BANGLORE : A recent user research on online buying patterns of insurance, conducted by Bharti AXA General Insurance (GI) Company, one of the fastest growing multi-line general insurance companies in India, has thrown up key insights about online purchase of insurance in India. The research covered three key cities – Mumbai, New Delhi and Bangalore – which ranked amongst the highest in demand for online insurance, and was conducted across health and motor insurance.
The research report deep dived into customer behaviour online and drew out specific nuances that appeal to customers while buying insurance online. The report, in fact, formed the basis for the launch of Bharti AXA GI’s new website which is e-commerce enabled and is designed to ease the online buying process of insurance. Customers anywhere in the country can now buy policies across motor, health, home, personal and critical illness insurances depending on their needs and budgets, from the company’s website www.bharti-axagi.co.in.
Speaking on the occasion, Dr Amarnath Ananthanarayanan, Managing Director and CEO, Bharti AXA General Insurance said, “We are witnessing a surge in online penetration in the country and it has become the ‘go-to’ medium to widen customer reach – irrespective of the product you are selling. Our research has helped us fine-tune our website to aid customers across the country in the easy purchase of insurance. As an organisation committed to protecting its customers, our claims team is accessible to our customers 24/7 through our call center and email. Claimants can also readily access our garage and hospital networks across the country on our website to make a quick decision on claims. We are also looking at enhancing our website in the near future for retail claims with the introduction of end to end solutions to ease the entire claims process for customers, from claims notification, reserving, investigation, survey and assessment as well as claims payment. Our website is a strategic step in our overall digital strategy and we hope it will only boost the overall insurance penetration in the country by widening the access to insurance across the country, irrespective of physical presence.”
Focusing primarily on health and motor insurance the research brought to light some common behavioural patterns of online customers that collectively point towards the need for buying insurance quickly and in a hassle free manner. On health insurance, the research revealed some interesting insights like –
Health related incidents to close family and friends pushes customers to buy insurance immediately
Social circles have a huge impact on the purchase of health insurance and brand selection for further consideration
Most people do not understand the terminology and meaning of the different benefits and conditions and prefer to be guided through
In the growing motor insurance market and the increase in web retailing, the study revealed –
Most people look for quick comparisons
Requests for too much information about the vehicle’s details, most of which are in documents like the RC book, can discourage the customer from buying insurance online and he/she can immediately look for other options
Renewals are a very important trigger for customers wanting instant policy issuance
Bharti AXA GI’s new website is easy on the eye and provides a user friendly interface across all categories of insurance. It has based the following features on consumer insights to provide a user friendly buying experience –
Transparency – instant quote; clear mentions of what you get and what you don’t(inclusions & exclusions in policy), and clear mentions of premium for the products and add-ons purchased
Easy to buy, Innovative bouquet of products and add ons
Instant issuance and mailing of policy document
Dejargonising – technical terms explained clearly
Ease of purchase
Competitive pricing
The company offers a wide range of products across health and personal accident, motor (car and two-wheeler), and home. For each segment an ensemble of products has been conceived and designed to meet the varying needs of the customers. The company is looking at further strengthening its service network and focusing on the underserved segment, especially in tier- II and III cities.
It already has a cashless network of over 2000 garages and 3900 hospitals pan India. With its new website, these products are now accessible across the country irrespective of physical presence.
The website can be viewed at the following URL www.bharti-axagi.co.in
