#InsuringIndia - A Digit Insurance Podcast

#InsuringIndia - A Digit Insurance Podcast

by Digit

Marketing Business News Technology

Season 1

Insurance Begins at Home: Why You Must Consider Buying Home Insurance

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!

Who is Liable? The Lack of Awareness Surrounding Liability Insurance

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!

Uninsured India: The Looming Threat of 15 Crore Vehicles Plying in India Without Motor Insurance

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.

Making Customer Happiness the Centre of Insurance Universe

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 Digital Switch: How Tech is Transforming India's Insurance Ecosystem

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. Listen in!

How Healthy Is Your Health Insurance Cover?

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.

Tackling Behavioral Biases that Impact Financial Decision Making

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!

Brain Games: Why Humans Don't Make Rational Financial Decisions

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!

Your Travel Insurance Cheat-sheet Before That Summer Getaway!

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)

Why Indians Don't Like Insurance

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!

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