'Motor products get highest preference online in non-life insurance segment'
The finding was part of a joint report by Google India and ICICI Lombard General Insurance
 "'Motor products get highest preference online in non-life insurance segment'")
In the non-life insurance segment, motor products are preferred online, according to a report by Google India and ICICI Lombard General Insurance. The report adds online purchase of non-life insurance products in India is growing across buyers. The adoption was higher for motor insurance (24 per cent are buying these policies online) than health (12 per cent).
These findings are based on an offline survey of 3,007 active internet users aged 25-55, across 18 cities in India. The findings show internet users in the 25-35 age bracket are the most active in buying non-life insurance products online.
Vikas Agnihotri, sector director, Google India, said “Our studies indicate the internet will influence Rs 3-4 lakh crore of insurance sales in India by 2020. The findings clearly outline consumers are shifting to the internet at a more rapid pace than perceived earlier.”
These findings are based on an offline survey of 3,007 active internet users aged 25-55, across 18 cities in India. The findings show internet users in the 25-35 age bracket are the most active in buying non-life insurance products online.
Vikas Agnihotri, sector director, Google India, said “Our studies indicate the internet will influence Rs 3-4 lakh crore of insurance sales in India by 2020. The findings clearly outline consumers are shifting to the internet at a more rapid pace than perceived earlier.”
For motor insurance, the behaviour was consistent across age groups, with 46-55 bracket, too, preferring to buy/renew motor insurance online. The report said ease and convenience of purchase was the primary driver for buying motor insurance online.
In the case of health insurance, first-time buyers were more willing to buy and renew health insurance online. Also, the willingness to buy and renew non-life insurance products online among those aged 46-55 was growing, it was found.
Sanjay Datta, chief (underwriting and claims), ICICI Lombard General Insurance, said his experience with customers showed those buying products online were more evolved and long-term oriented.
Consumer behaviour for research and purchase across desktops and mobiles was similar, with 80 per cent having accessed the internet for insurance-related search/purchase through desktops/laptops, while 85 per cent did so through mobiles/tablets.
In terms of those using the internet to research for health and motor insurance products, respondents cited 'brand' as the most vital factor, with 88 per cent saying the reputation of the company influenced their purchase, while 67 per cent influenced by word of mouth.
In terms of hurdles to purchase of non-life insurance products online, ties with an agent and better post-sales services were cited as the reasons for not using the internet. Customers preferred agents for claim settlements and policy receipts.