Now Insurance Industry is Customer Friendly


Bangalore: Insurance industry is all set to make insurers their top priority this year, reports Chandralekha Mukerji of Business Today. Reforms in the industry regulations have geared up for this amendment.

Insurers can witness various improvements across different categories of insurance this year. With these changes in place, the insurance industry is planning to enter and stay in the good books of their insurers. Anil Rego, CEO of Right Horizons said, "There is more transparency in the industry now as compared to a year ago. Product costs have come down and life and health insurance have become more viable options. The service quality has improved. The cumbersome process of buying a policy has been simplified and now requires less paperwork."

The insurance sector has flourished in the last couple of years and promises a bright future ahead also. Vast scope of this industry has attracted new players in the market and this compels the concerned firms to excel in their field. So, in order to face competition and earn a good name from insurers, the insurance industry is reforming itself. Insurers will now be offered an increased variety of choices pertaining to a range of insurance policies. Insurers will also be eligible for personalized products.

Ajay Srinivasan, CEO of Financial Services, Aditya Birla Group, said, "Insurers will launch better products and design plans that meet insurer’s life-stage needs such as children's education and retirement. We will also see greater focus on customer service as reducing lapses will become more important." Shefali Chhachhi, Director of Marketing, Max Bupa Health Insurance, said, "The one-size-fits-all approach will no longer be dominant. For instance, most existing health policies don't cover dental and vision services, home health services or long-term care. You'll see many players focus on these untouched areas."