Page 43 - Insurance Times April 2022

and pamphlets containing testimonials of influential workers, teachers, the village sarpanches, patwaris, and
customers/ opinion leaders must be vernacular. self-help groups. The NGOs involved in micro-finance would
be well suited because they work extensively with the rural
The selling process and operations should be simple and poor for social causes and enjoy goodwill. Significantly few
hassle-free. For rural customers, a standard age proof will insurers are tapping these channels for effective rural reach.
help. In cases of accidental death or similar situations, the Hence, it is apt to say that the rural market is no longer
insurance companies should be willing to substitute a First sleeping; the insurance players are.
Information Report (FIR) with a declaration from community
members. The premium payment process should be The insurers should exploit India's most relevant and largest
convenient and cost-effective. The customer helplines postal network globally. Due to extensive and satisfied
extending help during policy form filling and later for claim clientele for savings/recurring deposits and Kisan Vikas
settlement should be easily accessible and user-friendly. The Patras, the postal department's Rural Postal Life Insurance
policy documents should be easy to comprehend to minimize may offer a possibility of a strategic alliance between the
mistakes in filling the claim forms. insurers and the post offices. Besides the postal agents,
educated cable TV operators and youth club members are
Distribution channels would hold the key to a successful also potential agents. The cable operators have access to
rural life insurance marketing strategy. The cost of building all homes and visit them to collect the monthly subscription.
exclusive rural delivery systems is prohibitive. Channel choice The youth club members who are also part of government
needs to base on reach, trust, and reliability. For a 'win-win' programs, e.g., health, sanitation, and education, need to
situation, the insurers must collaborate with other be roped in. Registered medical practitioners and teachers
institutions like panchayats, district cooperative banks, dairy/ command considerable respect and influence and enjoy
agricultural cooperatives, NGOs, Post offices, health villagers' trust. T

HDFC Life Insurance Launches KlarifyLife
HDFC Life, one of India's leading life insurers, has launched ‘KlarifyLife’, a digital
education and awareness initiative, to simplify life insurance. Aimed mainly at
the Millennial and Gen-Z audience base, ‘KlarifyLife’ is available on social media
platforms like Instagram, LinkedIn and Facebook. It focuses on simplifying
complex topics, clarifying doubts, and addressing life insurance-related
questions in an engaging and straightforward language, with no jargon or
information overload.

India has one of the highest protection gaps at 83%, as per the Swiss Re report
2019. With more young working individuals in the population, there is a need
for greater awareness about term life insurance and its benefits.

With bite-sized explanations using flashcards and videos, ‘KlarifyLife’ promises
to offer a simpler and more relatable way to understand life insurance, without
any bias, or selling. Borne out of HDFC Life’s customer-first promise, ‘KlarifyLife’
offers friendly expert advice and lesser-known tips to meet customers’ evolving
needs.
Vibha Padalkar
MD and CEO, HDFC Life Commenting on the launch, Vibha Padalkar, MD & CEO, HDFC Life, said, “An
increasing number of our customers, both existing and prospective, comprise
a younger audience. With Millennials and Gen-Z becoming decision-makers, we need to adapt to their ways and keep
up with their ever-evolving behavioral trends. To better identify with this audience, we believe the first step is to un-
complicate term life insurance for them. With ‘KlarifyLife’, we aim to simplify term life insurance for this audience,
backed by the experience and expertise of HDFC Life. Life insurance, especially term insurance, is a must-have for
these individuals.”

The Insurance Times, April 2022 43