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The change in consumer preferences is likely to drive product innovation in the general insurance industry in India.
According to Tajinder Mukherjee, Chairman and Managing Director, National Insurance Company (NIC), increasing customer expectations has been changing the landscape of general insurance products in India.
“Super flexible insurance solutions such as use-based insurance and telematics-based where we can have options such as pay as you drive or pay how you drive are in the offing. There is also increasing talks on devising products that can be customised based on individual behaviour,” said Mukherjee at the Assocham Insurance Leaders Meet 2019 on Regulations, Disruption and Product Dynamics here recently.
The general insurance industry has grown at a CAGR of nearly 13 per cent in the past five to six years, and is currently estimated to be close to ₹1,50,000 crore. Given the kind of growth of the economy and supported by a rising middle-class population, the industry is likely to touch ₹4-lakh crore by 2025.
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