, lawyers and Chartered Accountants. The gdp-capita-of-india.php
millennials have to be groomed and mentored properly in
the initial years. There should be no undue pressure to sell 5. Excerpts of the report of Max Life- Kantar IMRB survey:
https://economictimes.indiatimes.com/wealth/insure/
some particular plans to achieve business targets of units.
only-21-of-life-insurance-policy-holders-have-term-
The Development Officers and Agency Managers should act insurance-survey/articleshow/68079476.cms?from=mdr
more like trusted friends and not as bosses.
6. Handbook on Indian Insurance Statistics, 2018-19
retrieved from www.irdai.gov.in
The insurers should always walk the talk. India is struggling
to come to terms with the deadly Pandemic, Covid-19. Life 7. India's Life Goals Preparedness Survey, 2019 by Bajaj-
insurers (together with health insurers) can exceed the Allianz https://www.bajajallianzlife.com/content/dam/
expectations of the customers by providing services that can balic/pdf/Life-Goals-Preparedness-Survey.pdf
strengthen their brand image. In addition to settling claims 8. Tata AIA recent announcements on Covid-19 https://
within 3 days and extending grace period by 30 days, the www.tataaia.com/news/2020-April6.html. T

30 The Insurance Times, October 2021