1.What do you perceive as the primary challenges facing the General Insurance Sector in India, and how is your company positioned to address these challenges?
Answer 1
The Indian insurance sector has experienced dynamic growth in recent years, yet its global market share remains disappointingly low. Challenges such as low penetration and density, inadequate investment in insurance products, limited reach of insurance Sector in India. However, UIICL, one of the largest public sector undertakings, has proactively identified and strategically addressed these challenges. By embracing insurance innovations and leveraging technology, UIICL aims to simplify insurance products and enhance awareness across India.
2.Over the years what transformation you have seen in terms of marketing of General Insurance Products.
Answer 2
Several significant variables, including more awareness, accessibility, regulatory change, and economic growth, have contributed to the recent dramatic shift of the Indian insurance market. In keeping with its goal of “insuring India by 2047,” IRDAI has announced regulatory measures to increase the accessibility of life and general insurance. The IRDAI has put in place regulations to expand banks’ or corporate agents’ distribution networks, expedite the introduction of new products through the “use and file” procedure, and replace commission caps with general “Expense of Management” principles. In addition, IRDAI is thinking about other reforms such risk-based capital, composite licensing (combining life, health, and general insurance under a single license in a single business), and allowing insurers or agents to sell other financial products.
United India Insurance Co Ltd is in the forefront of leveraging technology to drive insurance industry penetration in India and meet growing customer needs.
We are simplifying insurance products to make them more accessible and understandable to the public, and launching awareness campaigns to improve insurance accessibility for new online users beyond urban area.
3.In current landscape the channels of distributions has evolved. How do you approach marketing for both traditional and digital channels to reach a diverse audience?
Answer 3
As I have already mentioned that we are leveraging technology to drive insurance penetration in India and cater to the ever-changing needs of customers and therefore, to reach diverse audience, we had adopted multi-channel approach that includes both traditional and digital channels. We have strengthened traditional channels including focus on bringing more intermediaries by way of recruitments and assigning dedicated relationship managers as BDE and BDM. We have also leveraged digital channels including mobile appsand increased social media presence to reach younger and tech-savvy audience.
4.How does your company maintain a customer-centric approach, and what initiatives have been implemented to enhance customer satisfaction and loyalty?
Answer 4
In our company and the insurance industry, customer experience plays a crucial role as a strong predictor and driver of financial and organizational outcomes. To maintain a customer-centric approach, we have adopted a holistic and agile strategy that prioritizes transparency and customer-friendly decision-making. Recently, we have focused on enhancing customer satisfaction and loyalty by monitoring satisfaction metrics and identifying areas for improvement. Our streamlined processes and optimized interactions across all touchpoints contribute to a delightful customer journey.
5.What do you see as the emerging risks and opportunities for the insurance sector in the next few years, and how is your company preparing to address them?
Answer 5
As previously stated, the Indian insurance industry is currently experiencing significant transformation. Regulatory reforms and economic growth are pivotal factors that will create substantial opportunities for the sector in the years ahead. To align with the vision set forth by the Insurance Regulatory and Development Authority of India (IRDAI), organizations within the sector must strategically define their goals, aiming to achieve the ambitious objective of “insuring India by 2047.” And we are proactively well positioned on it.
6.How is your company planning for market expansion, both geographically and in terms of product offerings? Are there any new markets or segments that you are particularly focusing on?
Answer 6
Recently, we have strategically evaluated our geographic presence and undergone transformative processes to enhance accessibility for our customers. United India stands as a leader in driving the insurance industry to reach the last mile and cover previously untapped segments. Our commitment to innovation remains unwavering, as evidenced by our timely introduction of new products. Notably, our recently launched health product, “Yuvaan,” has quickly gained popularity as a mediclaim plan tailored specifically for young individuals.
7.How is your company collaborating with Insurtech firms to stay innovative and respond to the changing expectations of customers?
Answer 7
Insurtechs emerged in the insurance industry around a decade ago and have gradually transformed the traditional playing field. They excel in anticipating and meeting rapidly changing customer demands.
It is abundantly clear that they have had an innovative impact on almost all the component of the insurance Industry. We have seen innovations right from the client onboarding and application filling to the medical underwriting, the pricing, the claims management process as well as the general feedback process.
We can therefore no longer afford to ignore these changes and are faced with a decision to either (i) adapt to continue to compete in the long run; or (ii) collaborate and partner with these disruptors to integrate their ideas into the insurance value creation process. This “disruption” has created far more of an opportunity for the traditional insurance industry.
Our approach involves fostering better collaboration and integration with various insurtech companies, particularly those known for their insurance distribution platforms. Simultaneously, we have identified key performance indicators (KPIs) to gauge our future success.
8.What do you perceive as the major challenges facing the insurance industry, and how is United India Insurance addressing them?
Answer 8
In addition to evolving consumer needs, technological disruptions, and shifting demographics, one of the most significant challenges faced by insurance companies is the relentless rise in healthcare costs. These escalating expenses directly contribute to higher premiums, placing financial strain on both individuals and businesses. To tackle these challenges head-on, we are actively promoting more efficient and cost-effective distribution channels. By doing so, we aim to enhance accessibility and affordability while ensuring sustainable growth in the insurance sector.
9.Corporate Social Responsibility (CSR) is increasingly important. Can you share your company’s initiatives in community engagement and CSR activities?.
Ans 9
Certainly! At United India, we are deeply committed to making a positive impact on our community and society. Our Corporate Social Responsibility (CSR) initiatives exemplify our dedication to the country and its people, aligning with our mission of being the preferred insurer in India. Here are some of our recent CSR activities (at the time of annual profit):
- Education and School Adoption: We firmly believe in empowering the next generation. As part of this commitment, we have adopted several schools that required infrastructure support. United India Insurance Company Limited (UIICL) has taken responsibility for everything from basic facilities to educational projects in these schools.
- Village Adoption: UIICL has extended its support to villages facing significant challenges in meeting basic needs. Through dedicated efforts, we have transformed these villages, ensuring they now have access to essential amenities for a better quality of life.
- Healthcare Initiatives: Our contributions to healthcare include funding facilities, organizing awareness campaigns, and conducting medical camps throughout the year. Our intermediaries, Third-Party Administrators (TPAs), also play a crucial role in these noble endeavors.
- Beyond the List: Our commitment to corporate social responsibility extends beyond the activities listed above. We strive to make a meaningful difference in people’s lives, contributing to a better world for all.
10.In an era of rapid technological advancements, how is your company embracing innovation and digital transformation to stay competitive and enhance customer experiences?
Ans 10
At United India, we are unwavering in our commitment to enhancing customer experiences and driving continuous efficiency in our business operations. Our approach involves embracing innovation and digital transformation, positioning us at the forefront of change.
One of our notable achievements is the complete digitization of our motor claim settlement process. From initial intimation to surveyor appointments and loss payments, everything is seamlessly handled through digitally. This achievement has garnered recognition in various forums.
In summary, our dedication to innovation and digital transformation empowers us to deliver exceptional experiences to our valued customers.
11.Finally, any other insights or information you would like to share with our audience.
Ans 11
As we navigate the challenges of the 21st century, we recognize the critical importance of integrating sustainability into our business model. By doing so, we are positioning ourselves for long-term success and to contribute for more resilient and responsible future.
