Page 406 - Motor Insurance Ebook IC 72

The Insurance Times

section of the population, there is hardly any disposable
income with expenditure concentrated in fulfilling basic
needs.

With the more recent launch of motor add-ons, such as
zero depreciation, insurers are trying to overcome the
earlier restrictions on policy terms and conditions
imposed by the IMT.

In the current scenario, features like bundled products,
pricing freedom for third-party risks, etc, are still not
available with the insurers.

Underwriting two-wheeler policies remains a challenge
for insurance companies due to the low premium
coupled with the exorbitant operating costs. Around
80 per cent of two-wheelers remain uninsured in India.

Hence, to bring a wider range of two-wheelers under
the insurance net and to avoid renewal hassles for
customers, the introduction of multi-year policies is
required. This may be of great help to the customer as
well as the industry.

In an evolving market, the quality of customer service
and product innovation are bound to become key
differentiators among insurers. In turn, need-based

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