Page 40 - Insurance Times March 2022

These changes in the automotive insurance industry can be place of residence, mobile number and linked bank accounts.
largely attributed to innovations happening within the Usage-based policy models are really the way ahead to give
mobility space. Technological evolution has brought about value to the consumers without compromising on profitability.
disruptions in mobility, resulting in connected, autonomous,
shared and electric (CASE) solutions. This, in turn, has The Covid -19 pandemic and lockdown had brought down
resulted in new types of risks in the mobility landscape that motor claims in the initial months but they have started
needs to be covered by insurance, thereby making coming back to normal. Meanwhile, industry data indicate
traditional insurance solutions redundant and further some traction in motor insurance premium in recent months.
requiring a change in the way insurance is assessed. The market for insurance for electric vehicles (EVs) is still in a
nascent stage. As the market evolves, it is likely to lead to
It has to be kept in mind that the Motor Vehicles Act is a piece more data surrounding EV battery performance and fires,
of welfare legislation and its purpose is to provide prompt lower component costs, and a developed used-part and
compensation to the persons suffering injuries in a motor aftermarket channel, all of which will attract innovative
vehicular accident or to family members of such persons insurance business models. In the insurance industry, the
unfortunately dying in such road mishaps. Insurance is insurer-customer relationship is a valuable competitive
considered as a technical product in India and probably that differentiator throughout the entire customer journey from
is the reason for its lower penetration. The industry should the initial consultation through to support and claims.
opt for designing the products with very simple wordings so
that there shall be real consensus in them. Transparency at References:
the time of claim is another very important aspect and there 1. https://www.prnewswire.com/news-releases/global-
should be customer delight at the time of claim settlement. automotive-insurance-market-report-2021
2. https://www.business-standard.com/article/pf/auto-
The "DIY" (Do it yourself) approach is disrupting the way dealers-can-work-as-sales-channel
insurance is consumed in India. Consumers are now exploring
three main avenues for their motor insurance covers and 3. https://www.thehindubusinessline.com/money-and-
banking/third-party-motor-insurance
insurance companies are putting their best foot forward in
expanding their presence in all the three spaces. The online 4. https://financialservices.gov.in/insurance-divisions/List-
purchase and claims settlement process is very simple if the of-Insurance-Companies
consumer has the Indian government-mandated Aadhaar 5. IRDAI Annual Report 2019-20
Card, which is considered a valid proof of a person's identity, 6. Newspapers & Journals. T

FORM IV (SEE RULE 8)

1. Place Kolkata
2. Periodicity of Publication Monthly
3. Printer’s Name Satyajug Employees Co-operative Industrial Society Ltd.
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 13, Prafulla Sarkar Street, Kolkata - 700 072
4. Publisher’s Name Sushil Kumar Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
5. Editor’s Name Dr. Rakesh Agarwal
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25/1, Baranashi Ghosh Street, P.S. Girish Park,
Kolkata - 700 007
6. Name and address of individuals who own Sushil Kumar Agarwala
the newspaper and partners or shareholders Proprietor
holding more than one percent of the total capital 31/1,Sadananda Road, P.S. Kalighat, Kolkata - 700 026

40 The Insurance Times, March 2022