Rise In Insurance Premium: Life insurance is becoming increasingly expensive for the consumers as the premium amount for the insurance policy is continuously increasing. According to a survey, Affordability is becoming a big issue in buying life insurance. Why expensive life insurance is directly affecting people’s pockets and savings.
Hansa Research has conducted a survey, according to which the three biggest issues are coming in front of any customer in buying a life policy. In which behavioral bias includes estimated need as well as economic constraints and affordability and in addition difficulty in buying third life insurance.
This report has been prepared on the basis of the response of 3300 policyholders across the country. Policyholders were asked about their experience. In the survey, 22 percent of the policy holders said that they discontinue the policy because the company does not keep in touch with its customers. 8 out of 10 customers say that every six months the bank’s regional manager, agent should call or meet the customer.
Digital behavior is also increasing in the customer journey, whether it is pre-purchase information on the company’s website or features like payment reminders. Along with this, brand perception in digital service, along with online shopping, customer support service matters a lot.
Recently it was reported that getting insurance for domestic companies and motor vehicle owners can be expensive. Because global reinsurers can increase their rate by 40 to 60 percent because these companies have suffered a lot after Russia’s attack on Ukraine. Due to the increase in the reinsurance rate, getting 10 per cent insurance in the country can be expensive.
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