Unlocking India's Insurance Potential: Bridging Awareness and Adoption Gaps

In a conversation with ANI, industry experts discussed the challenges in India's insurance sector, emphasizing the need for greater awareness, product simplification, and trust-building. The focus is on improving insurance penetration in health and life sectors through customer-centric designs and targeted campaigns in less urbanized areas.

On Insurance Awareness Day, industry leaders and insurance providers shared insights with ANI, addressing pressing challenges within India's insurance sector. A particular concern was the notably low penetration in health and life insurance segments, despite a growing demand for these services.

Experts highlighted that health insurance is often viewed as non-essential, unlike compulsory motor insurance. Contributing factors include low financial literacy, cultural beliefs, and confusing terminology. Saurabh Vijayvergia, CEO of CoverSure, emphasized the need to design customer-centric insurance policies to make them more relevant and accessible.

Quickinsure, a portal for insurance comparisons, stressed that while urban areas show improvement, massive gaps exist in rural and semi-urban regions. They advocate for product simplification, transparent communication, and robust public-private partnerships to drive awareness from the grassroots level.

(With inputs from agencies.)