Insurers Attract HNIs with Customized Products

By siliconindia   |   Monday, July 29, 2013

Bangalore: Most of the high net worth individuals (HNIs) in India gets special services from banks to manage their wealth. But now, even insurance companies are offering HNIs with special services, reports Rediff.

Apart from just giving personal advices and services to these customers, insurance companies are also coming up with high- end products for the HNIs.

For example, HDFC ERGO General Insurance offers high plan variants like Health Suraksha Gold & Platinum for the HNIs. These plans usually have an added advantage like maternity, dental, spectacles, hearing aids, contact lenses or convalescence benefits. In short, they offer more benefits than what the regular cover offers.

Many insurance companies have at least six to 10 percent of HNI customers out of total. Besides, many experts say that the amount of business generated by an HNI policyholder has 20-30 percent more value than the regular policyholder.

“In comparison to regular policyholders, these customers bring more business in terms of premium growth,” said the senior sales executive of a private general insurance firm.

Just like priority banking services, insurers are also providing services under two categories like ‘gold’ and ‘silver’.

Take Max Life Insurance, for example, V. Viswanand, director and head of product management, says customers paying an annual premium of Rs.1, 00,000 and above fall under the ‘Gold Circle’ category.

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