Informed consumers can shape insurance markets
News Source : BusinessLine
News Summary
- As customers become more informed and digitally engaged, purchasing decisions are becoming more deliberate, more comparison-led and ultimately more aligned with individual protection needs.
- Nearly 75 per cent of customers on our platform now compare at least three plans before choosing one.
- Customers who compare policies end up paying, on average, at least 20 per cent lower premiums for similar levels of coverage than those who buy without comparison.
- In an industry that still suffers from low awareness and limited product understanding, this comes as a welcome change.
One of the defining characteristics of mature consumer markets is not simply the abundance of products, but the quality of consumer decisionmaking.
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