While India’s insurance coverage sector is witnessing an increase in ladies policyholders, consultants really feel there’s nonetheless room for enchancment. The nation is seeing optimistic adjustments in ladies’s insurance coverage participation. Women are more and more shopping for insurance coverage, with their share reaching 34.2% of complete insurance policies bought in 2022-23 (as per IRDAI). This interprets to tens of millions of ladies taking cost of their monetary safety.
Insurance firms are recognising the rising feminine buyer base. They’re growing merchandise that cater to particular wants, like maternity protection, important sickness plans for ladies-particular illnesses, and funding plans for ladies’s lengthy-time period objectives.
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Despite the rise, the gender hole persists. Socio-economic components, lack of knowledge, and gender-based mostly pricing can hinder ladies’s entry to ample insurance coverage protection, notably in medical insurance and the casual sector.
Shilpa Arora, co-founder and COO at Insurance Samadhan shared key insights on ladies-particular challenges whereas navigating insurance coverage in India. Edited Excerpts;
What particular challenges do ladies face when making an attempt to resolve insurance coverage grievances?
Mostly we have now skilled that many ladies are unaware of the insurance coverage merchandise held by their household. In case of emergencies, they don’t seem to be conscious of the place the well being playing cards are stored, what sort of protection the household has, the identify of the insurance coverage firm, or tips on how to method the hospital.
During the pandemic, after we skilled a circulate of dying claims, we discovered that almost all ladies weren’t conscious of the correct processes, resulting in delays in submitting the claims. Some weren’t even conscious of the protection of their house loans, nor did they’ve an concept concerning the insurance coverage firm’s identify. This hole in consciousness made it very difficult for us to assist them with the claims.
What might be carried out to extend consciousness amongst ladies about their rights and protections as insurance coverage policyholders?
It is essential to concentrate on the insurance coverage merchandise, particularly concerning the coverages, the identify of the insurance coverage firm, and the place the paperwork are stored in case of emergency. If one thing unlucky occurs to the husband and he’s unable to convey these primary particulars, she needs to be geared up to take cost.
In addition, advocating for coverage reforms that may assist shield ladies policyholders’ pursuits higher and facilitate extra transparency in pricing and protection will help them establish their rights as a shopper. To additional assist the imaginative and prescient of reforms, extensive-scale group occasions, social media campaigns, and workshops can emerge as instruments for creating consciousness about their rights and insurance policies.
Besides these, I consider that growing ladies’s illustration throughout the insurance coverage business, together with buyer helpline representatives, will help facilitate higher communication amongst feminine policyholders. It will allow them to hunt redressal for his or her grievances extra brazenly and assist them avail required options.
How can firms like yours use expertise to make the insurance coverage declare course of extra clear, accessible, and person-pleasant for ladies, particularly these dealing with language boundaries or restricted technical literacy?
We have developed an app known as Polifyx the place the policyholders can retailer all their insurance policies and share the hyperlink with their members of the family. We determined to develop the app, particularly after the expertise we had throughout COVID-19 after we discovered that many ladies typically landed themselves in helpless conditions as a result of they weren’t conscious of the fundamental necessities. Through the app, we intention to assist ladies and people with restricted technological know-tips on how to perceive their merchandise and file claims or grievances immediately.
Women breaking down stereotypes
Arora mentioned that the ladies making an attempt to make a distinction on this planet and break stereotypes would have a good time their monetary freedom and assist uplift different females by guiding them to grow to be financially literate.
“I believe that every breakthrough paves the way for a better future. So, I want the women of today to take charge of their future, embrace their voices, and push unwarranted boundaries. More importantly, I urge them to invest in themselves, set goals, and learn how to achieve financial freedom to fulfill their dreams and lead their life on their terms,” she concluded.
