Page 21 - Insurance Times June 2024

different types of coverage, the benefits of long-term plan- touching on how insurers ensure data privacy while using
ning, and how to manage risk effectively can be a game- gamification elements could be relevant.
changer. Completing these activities could earn you rewards
like lower premiums or additional coverage options. This ap- The future of gamified insurance
proach not only empowers individuals with knowledge but also As the insurance industry continues to evolve, the role of
builds their confidence in managing their insurance needs.
gamification is set to expand. Advancements in technology,
like artificial intelligence and machine learning, will enable
Building loyalty through a positive expe- even more sophisticated and personalized experiences.

rience These technologies can help insurers predict and respond
to customer needs more accurately, creating a more dy-
The strategic application of gamification is proving to be a
powerful driver of customer satisfaction and loyalty. Engaged namic and responsive insurance landscape.
and informed policyholders are more likely to feel valued and The potential of gamification extends beyond individual
understood by their insurers, fostering a stronger relationship.
policyholders. Imagine gamified risk management programs
for businesses, encouraging them to adopt safer practices
Imagine personalized experiences based on the data col- and reduce their overall risk exposure.
lected through your gamified interactions. Insurers can
offer tailored recommendations and rewards that align with The strategic application of gamification is pioneering a new
your individual preferences and behaviours. This approach era in the insurance industry. By transforming traditionally
not only improves the customer experience but also builds complex processes into interactive and enjoyable experi-
long-term loyalty.
ences, insurers are not only making insurance more acces-
sible but also fostering safer behaviours, empowering indi-
Additional Considerations viduals, and building stronger relationships. This innovative
While gamification offers many benefits, it's important to approach is leading to higher customer satisfaction and loy-
acknowledge potential drawbacks. Over-simplification of alty, ultimately ushering in a future where insurance is not
complex products or gamification becoming a marketing just a necessity, but a positive and engaging part of people's
gimmick are areas for consideration. Additionally, briefly lives.

Non-life insurance premium up 16% at Rs. 29.5K cr in April
Non-life insurers posted nearly 16 per cent year-on-year (YoY) growth in gross direct premium underwritten in April
2024, data released by the General Insurance Council showed. Gross Direct Premium Underwritten of the non-life
insurers in April was Rs 29561.82 crore, 16.24 per cent up from Rs 25431.24 crore in April 2023.
The premium of general insurers grew by 15.30 per cent Y-o-Y to Rs 26918.86 crore. The public sector general insurers
clocked 7.74 per growth in premium to Rs 10345.04 crore, whereas, the private sector counterparts witnessed 20.58
per cent improvement to Rs 16573.82 crore. Industry leader, The New India Assurance Company saw nearly 3.93 per
cent Y-o-Y improvement in premium to Rs 5259.01 crore. Premiums of leading private sector players like ICICI Lombard
General Insurance grew by 22.65 per cent Y-o-Y per cent to Rs 3366.01 crore and Bajaj Allianz General Insurance's
premium increased by 45.42 per cent to Rs 2388.57 crore during the time period.

Kotak Life Declares Bonus of Rs 1,007 crore for 7 lakh+ Policyholders

Kotak Mahindra Life Insurance Company Limited (Kotak Life) announced a bonus of Rs 1,007 crore to more than 7
lakh eligible policyholders for FY 2023-24. This is the 23rd consecutive year that Kotak Life has declared a bonus on
participating products. The bonus declared is 20% higher than the bonus amount of FY2022-23.
Mahesh Balasubramanian, Managing Director of Kotak Mahindra Life Insurance Company Limited said, "We are pleased
to announce an increased bonus for our customers for the 23rd consecutive year. At Kotak Life, we are dedicated to
helping our customers fulfill their financial goals, aspirations and creating value for their investments. True to our
brand promise Hum hain...Hamesha, our endeavour remains to be there for our customers always.”

20 June 2024 The Insurance Times