SME Times is powered by   
Search News
Just in:   • Over 25 injured as bus overturns in MP's Chhindwara  • Centre has released Rs 50,571 crore to states as special assistance  • India’s power consumption up 5 per cent in Nov  • AMRUT 2.0 scheme allocates Rs 66,750 crore to help cities become 'water secure  • CRISIL reaffirms strong credit ratings for Adani Group firms 
Last updated: 27 Sep, 2014  

More Features Boost Online Purchase of Insurance

PR Newswire | 08 Oct, 2013
BANGALORE: 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 and 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

About Bharti AXA General Insurance:

Bharti AXA General Insurance Company Ltd is a joint venture between Bharti Enterprises, a leading Indian business group and AXA, a world leader in financial protection. The joint venture company has a 74% stake from Bharti and 26% stake of the AXA Group. Presently the organization has cashless facilities in over 3900 network hospitals and over 2000 garages as well as 24/7 claims registration through multi-modal channels like e-mail and SMS. The organization commenced national operations in August 2008 and currently has 58 branch offices across the country. Bharti AXA General Insurance is the only Indian company in the life and general insurance category to have been nominated for and won the "Risk Manager of the Year" award at the Asia Insurance Industry Awards 2011. The organization was also awarded the prestigious "Personal Lines Growth Leadership Award 2011" at the India Insurance Awards 2011 and this won the "Best Product Innovation Award" and "Commercial Lines Growth Leadership Award" at India Insurance Awards 2012. It won the "Best Employer Brand" award at the IPE BFSI Awards 2012 as well as the "Claims Initiative of the year" award at Star of the Industry Awards 2012. Further, it is also the first organization in the GI Industry to receive dual certifications of ISO 9001:2008 and ISO 27001:2005 within the first year of operations in 2009 and subsequently the certification has been renewed till 2012.

Primary Media Contact: Harshita Nair, harshita.nair@bharti-axagi.co.in

Secondary Media Contact: Subhasish Mohanty, subhasish.mohanty@mslgroup.com, 91-9845094166

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter