4 steps to ensure more Indians buy insurance policies
The majority of India’s insurance coverage has been centred in the cities. In rural locations, there is a sizable untapped insurance market. Even for basic coverage like health, motor, and home insurance, there is a huge protection gap in semi-urban and rural India.
The business correspondent is developing the point-of-sale (POS) concept, which was introduced by the insurance regulation to sell more specific products to end customers in these markets. Said, a point of sale is any location where a deal can be made.
Another critical factor is the government’s and insurers’ involvement in numerous government insurance schemes, which are a mix of federal and state-run programs. Ayushman Bharat or the PMJAY – Pradhan Mantri Jan Arogya Yojana – are two of the most notable. The purpose is to ensure that every Indian citizen is covered by health insurance.
We must recognize that rural India is primarily a mobile market. Like urban customers, rural Indians have not progressed from desktop to laptop to tablet to feature phone to a smartphone. They’ve made the switch to a smartphone as their preferred digital interface, if not a requirement! The rural landscape is altering in unforeseen ways as a result of these omnipresent smartphones. They’ve delivered a slew of new knowledge and opportunities.
Many businesses are already utilizing virtual distribution channels by operating ‘virtual’ offices that cater to customers in multiple places. That is just the tip of one iceberg, and it will pave the way for a long road in defending our country’s residents, particularly in towns in the crosshairs of every insurer in the business. Complete digital online sales should not put customers off!