Latest news with #SaurabhVijayvergia
India Gazette
15 hours ago
- Health
- India Gazette
Insurance Awareness Day: Experts say it's time to simplify and educate to improve health insurance penetration
By Nikhil Dedha New Delhi [India], June 28 (ANI): On the occasion of Insurance Awareness Day, several insurance providers and experts in an exclusive conversation with ANI shared their insights on the challenges facing the insurance sector in India, especially in critical segments like health and life insurance. The experts also offered suggestions to bridge the awareness and adoption gap. One of the key challenges highlighted by industry leaders is the low insurance penetration in health and life segments, despite the growing need. Health insurance, in particular, continues to be seen as optional by many, unlike motor insurance which is mandatory. The lack of awareness, limited financial literacy, and cultural mindset that 'I won't fall sick' contribute to low adoption. Additionally, complex terms like 'waiting period' or 'co-pay' confuse first-time buyers, further discouraging them from purchasing policies. Saurabh Vijayvergia, Founder & CEO of CoverSure, pointed out that insurance often fails to feel practical or personal to the customer. He said, 'People may own a policy, but often have little clarity on what it actually covers, how to claim, or whether it even meets their real needs. The challenge isn't just about affordability, it's about whether insurance is designed to genuinely serve and support the buyer. To drive real adoption, we need to reimagine insurance with the customer at its core.' According to Quickinsure, an online insurance comparison portal, while awareness has improved in urban areas, there's still a long way to go in Tier 2 and Tier 3 cities, and rural regions. They highlighted that only about 37 per cent of Indians have any form of health cover. Quickinsure said in a statement, 'Most importantly, product simplification and transparent communication remain critical; we need to make insurance easier to understand and more relevant to people's everyday lives.' It also noted that affordability, lack of trust due to past claim issues, and complex product structures continue to act as barriers. The role of the government in driving insurance awareness was also discussed. While initiatives like IRDAI's Consumer Education Website and Ayushman Bharat are steps in the right direction, experts believe more targeted and localised efforts are required. Vijayvergia of CoverSure suggested that awareness campaigns must be 'hyper-local, involve families, and treat insurance literacy much like a public-health drive.' Quickinsure added that public-private partnerships, school programmes, and NGOs can play a major role in spreading awareness from the ground up. Experts also stressed that the industry needs to address internal inefficiencies before seeking policy changes like GST waivers. A significant concern is that over 30 per cent of health insurance premiums are taken up by distribution and administrative overheads, which do not add direct value for policyholders. Private players also see an opportunity to close the awareness gap through simpler products and better engagement. Quickinsure emphasised simplifying how insurance is explained, using regional languages, relatable examples, and visual formats. They also stressed the importance of post-sale support, particularly during the claims process, to build lasting trust. Overall, industry leaders agree that insurance will only become widely adopted when it is easy to understand, accessible, and designed to fit into real lives. Awareness, affordability, and trust are at the heart of increasing penetration. (ANI)
Mint
18 hours ago
- Business
- Mint
Insurance Awareness Day: Experts say its time to simplify and educate to improve health insurance penetration
New Delhi [India], June 28 (ANI): On the occasion of Insurance Awareness Day, several insurance providers and experts in an exclusive conversation with ANI shared their insights on the challenges facing the insurance sector in India, especially in critical segments like health and life insurance. The experts also offered suggestions to bridge the awareness and adoption gap. One of the key challenges highlighted by industry leaders is the low insurance penetration in health and life segments, despite the growing need. Health insurance, in particular, continues to be seen as optional by many, unlike motor insurance which is mandatory. The lack of awareness, limited financial literacy, and cultural mindset that "I won't fall sick" contribute to low adoption. Additionally, complex terms like "waiting period" or "co-pay" confuse first-time buyers, further discouraging them from purchasing policies. Saurabh Vijayvergia, Founder & CEO of CoverSure, pointed out that insurance often fails to feel practical or personal to the customer. He said, "People may own a policy, but often have little clarity on what it actually covers, how to claim, or whether it even meets their real needs. The challenge isn't just about affordability, it's about whether insurance is designed to genuinely serve and support the buyer. To drive real adoption, we need to reimagine insurance with the customer at its core." According to Quickinsure, an online insurance comparison portal, while awareness has improved in urban areas, there's still a long way to go in Tier 2 and Tier 3 cities, and rural regions. They highlighted that only about 37 per cent of Indians have any form of health cover. Quickinsure said in a statement, "Most importantly, product simplification and transparent communication remain critical; we need to make insurance easier to understand and more relevant to people's everyday lives." It also noted that affordability, lack of trust due to past claim issues, and complex product structures continue to act as barriers. The role of the government in driving insurance awareness was also discussed. While initiatives like IRDAI's Consumer Education Website and Ayushman Bharat are steps in the right direction, experts believe more targeted and localised efforts are required. Vijayvergia of CoverSure suggested that awareness campaigns must be "hyper-local, involve families, and treat insurance literacy much like a public-health drive." Quickinsure added that public-private partnerships, school programmes, and NGOs can play a major role in spreading awareness from the ground up. Experts also stressed that the industry needs to address internal inefficiencies before seeking policy changes like GST waivers. A significant concern is that over 30 per cent of health insurance premiums are taken up by distribution and administrative overheads, which do not add direct value for policyholders. Private players also see an opportunity to close the awareness gap through simpler products and better engagement. Quickinsure emphasised simplifying how insurance is explained, using regional languages, relatable examples, and visual formats. They also stressed the importance of post-sale support, particularly during the claims process, to build lasting trust. Overall, industry leaders agree that insurance will only become widely adopted when it is easy to understand, accessible, and designed to fit into real lives. Awareness, affordability, and trust are at the heart of increasing penetration. (ANI)
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Business Standard
a day ago
- Business
- Business Standard
80% of Indians not sure what their insurance policy covers: Survey
Almost 80 per cent of Indians are unsure what coverage their insurance policies offer, said a recent survey that marked out the risk of people being caught unawares in emergencies. As many as 71 per cent of Indians have two to five active insurance policies, but only 35 per cent fully understand what they cover, according to the survey by CoverSure, an insurance tech company. The most commonly held policy is life insurance (63 per cent), followed by health (24 per cent) and motor (13 per cent). But 65 per cent of respondents of such policies said they have little to no knowledge of details like policy benefits, exclusions, or claim procedures. Families unaware The issue goes beyond policyholders. A striking 60 per cent of dependents are unaware they are even covered under any policy. Only one in 10 could correctly describe the insurance benefits available to them. Lack of awareness can lead to missed claims or policy lapses, defeating the purpose of having insurance. Poor document management adds to the problem. The survey found: -29 per cent of insurance customers use physical files -26 per cent depend on spreadsheets -24 per cent rely on SMS alerts -21 per cent store documents in digital folders Such scattered storage can result in delays or issues while filing claims or renewing policies. As many as 36 per cent of respondents prefer advice from insurance executives and 26 per cent are open to digital help. A significant 38 per cent believe they don't need any assistance in insurance at all: that is worrying, given the confusion about coverage and policy terms. Need for insurance literacy 'Focusing on penetration isn't enough. True financial protection only comes when policyholders and their families understand their insurance. If they don't know what's covered or how to use it, the purpose of insurance is lost,' said Saurabh Vijayvergia, founder and chief executive officer of CoverSure The survey, released ahead of National Insurance Awareness Day on Saturday, had over 5,000 individuals across metros and Tier 2 and 3 cities
India Gazette
3 days ago
- Business
- India Gazette
79% of Indians unsure if their insurance policy offers adequate coverage: Survey
ANI 25 Jun 2025, 14:44 GMT+10 New Delhi [India], June 25 (ANI): There is a significant gap in insurance awareness among Indian policyholders, with 79 per cent unsure if their policies provide adequate coverage. This uncertainty suggested a widespread risk of underinsurance, leaving many financially vulnerable despite having insurance coverage, as noted by a survey by the insurance advisory app the survey reveals that about 71 per cent of respondents hold between two and five active insurance policies, with life insurance being the most common at 63 per cent, followed by health insurance at 24 per cent and motor insurance at 13 per despite owning these policies, 65 per cent of policyholders admitted they have limited or no understanding of key policy details, including benefits, exclusions, and claims processes. Only 35 per cent claim to fully understand the benefits and terms of their policies.'If policyholders don't know what's covered or how to use it, the very purpose of insurance is defeated. While ownership is growing, true financial protection comes only when policyholders and their families are sure of their insurance,' said Saurabh Vijayvergia, Founder & CEO, lack of understanding extended to families, with 60 per cent of dependents unaware they are covered under any policy. Furthermore, only one in ten dependents can accurately describe their coverage or benefits. This lack of awareness often leads to missed claim submissions, claim rejections, or ineffective policy also rely on fragmented methods to manage their insurance documents. About 29 per cent use physical files, 26 per cent maintain spreadsheets, 24 per cent depend on SMS alerts, and 21 per cent store documents in digital folders. These disjointed approaches make it difficult to retrieve critical information when needed, potentially complicating claims and policy insurance support, 36 per cent of respondents prefer human advisors, while 26 per cent are open to digital assistance. Surprisingly, 38 per cent believe they need no help, despite most lacking clarity about their policies, indicating a gap between perceived and actual insurance literacy. (ANI)
