Page 9 - Insurance Times June 2024

Insurers plan to curate policies with flexibility in
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wordings
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Insurance companies are working to provide customers with greater choice
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and flexibility to tailor coverage, particularly benefiting mega-risk policies copy of the journal uninterruptedly.
initially and later extending to retail products like motor own damage cover,
following a recent notification from the regulator that allows them to change You can now pay by GPAY, Phonepe,
policy terms, conditions, clauses and wordings. Paytm, Amazon, ICICI Pay, BHIM UPI

The changes could be evident from July or October renewals, as it will take
some time for insurance companies to implement these and come up with
new and innovative policies, said industry experts.
Insurance companies were previously not equipped to free up the policy
wordings. By the second fiscal quarter, they will see curated policies com-
ing into the marketplace. So far, insurers have followed a fixed format for
their policies and couldn't make many changes, even though pricing had
been freed up in 2006.
Now, with this new freedom, the Indian insurance market is catching up
with global standards, allowing more flexibility in pricing and policy design,
industry experts said. The change will be first visible in mega policies includ-
ing those with a sum assured of more than 1,000 crore.
"With the de-notification of tariffs, it opens up a lot of scope for innovation,
even on the policy wordings front. Pricing will now be dependent on prod-
uct coverages, innovative features and services offered," said Tapan Singhel,
managing director of Bajaj Allianz General Insurance. "Till now the varia-
tion had only been on the price. With this new move, the discussion moves
to better products, wordings, and services as well. A lot of modular and
customised products would be seen soon, with a host of innovative covers
and services, offering customers a wider choice," Singhel said.

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The Insurance Times June 2024 9