Financial Services
Digital adoption in Indian insurance sector
07 May 2020
  • Client description: Family run investment company
  • Opportunity: Client wanted to understand the insurance sector in India with a focus on role of digitization in health and motor insurance
Further, the client also wanted to understand the following
  • Assess the digital adoption in the Indian market to help it make suitable investment decisions 
  • Understand the product portfolio, depth of digitization and channel strategy of Indian insurance and InsurTech players 
Our Approach
  • Benchmarked customer journeys and extent of digitization for various Indian insurance and InsurTech players including insurance aggregators
  • Pan-India customer survey (N = 200) to understand and evaluate selection / purchase criteria and readiness for digital offerings / channels 
  • In-depth interviews with 30+ employees and insurance agents
  • Web scraping and mystery shopping to understand the current offerings and insurance sale process

Key Insights / Outcomes

Enabled the client to understand the key aspects of purchase behavior of customers for motor and health insurance

Mapped as-is and likely adoption of digitization by key players in health and motor insurance

Identified key attributes/ USPs of UI / UX of digital interfaces of various insurance providers

Praxis Value Delivered
  • Developed a framework to segment the Indian insurance market based on product-market characteristics – risk incidence and tenor 
  • Developed a 5-year outlook on the motor and health insurance market by evaluating customer preferences and evolving regulations
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