#InsuringIndia - A Digit Insurance Podcast : Recent Episodes
Digit
Unlike before, understanding insurance is no longer a cumbersome task. Companies like us are focused on simplifying insurance. In fact, the endeavour is to ensure that even 15-year-old kids are able to understand policy documents. Our ultimate goal is to cut through the clutter and make insurance more accessible.
Through #InsuringIndia, we aim to: A) Highlight the latest insurance trends B) Debug popular myths around insurance C) Break down complex jargon D) Improve the perception around insurance products to bring back the trust And most importantly, make insurance fun and interesting!
Watch this space! Episodes out every month, starting 17th January.
Contrary to popular belief, accidents are quite common in India. In fact, India accounts for 11% of accident-related deaths worldwide. one of the most common form of accidents is road accidents. The number of people killed in road crashes in India touched an all-time high in 2022 with fatalities crossing 1.68 lakh, which translates to 462 deaths per day or one every three minutes. We saw 4.43 lakh people also being injured due to such road accidents.
But, from an insurance point of view, what kind of coverages are available to individuals? In this brand-new episode of #InsuringIndia, we speak to Akanksha Jain, Head - Motor Product, Digit Insurance, to understand the nuances of a Personal Accident Cover, type of covers available in the market, various coverages it provides and more. Tune In!
The Insurance Regulatory and Development Authority of India (IRDAI) on December 12th, 2023, released an Exposure Draft proposing a host of changes. Among various other changes suggested is the measure proposed to increase the surrender value of non-linked policies. The 28-page document also lists down various other proposals and has requested all stakeholders to forward their comments and suggestions by 3rd January 2024. In this brand-new episode of Insuring India, we speak to Sabyasachi Sarkar, Appointed Actuary of Go Digit Life Insurance to understand what these regulations are, why it is being proposed, how it will benefit policyholders, and more! Tune in!
When we think about financially preparing ourselves for life's uncertainties, Life Insurance is probably the first thing on everyone's mind. The financial burden of an earning member of the family passing away can be immense. Term Life Cover is probably the first thing on everyone's list when one thinks of financially protecting our life. It is a pure life cover that provides only the death benefit to the policyholder's family in case of your untimely demise. In this episode of #InsuringIndia, we speak to Ashok Manwani, Vice President - Products, Go Digit Life Insurance, to understand how one should pick the right life insurance cover, how to identify the right insurer, mistakes one should avoid, and more. Tune In!
The world is slowly looking at EVs more seriously than ever and the segment is seeing a steady growth. Between June 2022 and May 2023, India saw over 13 lakh EVs being sold and in FY2022 the segment saw a growth of over 200% YoY. This brings the discussion on having a specific motor insurance product into the fore. Electric Vehicle differs a lot from an ICE vehicle and their repair costs, vehicle parts, and damages they can incur differ. In this episode of #InsuringIndia, we speak to Mayur Kacholiya, Head of Motor Product at Digit General Insurance, to understand the difference between an ICE and EV vehicle, why it’s challenging to price an EV insurance product, what are the new options available in the market, how are they priced, and more. Tune In!
Dogs are the most common pets in India, and we have the 6th largest pet dog population in the world. However, despite being pet dog owners, the awareness related to different infections, diseases, or conditions they are exposed to remains very low. Many are even unaware how expensive some of the treatments can be. On this episode with Dr Renjith, Head - Pet Insurance, Digit General Insurance, we talk about how Pet Insurance can help pet owners, what all things it entails, ways to protect our furry friends, and more. Tune in!
Small businesses, SMEs and MSMEs form the backbone of the Indian economy and contribute over 30% to India's GDP, and employ over 40% of India’s workforce. However, they are exposed to various types of risks that they might not be fully equipped to withstand. In this episode of Insuring India, we talk to Rajeev Singh, Chief Technical and Risk Officer, Digit Insurance about the type of risks these businesses exposed to, what type of insurance covers are available for them, and more. Tune in!
Have you ever wondered what general insurance companies do with the premiums they collect from customers? In this episode of Insuring India, we talk to Parimal Heda, Chief Investment Officer at Digit Insurance, about how general insurance companies invest their money. We discuss the different types of investments that insurance companies make, how they manage risk, and what measures they have in place to protect the premium they have received from policyholders. Tune in!
It is often noted that a number of huge third-party insurance claims typically come from incidents that are caused by commercial vehicles. So, whether you own a fleet of trucks, buses, cabs, it is extremely important to have a commercial vehicle insurance. In this episode with Abhinav Goel, AVP - Marketing, Digit Insurance, we discuss the importance of commercial vehicle insurance, delve deeper into the types of coverages it offers, things to keep in mind when buying a CV insurance and more. Tune in!
According to news reports, nearly one-third of the consumer complaints received by the department of consumer affairs are of insurance sector. Despite of whose fault it might be, moments like these can be incredibly frustrating as a customer. Sometimes, customers are not even aware of what redressal mechanisms are available to them. In this episode with Rasika Kuber, Chief Compliance Officer, Digit Insurance, we discuss what types of disputes are most common in the insurance industry, what redressal mechanisms are available to customers from insurer as well as regulator's side, what customers can do to avoid insurance disputes, and more. Tune In!
India has a population of 1.4 billion people. We keep talking about how deeply underpenetrated the health insurance market is in India. Despite knowing the benefits of having a health insurance cover, most Indians do not have any type of coverage. Many still consider it a product that is complex and is filled with multiple terms and conditions. In this episode with Tanya Marwah, Head – Brand Marketing, Digit Insurance, we explore what are the gaps in health insurance, why are Indians still hesitant in buying a health cover, and how should someone who is out in the market to buy health insurance approach things. Tune in!
The home insurance penetration in our country is pegged at less than 1%. Floods and cyclones damaging homes, earthquakes destroying the houses, fire incidents burning down buildings—these are all incidents that are quite common in India now. In fact, India is among the most disaster-prone countries in the world. Yet the awareness surrounding home insurance remains extremely low. In this episode with Dilip Baba, Head – Commercial and Speciality Lines, Digit Insurance, we discuss the different types of home insurance that exist in the market, who should go for it, the misconception, and more. Tune in!
The awareness around Public Liability Insurance is very low in India. Many business owners are not aware that they could be liable to pay any third-party liability arising out of death or injury of a person or any incident in your business premises causing damage to the surrounding properties. People, too, in many cases are not aware that they can file appropriate case against the owner in case of a mishap in the business premises. The compensation in many cases could be huge and all types of businesses--whether big or small--should ideally take a Liability Cover to protect themselves from any third-party exposure. In this episode with Mudassir Khalil, Head – Liability Insurance, Digit Insurance, we discuss what liability insurance is, which types of businesses should opt for it, in which scenarios it might be useful, and more. Tune in!
The Irdai chief made a statement recently that nearly 50% of vehicles in India are uninsured. There were over 30 crore vehicles in India (as on 31 March 2019), which means nearly 15 crore vehicles ply on Indian roads uninsured. This exposes vehicles to third-party damages, loss incurred due to vehicle accidents, thefts, and damage due to fire or natural disasters--all perils an insurance cover protects the vehicle against. In this episode with Kunal Jha, Head - Motor Product and Actuarial, Digit Insurance, we discuss why this is worrisome, the reasons behind low motor insurance penetration, and what can the government and insurers do to increase insurance awareness in India.
In the insurance business, customer retention is as important as onboarding new ones. Customer loyalty, however, is dependent on the experience that an insurer offers. Poor user experience, long turnaround time, weak grievance redressal mechanisms, among others are the top causes for customer dropouts and the Indian insurance industry has been trying too hard for too long to solve this.
We live in an age of one-click grocery delivery. Gone are days when one would have to walk into a showroom to buy their next smartphone. So naturally, when it comes to financial products like insurance, customers have grown to expect the same - simple, seamless, and positive experience they derive from other purchase journeys. On this episode of #InsuringIndia, Disha Sanghvi and Praveen Bhat, Head of Customer Experience and Happiness at Digit Insurance, discuss why customer servicing needs to take centerstage in the insurance industry. They also touch upon how this can be achieved. Listen in!
The penetration rate in the non-life insurance space in India is amongst the lowest globally. However, over the years, India has witnessed rapid digital adoption, thanks to the rising number of internet users and online transactors. This has also trickled down to the insurance industry and many companies today are implementing new-age tech innovations to improve adaptability among customers and transform the entire ecosystem.
So, what are these new innovations the insurance industry has witnessed over the years? On this episode of #InsuringIndia, Sabari Saran discusses with Vishal Shah, Head - Data Science, Digit Insurance about how much ground the insurance sector has covered when it comes to tech adoption.
Among Asian countries in 2021, India saw the highest medical inflation at 14% followed by China at 12%, says a recent report by a financial services firm. In fact, one look at hospitalization bills and you know that healthcare costs are indeed skyrocketing. Life is unpredictable and a double-digit medical inflation could burn a hole in your pocket should you get diagnosed with a condition that requires long hospital stays. This is precisely why having adequate health insurance is important.
But just like ordering food online, when it comes to buying health insurance, you are spoilt for choice. On this episode, Disha Sanghvi and Mahavir Chopra discuss everything you must to know before zeroing in on the right health insurance policy.
About the expert: Mahavir Chopra is the founder of Beshak.org, a community-led InsurTech platform. A chartered accountant by qualification, he’s been in the insurtech space for over 17 years. In 2006, Mahavir co-founded one of the first insurtech platforms in India and in his last stint, he was the Chief Business Officer at Coverfox. In addition to building Beshak which offers expert insurance advise from professionals, Mahavir actively writes for publications such as the Economic Times, Mint and Moneycontrol.
Cognitive biases play a crucial role in our day-to-day decision making. There are bunch of such biases and almost always, we don’t recognize them. The human mind is wired to work under the influence of behavioral biases and quite often, they come in the way of making important decisions such as managing one’s money. In an insightful conversation with Tanya Marwah, Dr. Ashlesha Khedekar, Faculty in-charge - Behavioral and Experimental Economics, Symbiosis School of Economics, shares some tips on tackling behavioral biases, especially when it comes to financial decision making. Listen in!
The human brain plays a big role in making decisions and the same applies to financial decision-making. Behavioural psychologists and economists have spent years on research to understand the behavioural biases that influence what we do with our money. In fact, modern theory of investors’ decision-making suggests that investors do not always act rationally while making an investment decision.
In an insightful conversation, Tanya Marwah, Digit's head of Brand Marketing talks to Anya Samek, Associate Professor of Economics at Rady School of Management (UCSD), about what these biases are and how one can deal with them. Listen in!
When was the last time you planned a holiday without worrying about last-minute cancellations and Covid-19 scares? With international borders finally opening for leisure travel and a host of exhilarating places within India, you may be tempted to plan that holiday. And why not? A summer getaway sounds just about perfect!
But before you get too carried away, it’s important to be realistic and know that Covid-19 hasn't completely left us yet. To ensure a relaxed and care-free holiday, you must cover all the bases. Are you thinking travel insurance?
On this episode, our host Disha Sanghvi chats with Nikhil Kamdar, Digit's in-house travel insurance expert. The two discuss the various benefits that come with travel insurance, unforeseen situations that one may face on a holiday, and the exclusions that may not be covered. Listen in!
Quick links:
1) Why travel insurance is important (1:52)
2) Top 3-4 things to consider while buying travel insurance (2:41)
3) Under what circumstances can a travel insurance policy come to your rescue (4:24)
4) Can you see a doctor with just a travel insurance policy? (6:30)
5) On insurance for domestic travel (7:24)
6) Distinction between single and multi trip travel insurance covers (8:27)
7) On being under the influence of alcohol and getting into an accident (10:38)
8) Does travel insurance cover claims arising out of adventure sports? (11:38)
9) On traveling to unsafe zones (12:32)
10) What if you get late to the airport and miss your flight? Or reschedule that holiday? (14:00)
11) On the importance of declaring pre-existing illnesses while traveling abroad (15:54)
12) Should you buy insurance directly from the insurer or from the online travel agent? (16:49)
13) What kind of add-ons can you buy? (17:37)
14) If you must file a claim, what’s the process? (19:36)
15) Under what circumstances can your travel insurance claim get rejected? (20:41)
Life insurance penetration in India is about 3% of the GDP and non-life is at just about 1%. As a nation, we are highly underinsured and one of the key reasons for this is the fact that most Indians just don’t like insurance. It may sound like a bold statement to make but think about it! How often have you ignored the thought of buying insurance or consulting an expert to understand how insurance works? When was the last time you avoided buying insurance because you thought – “Arey, nothing will go wrong. I am so fit. I’ll be absolutely fine.”
On this episode, we delve upon a rather sensitive topic. Disha Sanghvi chats with Shweta Jain, Certified Financial Planner, and Founder & CEO of Investography, to try and understand why Indians don’t look at insurance as an important financial product. Listen in!
EVs are the next big thing in the automobile industry with an influx of new companies trying to make electric vehicles more affordable and accessible. Given the increasing regulations against Internal Combustion Engines (ICE) along with a growing awareness around sustainable and green tech, EVs are all set to replace our ageing motor vehicles. With the current trends, EVs could very well become the primary vehicles of choice, especially for short-distance travels. But what about insuring them?
With so little historical data, insurance for EVs is still in its fledgling state. In this episode, we discuss EV insurance with Adarsh Agarwal, Chief Distribution Officer - Corporate Business at Digit Insurance. If you are looking to buy an EV, here's everything you need to know!
Quick links:
1) How can insurers leverage the growing EV segment? (02:06)
2) How easy is it to insure an EV in India today? (04:19)
3) Top 3 things that concern insurers when it comes to insuring EVs (06:59)
4) Is it mandatory for all electric vehicles to have a third-party insurance? (09:40)
5) EVs are relatively expensive. Will insurers resort to higher premiums? (10:45)
6) Will insurers have to look at a different way of arriving at the Insured Declared Value (IDV) for EVs? (12:21)
7) Given the lack of adequate historical data, will premiums become extremely dynamic? (14:10)
8) What's happening globally? (16:35)
9) On distribution strategy of EV insurance products (19:21)
10) Will the government's Battery Swapping Scheme accelerate the uptake of EVs? (20:44)
The Covid-19 pandemic has changed the way we look at health insurance. Two years of uncertainty and fear has helped us realize the importance of preparing for the worse while we continue to hope for the best. Our data shows that more businesses, across sizes, are looking to insure their employees as a means to protect their workforce from skyrocketing healthcare costs. In this episode of #InsuringIndia, we talk to Amrit Jaidka Arora, Head of HR, Digit Insurance about why it's important for companies to offer health insurance benefits to employees.