94% of health insurance customers prefer customisation to include relevant features as per their needs/life stages: FGII #MyChoice Survey
- The survey conducted by Unomer comprising 1500+ health insurance owners and intenders across India, with 98% aged between 25-45 years
- The power of choice takes centre stage, with 9 in 10 respondents conducting their own research before buying health insurance
- 8 in 10 respondents willing to pay an additional premium for the freedom to customise their health insurance
Mumbai; June 1, 2023: Future Generali India Insurance Company, one of India’s leading private general insurance players, has announced, today, the findings of #MyChoice - an exclusive survey, highlighting that most health insurance customers and intenders in India consider customisation as a critical feature and don’t mind paying an additional premium for the same.
KEY FINDINGS OF FGII #MYCHOICE SURVEY
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Awareness is a Choice
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Choice is good
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Choice is a feature
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94% of the respondents conduct their own research before buying or renewing their health insurance policy.
2/3rd of respondents referred to online portals for comparing features, while 1 in 2 resorted to advice from family, friends, and peers before opting for the intended provider and plan
Only 1 in 4 were able to access insurance agents and intermediaries for purchase or renewal
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94% of respondents would prefer customising their health insurance policies, if possible.
8 in 10 seeking customisation cited the need to include relevant features as per their needs/ life stage
1 in 3 respondents seeking customisation cited not using most of the features offered in their current policy
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8 in 10 consumers looking for customisation of health insurance are willing to pay an additional premium.
Customers don’t mind spending an additional amount or even their time on exercising the power of choice
The demand for an uncluttered, customised, convenient policy experience is increasing, especially among those seeking renewals
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The survey conducted by FGII in association with Unomer, a reputed new-age market research agency, covered 1500+ respondents – health insurance policy owners and intenders aged 25-45 years, consisting of self-employed and salaried professionals across 14 Indian cities (Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, Pune, Ahmedabad, Lucknow, Coimbatore Jaipur, Vizag, Nagpur & Kota).
Commenting on the FGII #MyChoiceSurvey, Anup Rau, Managing Director and CEO, Future Generali India Insurance Company Ltd, said, “The fact that over 90% of respondents demand customisation as a critical policy feature and are willing to pay for it offers a unique insight into this rapidly growing market space. As consumers’ demands evolve and mature, the need for convenient, and easy-to-manage policies takes centre stage. As a ‘Lifetime Partner’ for our customers, we have taken a step in this direction by launching our new health insurance product – D.I.Y HEALTH – comprising of the most exhaustive base plan complemented with a host of modular covers - designed to give the power of choice to our customers.”
ABOUT THE D.I.Y HEALTH PRODUCT
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Future Generali India Insurance Company Ltd. has, also, announced, today, the launch of its new health insurance product – D.I.Y HEALTH – designed to offer unmatched flexibility and freedom to choose the coverage as per the customer's needs. The D.I.Y HEALTH product is amongst the most comprehensive products celebrating the power of choice - offering 20 modular features alongside an exhaustive base plan.
The key features* of D.I.Y HEALTH Policy include:
Cumulative Bonus Booster – Sum Insured can increase to 600%
Accident and Critical illness Booster
Non-medical & Consumable expenses
Comprehensive OPD cover for Sum insureds of Rs. 5 lacs & above
Screening and Vaccination
Personal Accident Death Cover
Base features include Hospitalisation & day-care, pre-post Hospitalization, room rent, OPD cover, Lasik, Cataract, screening & vaccination, among others
Optional covers include Maternity, pre-post-natal, ambulance (air/ road), critical illness booster, Convalescence benefit, accidental death cover, etc.
*T&C apply
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About Future Generali India Insurance Company Limited:
Future Generali India Insurance Company Limited is a joint venture between the Generali Group, a 190+ years old legacy global insurance business with a majority 74% stake, and the Future Group. The Company was set up in 2006 with the objective of providing retail, commercial, personal, and rural insurance solutions to individuals and corporates, in order to help them manage and mitigate risks. FGII broke even in FY 13-14 - a landmark achievement in just six years of operations.
Today, with Rs. 6,748 Crore of assets under management in FY 2023 and Gross Written Premium of Rs. 4,627 Crore Future Generali India Insurance has firmly established its credentials in the insurance segment. Currently amongst India’s top 10 private general insurance players, Future Generali became a ‘Great Place to Work’ certified company for the 4th time in a row (November 2022–November 2023) as per prestigious Great Place to Work® Institute. The company is the proud recipient of several awards and recognition, the most recent being the Golden Peacock Awards 2022 for Excellence in Corporate Governance and The Economic Times Best Brands Awards 2022.
About Generali Group
Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 81.5 billion in 2022. With 82,000 employees serving 68 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.
About Unomer
Unomer is a leading mobile market research platform. It reaches millions of consumers through a network of mobile apps and gathers consumer insights, feedback and opinions through interactive in-app surveys.
