Financial Services
Digital adoption in Indian insurance sector
07 May 2020
Context
- Client description: Family run investment company
- Opportunity: Client wanted to understand the insurance sector in India with a focus on role of digitization in health and motor insurance
Further, the client also wanted to understand the following
- Assess the digital adoption in the Indian market to help it make suitable investment decisions
- Understand the product portfolio, depth of digitization and channel strategy of Indian insurance and InsurTech players
Our Approach
- Benchmarked customer journeys and extent of digitization for various Indian insurance and InsurTech players including insurance aggregators
- Pan-India customer survey (N = 200) to understand and evaluate selection / purchase criteria and readiness for digital offerings / channels
- In-depth interviews with 30+ employees and insurance agents
- Web scraping and mystery shopping to understand the current offerings and insurance sale process
Key Insights / Outcomes
Enabled the client to understand the key aspects of purchase behavior of customers for motor and health insurance
Mapped as-is and likely adoption of digitization by key players in health and motor insurance
Identified key attributes/ USPs of UI / UX of digital interfaces of various insurance providers
Praxis Value Delivered
- Developed a framework to segment the Indian insurance market based on product-market characteristics – risk incidence and tenor
- Developed a 5-year outlook on the motor and health insurance market by evaluating customer preferences and evolving regulations
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