Latest news with #Policybazaar
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Business Standard
6 hours ago
- Business
- Business Standard
41% Indians fear disasters, yet 62% undecided on home insurance: Report
Despite an increase in natural disasters and urban security risks, home insurance has yet to gain real traction among Indian households. A recent survey of Policybazaar highlights the deep gap in adoption, while 39 per cent of those exploring home insurance went ahead with a purchase, a far larger segment remains hesitant due to confusion, low perceived need, and a lack of urgency. Natural calamities top the list of triggers The study shows that natural disasters are the single biggest factor pushing Indians to consider home insurance. Around 41 per cent of respondents cited calamities such as floods, earthquakes, cyclones, and storms as reasons to secure their homes. This isn't surprising given the increasing frequency of such events across India, from the devastating floods in Himachal Pradesh to cyclones lashing Odisha and West Bengal. For many, ongoing home loans are another strong motivator. About 31 per cent said they view home insurance as a financial safety net that ensures their loan repayments continue without major disruption in case of a mishap. Theft concerns, especially in densely populated urban and semi-urban areas, were raised by 30 per cent of respondents. Other risks like fire accidents, gas cylinder explosions, water leakages, lightning strikes, voltage fluctuations, and even incidents like riots or terrorism have also emerged as triggers, albeit for a smaller segment of buyers. A market riddled with hesitation While 39 per cent of those exploring options made purchases, mostly homeowners in standalone houses or societies, the rest are either still exploring or have decided not to buy. Here's what's holding them back: Confusion over policy selection (27 per cent): Many struggle to understand the fine print, coverage limits, and exclusions across different policies, leading to decision paralysis. Perceived lack of necessity (23 per cent): This group believes home insurance is unnecessary as they haven't experienced major losses before. Lack of urgency (18 per cent): Even interested buyers often drop off midway, unable to prioritise the purchase amidst other financial commitments. Need for education and simplified offerings Experts point out that insurers need to step up efforts to educate consumers and simplify their offerings. The current range of policies often overwhelms first-time buyers with technical jargon and too many options. 'Insurers must focus on demystifying home insurance and offering tailored products with clear communication. This could go a long way in bridging the adoption gap,' says Sagar, a Delhi-based real estate broker and industry observer. For homeowners, especially those with active home loans or living in disaster-prone regions, home insurance can serve as an affordable layer of protection against unexpected events.
Time of India
3 days ago
- Business
- Time of India
ETBWS 2025: CMOs decode AI's role in marketing transformation
Marketing is undergoing a seismic transformation. Artificial intelligence (AI) is reshaping how brands connect with customers, predict behaviours, and deliver personalised experiences at scale. From content generation to predictive modelling , today's CMOs are using AI to accelerate decision-making, enhance customer journeys, and unlock real-time growth opportunities. At the 7th edition of the Brand World Summit, organised by ETBrandEquity, a panel of leading CMOs explored how AI and data are revolutionising not just marketing operations, but also customer engagement . The panel featured Ashish Mishra, CMO, Acko; Darshana Shah, CMO, Aditya Birla Capital; Sai Narayan, CMO, Policybazaar; and Krishna Kota, head of marketing – consumer business, DBS Bank India. While AI currently acts as an enabler, it is expected to become a key growth driver. Mishra noted that most current applications focus on AI's predictive capabilities, including customer segmentation and fraud detection. On generative AI , he said: 'It's easy to get carried away by the scale at which content can be generated. Internally, we are still vetting its use. I believe predictive and generative AI will eventually work in tandem, but for now, our emphasis is on predictive applications.' Shah said, 'When the omnichannel ecosystem first emerged, AI-powered bots gained traction. These systems, fuelled by vast datasets, enabled voice conversations, journey mapping, and drop-off detection. With martech platforms now leveraging data for highly personalised interactions, AI has shifted from being an enabler to a true growth driver in many areas of our business.' She added, 'There are challenges around built-in biases. For example, when prompting tools like Gemini to generate an image of an Indian woman of a certain age, the results often default to cultural stereotypes – a bindi , sindoor , or brown skin – irrespective of context. Even in categories like health wear or activewear, such biases persist. We are actively retraining these models to mitigate these stereotypes.' Narayan said, 'Although insurance is largely digital, customers still require human support when selecting a policy. Traditionally, queries that came in after business hours were only addressed the following morning, which led to lower conversion rates.' To address this, Policybazaar introduced Finova AI for its life insurance division, an AI-powered bot that replaces human agents outside working hours. 'Finova AI understands Indic languages and responds contextually, facilitating seamless, engaging conversations. These interactions not only extend engagement but also enhance the quality of next-day human follow-ups, resulting in higher conversions.' Kota said, 'If your data is well-organised, AI capabilities can truly scale. For DBS Bank, this journey began with the basics. In 2017, we built ADA (Analytics Data Architecture), our central data lake, which now powers all AI-led initiatives.' DBS handles extensive behavioural and transactional data. 'In Singapore alone, we track over 10,000 signals per customer, from spending patterns to salary flows.' To use this data ethically and effectively, DBS developed NBN (Next Best Nudge), an AI-driven framework that delivers timely, personalised suggestions influencing customer decisions. 'We have also created NBC, or Next Best Conversation, enabling our relationship managers to engage customers with data-driven insights. Whether through nudges or conversations, intelligent engagement represents the future of banking, and AI sits at its core.'
Arabian Post
3 days ago
- Business
- Arabian Post
Salama Joins Digital Push for Wider Takaful Reach
Salama has partnered with digital insurance broker Policybazaar. ae to expand access to Life Takaful coverage in the UAE, aiming to bridge protection gaps through a fully Shariah-compliant digital platform. The move brings Salama's suite of Takaful life insurance products to Policybazaar. ae's online marketplace, a platform already known for simplifying access to financial services through regulatory-compliant digital tools. This collaboration is being positioned as a strategic leap toward broader financial inclusion and enhanced customer convenience, targeting families across the country who seek transparent and ethical insurance solutions. The partnership reflects a growing convergence between traditional Takaful providers and the fintech-driven distribution model reshaping the insurance industry. With an increasing number of UAE residents looking to secure long-term family welfare through ethical financial instruments, demand for digital-first life coverage has grown sharply. ADVERTISEMENT Rakesh Sudhakaran, chief commercial officer of Salama, described the initiative as a defining moment in the company's vision to modernise Takaful offerings without compromising on core principles. He emphasised that the alignment with Policybazaar. ae supports the company's drive to serve a younger, tech-savvy customer base seeking purpose-driven protection. The announcement follows a wave of reforms and digitisation drives in the insurance sector under the oversight of the Central Bank of the UAE, which now regulates the industry. The regulator has encouraged the adoption of InsurTech to improve operational efficiency, enhance consumer access, and uphold prudential norms. In this context, Salama's collaboration with a digital-first platform like Policybazaar. ae fits within the broader policy direction to scale up inclusive and digital insurance solutions. Policybazaar. ae, a UAE-regulated platform licensed by the Insurance Authority and the Telecommunications and Digital Government Regulatory Authority, has become a prominent digital aggregator, catering to customers seeking transparent comparisons and paperless policy issuance. Its tie-up with Salama brings Life Takaful products — designed with ethical investing principles and community-based risk sharing — into sharper focus within an evolving insurance landscape. The UAE has witnessed strong momentum in the Takaful segment, especially in the aftermath of the COVID-19 pandemic, which drove greater awareness about the need for robust family protection instruments. Salama, established in 1979 and recognised as one of the longest-operating Takaful providers globally, is leveraging its legacy to tap into shifting consumer preferences that now favour digital accessibility alongside traditional values. The Life Takaful market in the UAE remains significantly underpenetrated compared to general insurance. Industry observers note that one of the primary barriers has been the absence of easily accessible, tailored plans that reflect customers' religious and ethical beliefs while meeting modern expectations for convenience. This gap has prompted providers like Salama to seek partnerships with digitally native brokers to enhance market coverage. ADVERTISEMENT The partnership also highlights a key trend in the insurance sector: the migration of conventional insurers and Takaful operators toward digital transformation strategies. Platforms like Policybazaar. ae enable insurers to reach a wider demographic without the constraints of legacy distribution networks, offering scalability and faster turnaround times. As the UAE pushes toward becoming a digitally enabled economy, insurance players are recalibrating their models to align with national objectives. Salama's focus on embedding Life Takaful within digital ecosystems is aligned with this strategic orientation. Through a structured and compliant digital platform, customers will be able to access various Takaful solutions, submit applications online, and receive policy documents digitally, reducing administrative burdens and improving customer experience. Although Policybazaar. ae has collaborated with multiple insurers, this partnership with Salama marks a significant step in expanding Shariah-compliant offerings. The two entities plan to jointly develop awareness campaigns and financial literacy initiatives aimed at increasing consumer understanding of Life Takaful benefits and addressing prevailing misconceptions that have historically limited adoption. Salama's approach combines community-based protection principles with a firm commitment to innovation, reflecting its adaptability to changing market dynamics. The company continues to refine its offerings, with an emphasis on transparency, competitive pricing, and customer empowerment. By embedding these principles into a digital distribution framework, the firm is actively positioning itself as a modern Takaful leader. The UAE's demographic profile, comprising a young, digitally oriented population, further strengthens the rationale behind the digital push. As financial services become more integrated with mobile-first platforms and on-demand services, customer expectations have shifted decisively toward seamless digital onboarding, policy management, and claims processing — all areas that the Salama-Policybazaar. ae partnership aims to address.
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Business Standard
4 days ago
- Business
- Business Standard
Planning to port your health insurance policy? When and how to do it
With a host of health insurance products available in the market, consumers are now spoilt for choice. Awareness too has increased, thanks to several online platforms that dissect every policy and come out with all the pros and cons. And then there is the option of porting which helps you in case you are not satisfied with the current policy. Porting allows you to switch your health insurance provider at renewal without losing accrued benefits like waiting period credits and no-claim bonuses (NCBs). However, experts caution that while portability is a valuable consumer right, it should be exercised with caution. Why policyholders port their health insurance 'Policyholders usually port because of rising premiums, dissatisfaction with claims handling, or to access newer features like OPD cover and wellness-linked rewards,' says Surinder Bhagat, head of employee benefits at Prudent Insurance Brokers. He adds that poor service experiences or delays in claims settlement often act as triggers for people to switch insurers. Changes in life stages also drive this decision. 'Marriage, having children, or even witnessing a family member's medical crisis often prompt people to reassess their coverage,' notes Siddharth Singhal, head of health insurance at Policybazaar. Post-pandemic, medical inflation has made this even more pressing. But porting isn't always the answer. 'It should be done only for compelling reasons and not just because you can. A hasty decision can backfire,' cautions Hari Radhakrishnan of the Insurance Brokers Association of India (IBAI). How to port your health insurance? Porting is permitted only at the time of renewal. 'You need to notify the new insurer at least 45 days before renewal, though starting 60 days in advance is even better for a smooth transition,' advises Akanksha Jain, head – products, Digit Insurance. Here's how to port -Research and shortlist: Compare policies from various insurers for coverage, premiums, and network hospitals. -Submit documents: File a portability request with the new insurer, providing the proposal form, KYC papers and details of your existing policy and claims history. -Underwriting process: The new insurer retrieves your records via the IRDAI portal and may call for medical tests or telephonic verification. -Approval and payment: Once approved, pay the premium. Your continuity benefits, like served waiting periods, are preserved for the existing sum insured. 'For family floater plans, ensure all family members are ported together. If any member has chronic conditions, a medical evaluation is likely,' explains Jain. Key checks before porting 'Don't get lured by the lowest premium. Focus on continuity of benefits, sub-limits, co-payment clauses, and the insurer's claim settlement record,' says Vaibhav Kathju, founder & chief executive officer of Inka Insurance. Anand Prabhudesai, promoter of Turtlemint, clarifies. 'Continuity benefits like NCB and waiting period credits apply only up to the existing sum insured. If you increase the cover, new waiting periods may apply for the additional amount.'
Arabian Business
4 days ago
- Business
- Arabian Business
Salama ties up with Policybazaar.ae for its Life Takaful insurance
Islamic Arab Insurance Company (Salama), one of the world's largest and longest-established Shariah-compliant Takaful solution providers, is now offering its Life Takaful products through digital platform. The partnership meets all local regulatory requirements and promises to increase life insurance penetration in the UAE. Salama expands Life Takaful via Salama's offerings are designed to meet a broad spectrum of financial objectives – from pure term protection to savings-linked plans. Rakesh Sudhakaran, Chief Commercial Officer, Salama, commented: 'At Salama, we've always been at the forefront of Takaful innovation, committed to ethical and forward-thinking financial solutions that support the long-term wellbeing of families in the UAE. 'Our strategic partnership with represents a pivotal move in expanding our reach to customers who value ethical, transparent, and purpose-driven protection. Together, we are reshaping the future of Life Takaful – making it more accessible, relevant, and impactful for communities across the Emirates.' Neeraj Gupta, CEO, added: 'At we've seen increasing awareness among UAE residents about the need to safeguard their families' financial well-being. 'Life insurance should be an easy and transparent decision – not a complicated one. By bringing Salama's exceptional Takaful solutions onto our platform, we're empowering customers to make informed choices, anytime and anywhere. This partnership plays a vital role in closing the protection gap in the UAE.' Salama's ethical and robust Life and Savings Takaful solutions are designed around a Return of Contribution feature, which ensures that customers' contributions are protected and returned, empowering them to confidently pursue their long-term financial goals. Atul Kathuria, Business Head – Life Insurance, added: 'Salama's Life Takaful products uniquely blend security and financial planning. With differentiators like return of premium and guaranteed principal protection, they offer unmatched value in today's market. 'This partnership allows us to harness our digital capabilities to bring these solutions to a broader audience, helping more people make confident, well-informed insurance decisions.' The partnership, which went live earlier this month, is supported by educational content, dedicated product assistance, and customer service. It underscores a shared commitment to financial inclusion and digital innovation.
