The insurance sector in India plays a dynamic role in the well-being of its economy. This market with huge potential but with digital penetration as low as 2%. Latrics bridges the gaps in awareness and strives to increase penetration in rural economies for the collective wellbeing
Fintech
Insurance coverage in Rural India
At present, life insurance coverage in rural India is set at a mere 8-10% while less than 20% of the rural population has any form of health insurance. Also, 95% of Indian housing lacks any form of property coverage. As per the IRDAI, lack of awareness about health insurance remains one of the major hurdles. Not surprisingly, less than 15% of the populace purchase a health insurance policy.
Due to the lower volume of services delivered, the fixed costs remain relatively high, making insurance companies less willing to negotiate lower prices, thereby putting the insurance market at a disadvantage.
However, there is a spectrum of reasons for the low penetration like lack of optimum product awareness, limited accessibility, high cost of transaction and complex policy buying processes to name a few. Digitization through Latrics Insurance services can address many of these!
Embark your digital journey with Latrics
Latrics have been working on enhancing customer experience in rural policy issuance, servicing and claims. We are working on simplifying the processes and creating innovative products, with the rural business in mind. Join us to get embarked on a rural insurance journey and have an end-to-end digital policy issuance as well as claims settlement process for all rural products!
Latrics Rural insurance penetration strategies
- Resolving low awareness through online videos, relevant and widespread social media presence, online interactive awareness modules and so on
- Enabling policy holders to review and purchase policies from any smartphone or computer with an active internet connection, without having to go to a brick-and-mortar office.
- Reducing the cost of acquisition which can then be passed on to the customer with better pricing.
- Increasing transparency and reducing TAT in claims settlement, building policyholders’ trust.
