A recent report from the SECP revealed that under 3 percent of the total vehicles registered in Pakistan are insured. Low hashtag#insurancepenetration is often cited as an outcome of some insurers using tricks to delay or deny claims but this is part truth. Other processes even paying premium are at times so “friction-ful” that they turn off potential buyers and drive them to the competition i.e. no-insurance.
I share two stories from last week explaining customer struggle and poor experience from current form of vehicle insurance:
First, a friend shared that how he was struggling with surveyor of his insurer to start a claim for his car’s broken wingmirror. The surveyor gave him strict choice of reaching a certain workshop between 10:30am to 4pm during Mondays to Fridays. My friend who is a busy banker begged for a time outside of 5pm or on Saturday but of no avail.
Second, my own experience of paying renewal premium of my car’s insurance. Upon receiving a reminder call for premium cheque from my insurer few days ago while I was boarding a plane, I offered to handover the cheque to their CEO or other managers who I was supposed to be seeing in an industry event I was going to. I was told that it would not work and that the cheque had to be picked up from my location through their rider. We agreed that the officer will call me after a week when I am back to base and agree a pick-up time. I did not get a call as promised and had to set a reminder in the officer’s diary through meeting invite so that they did not miss organizing premium collection!! Cherry on the pie is that my insurer, like several other, claims to be an InsurTech…
My friend in first example is a senior banker. I am an insurance person and personally know many leaders across insurance industry. If we are going through this struggle, imagine the ordeal of common persons especially those who are first-time insurance buyers!
hashtag#Frictionless processes are mostly invisible to customers but are a must for delivering required customer experience. Therefore, making processes better and better is a prerequisite to inclusive insurance and pronouncing yourself an InsurTech without fixing what is broken is not going to do the job. We have picked up motor as one of the products to be fixed. Follow us Instaful Solutions for more updates…
Have you faced similar challenges in relation to your car insurance? What improvements would you like to see in the insurance process? Would love to get your thoughts in comments section 🚗💡
hashtag#Insurance hashtag#InsurTech hashtag#CustomerExperience hashtag#inclusiveinsurance hashtag#digitalinsurance hashtag#microinsurance hashtag#motorinsurance hashtag#instaful